Dutton Associates Announces Investment Opinion: Century Petroleum Speculative Buy...

Dutton Associates Announces Investment Opinion: Century Petroleum Speculative Buy Rating In Update Note By Dutton Associates

EL DORADO HILLS, Calif.--(Business Wire)--Dutton Associates updated its coverage of Century Petroleum
(OTCBB: CYPE) maintaining a Speculative Buy rating and a 12-month
$1.30 price target. The research note dated 1/10/2008 by Dutton senior
analyst Richard R. Wolfe, CFA, is available at www.jmdutton.com, and
at First Call, Bloomberg, Reuters, Zacks, Knobias, and other leading
financial portals.

Century Petroleum announced first sales of natural gas and
condensate from the discovery well at its Shadyside Farm prospect in
St. Mary's Parish, Louisiana, where it holds a 15.17% working interest
(up from 8.92% as of our August 2007 report). The company reported
daily production rates of 1.6 MMcf natural gas and 136 barrels of
condensate with further upside potential depending on reservoir
performance. We believe that the company's results at Shadyside are a
positive demonstration of management's judgment in terms of prospect
risk assessment as well as its technical capabilities. Progress
continues with regard to the company's other prospects. The Thunder
Stud prospect (Calcasieu Parish, Louisiana) has been production tested
at its deep pay (approx. 17,900 ft) and been confirmed as a discovery,
flowing at daily rates of approximately 500 barrels and 1.1 MMcf. The
Alligator Bayou prospect (Matagorda and Brazoria Counties, Texas), the
company's largest in terms of estimated resource size, is still
expected to spud in the second quarter of the 2008 calendar year.

About Dutton Associates

Dutton Associates is one of the largest independent investment
research firms in the U.S. Its 30 senior analysts are primarily CFAs
and have expertise in many industries. Dutton Associates provides
continuing analyst coverage of over 140 enrolled companies, and its
research, estimates, and ratings are carried in all the major
databases serving institutions and online investors.

The cost of enrollment in the Dutton Associates one-year
continuing research program is US $35,000 prepaid for 4 Research
Reports, typically published quarterly, and requisite Research Notes.
Dutton Associates received $35,000 from the Company for 4 Research
Reports with coverage commencing on 8/07/2007. Dutton Associates does
not accept payment of any of its fees in company stock. Its principals
and analysts are prohibited from owning or trading in securities of
covered companies. The views expressed in this research report
accurately reflect the analyst's personal views about the subject
securities or issuer. Neither the analyst's compensation nor the
compensation received by us is in any way related to the specific
ratings or views contained in this research report or note. Please
read full disclosures, and analyst background at www.jmdutton.com
before investing.

Dutton Associates
John Dutton, 916-941-8119

Copyright Business Wire 2008