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Tackler

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Wednesday, 06/20/2007 2:34:00 PM

Wednesday, June 20, 2007 2:34:00 PM

Post# of 173
Century Energy hopes to participate in Colombian wells

2007-06-19 17:19 MT - News Release

Mr. Jimmy McCarroll reports

Century Energy Ltd. signed a letter of intent on May 31, 2007, to participate in the drilling of two wells in the Republic of Colombia. Century's participation in the wells will earn it an interest in two contract areas (approximately 100,000 acres in total) equal to one-half of its initial participation amount.

The first well is exploratory and will be drilled this fall. The second well is a development well on the second contract area and is planned for the first quarter of 2008. Both wells will be located in a producing area with existing oil and gas infrastructure. Each well will cost approximately $7-million, with Century's interest not to exceed 50 per cent of the costs for each well.

Century's participation is subject to the signing of a farm-in agreement and its ability to obtain financing on suitable terms. The vendor company is awaiting local government approval for the proposed farm-in before additional information on the contract areas is released. A subsequent press release will be issued on receipt of this approval.

As part of its due diligence Century has engaged Sproule International Ltd. in Calgary to assist it in a technical and economic review of its participation.

T

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