UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-KSB (Mark One) xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedApril 30, 2007 [   ]          TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from [
        ] to [
        ] Commission file number333-126490  CENTURY PETROLEUM CORP.(Name of small business issuer in its charter)  Nevada
        
        333-126490(State or other jurisdiction of incorporation or organization)
        
        (I.R.S. Employer Identification No.)  9595 Six Pines Drive, Suite 8210, Building 8, Level 2The Woodlands, TX
        
        77380(Address of principal executive offices)
        
        (Zip Code) Issuer's telephone number832-631-6061 Securities registered pursuant to Section 12(b) of the Act: Title of each classNil
        
        Name of each exchange on which registeredNil Securities registered pursuant to Section 12(g) of the Act: Common Shares, par value $0.001(Title of class) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesx
        No [
        ] Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. [   ] State issuer's revenues for its most recent fiscal year.Nil      - 2 -   Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of theExchange Act). Yesx
        No [
        ] State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of a specified date within 60 days.  (See definition of affiliate in Rule 12b-2 of the Exchange Act.) Note:  If determining whether a person is an affiliate will involve an unreasonable effort and expense, the issuer may calculate the aggregate market value of the common equity held by non-affiliates on the basis of reasonable assumptions, if the assumptions are stated. 65,238,243 common shares @ $0.765(1) = $49,907,255.90 (1)  Average of bid and ask closing prices on July 12, 2007. (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS) Check whether the issuer has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.     Yes [   ]     No [   ] (APPLICABLE ONLY TO CORPORATE REGISTRANTS) State the number of shares outstanding of each of the issuer's classes of equity stock, as of the latest practicable date. 65,238,243 common shares issued and outstanding as of July 12, 2007 DOCUMENTS INCORPORATED BY REFERENCE If the following documents are incorporated by reference, briefly describe them and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) any annual report to security holders; (2) any proxy or information statement; and (3) any prospectus filed pursuant to Rule 424(b) or (c) of the Securities Act of 1933 ("Securities Act").  The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1990). Transitional Small Business Disclosure Format (Check one):
        Yes [
        ]
        Nox.       - 3 -   PART I Item 1.
        Description of Business. Note Regarding Forward Looking Statements. This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as may, should,  expects, plans, anticipates, believes, estimates, predicts, potential or continue or the negative of these terms or other comparable terminology.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled Risk Factors, that may cause our or our industrys actual results, levels of activity, performance or
achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. In this annual report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to common shares refer to the common shares in our capital stock. As used in this annual report, the terms we, us, our, and Century mean Century Petroleum Corp., unless the context clearly requires otherwise. Corporate Overview The address of our principal executive office is Suite 9595 Six Pines Drive, Suite 8210, Building 8, Level 2, The Woodlands, Texas  77380.  Our telephone number is (832) 631-6061. Our common stock is quoted on the OTC Bulletin Board under the symbol "CYPE". We do not have any subsidiaries. Corporate History We were incorporated in the State of Nevada on December 13, 2004 under the name SOM Resources Inc.  On August 9, 2006, we changed our name to Century Petroleum Corp. and effected a seven (7) for one (1) forward stock split of our authorized capital and outstanding common stock.  As a result, our authorized capital increased from 69,000,000 shares of common stock with a par vale of $0.001 and 1,000,000 shares of preferred stock with a par value of $0.001 to 483,000,000 shares of common stock with a par value of $0.001 and 7,000,000 shares of preferred stock with a par value of $0.001. Other than as set out herein, we have not been involved in any bankruptcy, receivership or similar proceedings, nor have we been a party to any material reclassification, merger, consolidation or purchase or sale of a significant amount of assets not in the ordinary course of our business. Our Current Business We are an exploration stage company. We are engaged in the acquisition and exploration of oil and gas properties with a view to exploiting any oil and gas reserves we discover.      - 4 -   To date, we have only conducted initial exploration on the Hermosa Property located in Nevada.  During the last quarter of the financial year ended 30 April 2007, we disposed of our 100% beneficial interest in the Hermosa Property as it no longer fits our corporate focus on petroleum exploration. We intend to focus our efforts on our current property interests for the next twelve months. On June 15, 2006, we acquired a 100% working interest and 75% net revenue interest in certain oil and gas properties, located in Beauregard Parish, Louisiana, from Site Drilling Force Limited (BVI). To date, we have only conducted preliminary geological and geophysical studies on the Beauregard Parish leases. On August 10, 2006, through an Assignment Agreement with Falcon Natural Gas Corporation, we acquired most of Falcon Natural Gas right, title and interest to any future leases on a property located in DeWitt County, Texas. Falcon Natural Gas obtained its interest in the property under a Participation Agreement with Southern Resource Company, dated September 1, 2005.  Pursuant to our Assignment Agreement with Falcon Natural Gas Corporation, Falcon Natural Gas reserves 2% of the working interest on the property for itself.  In consideration for this assignment of interest, we agreed to pay a total of $512,750.  On October 25, 2006, upon drilling the first well to target depth, it was determined by management that the working interest did not have any future value and we allowed the lease to terminate, resulting in an impairment charge of $528,756. On November 1, 2006, we entered into an agreement whereby we have acquired from Kossic Oil & Gas LP, a 4% working interest in the Thunder Stud Prospect, located in southern Louisiana.  As consideration for the acquisition, we have made a payment of $222,552 which included prospect fees and estimated property expenses. Drilling on the property began in late January 2007 and operations are being carried out by Sterling Energy plc. Target depth was reached in May 2007 and petrophysical analysis suggests that multiple pay horizons were encountered. The well is awaiting a production test to be conducted on the second half of 2007, On February 16, 2007, we entered into a letter of intent with Houston Energy, Inc. and Red Willow Offshore, LLC. wherein we have agreed to purchase an undivided 8.92353% before casing point and 7.585% after casing point interest on the Shadyside Prospect located in St. Mary Parish, Louisiana. The final participation agreement and joint operating agreement for the prospect were signed in May 2007 and drilling operations started in July 2007. Red Willow Offshore LLC is the operator of this well. On May 8, 2007, we entered into a letter of intent with CTC Minerals, Inc. wherein we have agreed to purchase a 10% interest in the Alligator Bayou Prospect located in Matagorda and Brazoria Counties, Texas.  On July 12, 2007 we entered into a purchase and sale agreement with CTC Minerals.  Under the agreement, we agreed to pay to CTC Minerals $800,000.  On July 12, 2007 we paid to CTC Minerals the $800,000.  We completed a purchase and sale agreement with CTC Minerals on July 12, 2007.  The effective date of the conveyance of the property was May 1, 2007. Our plan of operation is to conduct exploration work on our properties and prospects in order to ascertain whether they possess economic quantities of minerals and/or hydrocarbons in accordance with available funds. There can be no assurance that an economic mineral deposit or reserve exists on any of our prospects until appropriate exploration work is completed. Resource exploration is typically conducted in phases. Each subsequent phase of exploration work is recommended by a geologist based on the results from the most recent phase of exploration. We have only recently commenced the initial phase of exploration on some of our prospects. Once we have completed each phase of exploration, we will make a decision as to whether or not we proceed with each successive phase based upon the analysis of the results of that program. Even if we complete our proposed exploration programs on our properties, and we are successful in identifying an oil, gas and/or mineral deposit or reserve, we will have to spend substantial funds on further drilling and engineering studies before we will know if we have a commercially viable oil, gas and/or mineral deposit or reserve. There is no assurance that commercially viable oil, gas and/or mineral deposits or reserves exist on any of our properties; further exploration is required before we can evaluate whether any exist and, if so, whether it would be economically and legally feasible to develop or exploit those resources.  Even if we complete an exploration program     - 5 -   and we are successful in identifying an oil, gas and/or mineral deposit or reserve, we would be required to spend substantial funds on further drilling and engineering studies before we could know whether such deposit or reserve would constitute a commercially viable oil, gas and/or mineral deposit or reserve.  Please refer to the section entitled Risk Factors, beginning at page 6 of this annual report on Form 10-KSB, for additional information about the risks of resource exploration. On December 15, 2006 we entered into a share issuance agreement with E&P Investments GMbH wherein E&P Investments has agreed to advance up to $5,000,000 to our company. Each advance shall be in an aggregate of not less than $500,000 and in integral multiples of $500,000.  In consideration for the advances, we agreed to issue to E&P Investments units of our company, each unit consisting of one shares and one share purchase warrant.  Each warrant shall entitle E&P Investments to purchase one additional share at an exercise price equal to 150% of the unit price at which the unit containing the warrant being exercised was issued, for a period of three years from the date such warrant is issued.  The following advances have been made pursuant to our agreement with E&P Investments: 
        On January 10, 2007, we gave notice to E&P Investments GmbH for an advance of $500,000.  As consideration for the cash advance, we issued to E&P Investments GmbH 248,756 units at a deemed price of $2.01 per unit.  Each unit consists of one common share and one common shares purchase warrant.  The warrants are exercisable into one common shares at an exercise price of $3.015 per share until January 10, 2010. 
        On January 25, 2007, we gave notice to E&P Investments GmbH for an advance of $500,000.  As consideration for the cash advance, we issued to E&P Investments GmbH 243,902 units at a deemed price of $2.05 per unit.  Each unit consists of one common share and one common shares purchase warrant.  The warrants are exercisable into one common shares at an exercise price of $3.075 per share until January 25, 2010. 
        On April 23, 2007, we gave notice to E&P Investments GmbH for an advance of $500,000.  As consideration for the cash advance, we issued to E&P Investments GmbH 495,050 units at a deemed price of $1.01 per unit.  Each unit consists of one common share and one common shares purchase warrant.  The warrants are exercisable into one common shares at an exercise price of $1.51 per share until April 23, 2010. 
        On July 2, 2007, we gave notice to E&P Investments GmbH, for an advance of $500,000. As consideration for the cash advance, we issued to E&P Investments GmbH 961,538 units at a deemed price of $0.52 per unit. Each unit consists of one common share and one common shares purchase warrant.  The warrants are exercisable into one common shares at an exercise price of $0.78 per share until July 2, 2010. 
        On July 16, we gave notice to  E&P Investments GmbH, for an advance of $1,000,000. As consideration for the cash advance, we issued to E&P Investments GmbH 961,538 units at a deemed price of $0.56 per unit. Each unit consists of one common share and one common shares purchase warrant.  The warrants are exercisable into one common shares at an exercise price of $0.835 per share until July 16, 2010. Employees As of July 12, 2007, we had no employees other than our directors and officers. We engage directors and contractors from time to time to supply work on specific corporate business and exploration programs. On October 1, 2006, we entered into an agreement with Mr. Hersch, our President and Chief Executive Officer, wherein we have agreed to pay Mr. Hersch a monthly fee of US$10,000 and we have agreed to issue to Mr. Hersch 3,000,000 restricted shares of common stock issuable on October 1, 2006.  On January 11, 2007 we entered into an amendment agreement with Mr. Hersch.  Under the amendment agreement, we have agreed to pay Mr. Hersch a monthly fee of US$11,000 and we have agreed to issue 5,000,000 restricted shares of common stock issuable on October 1, 2006.  The shares shall be held in escrow and 250,000 shares shall vest at the end of each three-month period immediately following October 1, 2006.  As of July 12, 2007, all of the 5,000,000 shares have been issued,     - 6 -   750,000 of these shares have been delivered to Mr. Hersch pursuant to the amendment agreement and the remaining shares are being held in escrow. Consultants are retained on the basis of ability and experience.  Except as set forth above, there is no preliminary agreement or understanding existing or under contemplation by us (or any person acting on our behalf) concerning any aspect of our operations pursuant to which any person would be hired, compensated or paid a finders fee. Competition The resource industry is intensely competitive.  Despite competition amongst resource producers, there is a strong market for any gold, silver, zinc, copper, oil or gas that may be removed from our properties. While it is unlikely that we will discover a mineral deposit or reserve on our properties, if we do, the value of such properties will be influenced by the market price for gold, silver, zinc, copper, oil and/or gas. These prices, to some degree, are influenced by the amount of gold, silver, zinc, copper, oil and/or gas sold by advanced resource companies. In the resource exploration sector, our competitive position is insignificant. There are numerous resource exploration companies with substantially more capital and resources that are able to secure ownership of resource properties with a greater potential to host economic mineralization.  We are not able to compete with such companies. Instead, we will focus on developing the Hermosa property and the Louisiana prospects in the hope that sufficient resources will be found to justify our expenditures. Compliance with Government Regulation We are committed to complying and, to our knowledge, are in compliance with all governmental and environmental regulations.  Permits from a variety of regulatory authorities are required for many aspects of mining and drilling operations and reclamation.  We do not currently own or operate any mines nor operate any wells and are not required to comply with the requirements of these regulatory authorities.  We cannot predict the extent to which these requirements will affect our company or our property if we identify the existence of resources in commercially exploitable quantities.  In addition, future legislation and regulation could cause additional expense, capital expenditures, restrictions, and delays in the exploration of our property. We are prepared to engage professionals, if necessary, to ensure regulatory compliance but in the near term expect our activities to require minimal regulatory oversight.  If we expand the scope of our activities in the future it is reasonable to expect expenditures on compliance to rise. Intellectual Property We do not own, either legally or beneficially, any patent or trademark. RISK FACTORS Our common shares are considered speculative. Prospective investors should consider carefully the risk factors set out below. Risks Associated With Our Business We have a limited operating history and as a result there is no assurance we can operate on a profitable basis. We have a limited operating history and must be considered in the exploration stage. Our company's operations will be subject to all the risks inherent in the establishment of an exploration stage enterprise and the uncertainties arising from the absence of a significant operating history.  Potential investors should be aware of the difficulties normally encountered by resource exploration companies and the high rate of failure of such enterprises.  The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the properties that we plan to undertake.  These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates.  The expenditures to be made by us in the exploration of our properties may not
result in the     - 7 -   discovery of mineral deposits or reserves.  Problems such as unusual or unexpected formations of rock or land and other conditions are involved in resource exploration and often result in unsuccessful exploration efforts.  If the results of our exploration do not reveal viable commercial mineral deposits or reserves, we may decide to abandon our claims and acquire new claims for new exploration or cease operations.  The acquisition of additional claims will be dependent upon us possessing capital resources at the time in order to purchase such claims.  If no funding is available, we may be forced to abandon our operations.  There can be no assurance that we will be able to operate on a profitable basis. If we do not obtain additional financing, our business will fail and our investors could lose their investment. We had cash in the amount of $978,654 and working capital of $815,440 as of our year ended April 30, 2007.  We currently do not generate revenues from our operations.  Our business plan calls for substantial investment and cost in connection with the acquisition and exploration of our properties currently under lease and option.  Any direct acquisition of the claim under lease or option is subject to our ability to obtain the financing necessary for us to fund and carry out exploration programs on the properties.  The requirements are substantial.   While we have arranged for advances of up to $5,000,000 from E&P Investments GmbH by way of a share issuance agreement entered into on December 15, 2006, and while we have received advances for $2,000,000 during the year ended April 30, 2007, there can be no assurances that we will receive any further funds from E&P Investments.  Obtaining additional
financing would be subject to a number of factors, including market prices for resources, investor acceptance of our properties and investor sentiment.  These factors may negatively affect the timing, amount, terms or conditions of any additional financing available to us.  The most likely source of future funds presently available to us is through the sale of equity capital and loans.  Any sale of share capital will result in dilution to existing shareholders. Because there is no assurance that we will generate revenues, we face a high risk of business failure. We have not earned any revenues as of the date of this annual report and have never been profitable.  We do not have an interest in any revenue generating properties.  We were incorporated in December 2004 and to date have been involved primarily in organizational activities and limited exploration activities.  Before we are able to generate revenue, we will incur substantial operating and exploration expenditures.  We therefore expect to incur significant losses into the foreseeable future.  We have limited operating history upon which an evaluation of our future success or failure can be made.  Our net loss from inception to April 30, 2007 is $2,068,589.  We recognize that if we are unable to generate significant revenues from our activities, we will not be able to earn profits or continue operations.  We cannot guarantee that we will be successful in raising capital to fund these operating losses or
generate revenues in the future.  We can provide investors with no assurance that we will generate any operating revenues or ever achieve profitable operations.  If we are unsuccessful in addressing these risks, our business will most likely fail and our investors could lose their investment. Because of the speculative nature of the exploration of natural resource properties, there is substantial risk that this business will fail. There is no assurance that any of the claims we explore or acquire will contain commercially exploitable mineral deposits or reserves.  Exploration for natural resources is a speculative venture involving substantial risk.  Hazards such as unusual or unexpected geological formations and other conditions often result in unsuccessful exploration efforts.  We may also become subject to significant liability for pollution, cave-ins, blow-outs, leakage, fires or hazards, which we cannot insure or which we may elect not to insure.  The payment of such liabilities may have a material adverse effect on our financial position. If we cannot compete successfully for financing and for qualified managerial and technical employees, our exploration program may suffer. Our competition in the resource industry includes large established companies with substantial capabilities and with greater financial and technical resources than we have.  As a result of this competition, we may be unable to acquire additional financing on terms we consider acceptable.  We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees.  If we are unable to successfully compete for financing or for qualified employees, our exploration program may be slowed down or suspended.      - 8 -   We cannot guarantee that we will find any commercial quantities of mineral deposits or reserves. There can be no assurance that any of the properties we are exploring contain commercial quantities of any mineral deposits or reserves.  Even if we identify commercial quantities of mineral deposits or reserves in any of our properties, there can be no assurance that we will be able to exploit such mineral deposits or reserves or, if we are able to exploit them, that we will do so on a profitable basis. If we are unable to hire and retain key personnel, we may not be able to implement our business plan. Our success is largely dependent on our ability to hire highly qualified personnel.  This is particularly true in highly technical businesses such as resource exploration.  These individuals are in high demand and we may not be able to attract the personnel we need.  In addition, we may not be able to afford the high salaries and fees demanded by qualified personnel, or may lose such employees after they are hired.  Failure to hire key personnel when needed, or on acceptable terms, would have a significant negative effect on our business. Our independent certified public accounting firm, in the Notes to the audited financial statements for the year ended April 30, 2007 states that there is a substantial doubt that we will be able to continue as a going concern. Our independent certified public accounting firm, Webb & Company P.A., state in the Notes to the audited financial statements for the year ended April 30, 2007 that we have experienced significant losses since inception.  Failure to arrange adequate financing on acceptable terms and to achieve profitability would have an adverse effect on our financial position, results of operations, cash flows and prospects.  Accordingly, there is substantial doubt that we will be able to continue as a going concern. Because the probability of a property ever having reserves is extremely remote, any funds spent on exploration will probably be lost. The probability of a property ever having reserves is extremely remote.  It is very likely that our properties do not contain any reserves. As such, any funds spent on exploration will probably be lost which will result in a loss of your investment. We are subject to various government regulations and environmental concerns. We are subject to various government and environmental regulations.  Permits from a variety of regulatory authorities are required for many aspects of exploration, mining and drilling operations and reclamation.  We cannot predict the extent to which future legislation and regulation could cause additional expense, capital expenditures, restrictions and delays in the development of our properties, including those with respect to unpatented mining claims and oil and gas wells. Our activities are not only subject to extensive federal, state and local regulations controlling the exploration and mining and drilling operations with respect to our properties, but also the possible effects of such activities upon the environment.  Future environmental legislation and regulations could cause additional expense, capital expenditures, restrictions and delays in the development of our properties, the extent of which cannot be predicted.  Also, as discussed above, permits from a variety of regulatory authorities are required for many aspects of mining and drilling operations and reclamation.  In connection with environmental permitting, including the approval of reclamation plans, we must comply with known standards, existing laws and regulations that may entail greater or lesser costs and delays, depending on the nature of the activity to be permitted and how stringently the regulations are implemented     - 9 -   by the permitting authority.  We are not presently aware of any specific material environmental constraint affecting our properties that would preclude the economic development or operation of any specific property. If we become more active on our properties, it is reasonable to expect that compliance with environmental regulations will increase our costs.  Such compliance may include feasibility studies on the surface impact of the our proposed operations, costs associated with minimizing surface impact, water treatment and protection, reclamation activities, including rehabilitation of various sites, on-going efforts at alleviating the impact of exploration activities on wildlife, and permits or bonds as may be required to ensure our compliance with applicable regulations.  It is possible that the costs and delays associated with such compliance could become so prohibitive that we may decide to not proceed with exploration, development, mining and/or drilling operations on any of our properties. Risks Associated with Our Common Stock Trading on the OTC Bulletin Board may be volatile and sporadic, which could depress the market price of our common stock and make it difficult for our stockholders to resell their shares. Our common stock is quoted on the OTC Bulletin Board service of the National Association of Securities Dealers.  Trading in stock quoted on the OTC Bulletin Board is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with our operations or business prospects.  This volatility could depress the market price of our common stock for reasons unrelated to operating performance.  Moreover, the OTC Bulletin Board is not a stock exchange, and trading of securities on the OTC Bulletin Board is often more sporadic than the trading of securities listed on a quotation system like Nasdaq or a stock exchange like Amex.  Accordingly, shareholders may have difficulty reselling any of the shares. Our stock is a penny stock.  Trading of our stock may be restricted by the SECs penny stock regulations and the NADSDs sales practice requirements, which may limit a stockholders ability to buy and sell our stock. Our stock is a penny stock.  The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines penny stock to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions.  Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors.  The term accredited investor refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse.  The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk
disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market.  The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customers account.  The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customers confirmation.  In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the
purchasers written agreement to the transaction.  These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules.  Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities.  We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock. In addition to the penny stock rules promulgated by the Securities and Exchange Commission, the NASD has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer.  Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customers financial status, tax status, investment objectives and other information.  Under interpretations of these rules, the NASD believes that there is a high probability that speculative low priced securities     - 10 -   will not be suitable for at least some customers.  The NASD requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock. Other Risks Trends, Risks and Uncertainties We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all of the risk factors before making an investment decision with respect to our common stock. Item 2.
        Description of Property. Executive Offices Our principal offices are located at 9595 Six Pines Drive, Suite 8210, Building 8, Level 2, The Woodlands, Texas  77380.  Our telephone number at our principal office is (832) 631-6061.  Our fax number is (832) 631-6059.  We lease our office space at this location on a month-to-month basis at a rental rate of approximately $1,000 per month.  We believe that our office space and facilities are sufficient to meet our present needs and do not anticipate any difficulty securing alternative or additional space, as needed, on terms acceptable to us. Properties There is no assurance that a commercially viable mineral deposit or reserve exists on our properties, or that we will be able to identify any mineral deposit or reserve on our properties that can be developed profitably.  Even if we do discover commercially exploitable levels of minerals or reserves on our properties, which is unlikely, there can be no assurance that we will be able to enter into commercial production of our properties. We have not found any other properties either for staking or purchasing but will seek such properties during the next year to diversify our holdings.  Any staking and/or purchasing of properties may involve the issuance of substantial blocks of our shares. Thunder Stud Prospect, Calcasieu Parish, Louisiana On November 1, 2006, we entered into an agreement whereby we have acquired from Kossic Oil & Gas LP, a 4% working interest in the Thunder Stud Prospect, located in southern Louisiana.  As consideration for the acquisition, we made a payment of $222,552 which included prospect fees and estimated property expenses. Drilling on the property began in late January 2007 and operations are being carried out by Sterling Energy plc. Target depth was reached in May 2007 and petrophysical analysis suggests that multiple pay horizons were encountered. The well is awaiting a production test to be conducted on the second half of 2007. Shadyside Farm Prospect, St. Mary Parish, Louisiana On February 16, 2007, we entered into a letter of intent with Houston Energy, Inc. and Red Willow Offshore, LLC. wherein we have agreed to purchase an undivided 8.92353% before casing point and 7.585% after casing point interest on the Shadyside Prospect located in St. Mary Parish, Louisiana. The final participation agreement and joint operating agreement for the prospect were signed in May 2007 and drilling operations started in July 2007. Red Willow Offshore LLC is the operator of this well. Alligator Bayou Prospect, Matagorda and Brazoria Counties, Texas On May 8, 2007, we entered into a letter of intent with CTC Minerals, Inc. wherein we have agreed to purchase a 10% interest in the Alligator Bayou Prospect located in Matagorda and Brazoria Counties, Texas.  On July 12, 2007 we entered into a purchase and sale agreement with CTC Minerals.  Under the agreement, we agreed to pay to CTC Minerals $800,000.  The first well on this prospect is expected to be drilled on the first quarter of 2008.      - 11 -   Wilcox 105 and Miocene 101 Prospects, Beauregard Parish, Louisiana Acquisition and Location On June 15, 2006, we acquired a 100% working interest and 75% net revenue interest in certain oil and gas properties, located in Beauregard Parish, Louisiana, from Site Drilling Force Limited (BVI).  The purchase price was $2,000,000 in cash.  The purchase involved the acquisition of two prospects, namely the Wilcox Prospect 105 and the Miocene Prospect 101.  These prospects are comprised of 32 leases totalling 1,224 gross acres (1,209 net acres).  The leases all have three-year terms, with the expiration dates ranging from November of 2008 to March of 2009. Miocene Prospect 101 The Miocene Prospect 101 is a simple 263-acre shallow Miocene bright spot found on a recently acquired 65 square mile 3D seismic program.  The prospect target depth is only 2,750 feet.  The Miocene at this depth is at the transition between fresh and salt water.  According to a report by Kevin B. Hill of Hill Geophysical Consulting, many fields have been found on similar bright spots in the Miocene along the upper Gulf Coast basin.  The recent discoveries have analogous seismic signatures to the bright spot seen on the 3D seismic data set of this prospect. This area of Beauregard Parish has numerous pipelines to transport gas. Wilcox Prospect 105, The Wilcox Prospect 105 was found using 65 square miles of 3D seismic data.  According to Kevin B. Hill of Hill Geophysical Consulting, the potential structural trap coupled with the amplitude response makes this a moderate risk prospect that is very attractive.  One-and-a-half miles to the east of the prospect is a Wilcox well drilled prior to the 3D seismic data which has multiple sands in the upper Wilcox formation. Sand quality is good, and oil shows from log analysis were found in the sands.  Attempts to make an economic completion of that well were unsuccessful.  The 3D seismic data clearly shows that the well is on the flank and just outside of a 3-way, faulted structural closure.  The proposed drilling location should encounter the prospective sands over 250 feet higher than the show well.  The Wilcox Prospect 105 is analogous to the nearby production from the Wilcox sand interval. There are
numerous gas pipelines in the area that can take any gas product that this well may produce. Item 3.
        Legal Proceedings. We know of no material, active or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation.  There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest. Item 4.
        Submissions of Matters to a Vote of Security Holders. None. PART II Item 5.
        Market for Common Equity and Related Stockholder Matters. Our Common stock was originally accepted for quotation on the OTC Bulletin Board under the Symbol SOMR on January 23, 2006.  On August 9, 2006, our Symbol was changed to CYPE upon a change of name to Century Petroleum Corp. and a forward stock split on a seven (7) for one (1) basis. The following table reflects the high and low bid information for our common stock obtained from Stockwatch and reflects inter-dealer prices, without retail mark-up, markdown or commission, and may not necessarily represent actual transactions. The high and low bid prices of our common stock for the periods indicated below are as follows:       - 12 -    National Association of Securities DealersOTC Bulletin BoardQuarter Ended(1)
        High
        LowApril 30, 2007
        $2.95
        $1.25January 31, 2007
        $3.39
        $1.55October 30, 2006
        $2.00
        $1.55July 30, 2006
        $n/a
        $n/aApril 30, 2006(2)
        $1.43
        $0.57January 31, 2006
        $n/a
        $n/a  (1)
        Our common stock received approval for quotation on January 23, 2006. The first trade occurred June 1, 2006.   (2)
        Reflects the seven (7) for one (1) forward stock split effected on August 9, 2006.  On July 12, 2007, the closing price for the common stock as reported by the quotation service operated by the OTC Bulletin Board was $0.75. As of July 12, 2007, there were 15 holders of record of our common stock.  As of such date, 65,238,243common shares were issued and outstanding. Our common shares are issued in registered form.  Empire Stock Transfer Inc., 7251 West Lake Mead Boulevard, Suite 300, Las Vegas, Nevada  89128-8351 (Telephone:  (775) 562-4091; Facsimile:  (775) 974-1444) is the registrar and transfer agent for our common shares. Dividend Policy We have not paid any cash dividends on our common stock and have no present intention of paying any dividends on the shares of our common stock.  Our current policy is to retain earnings, if any, for use in our operations and in the development of our business.  Our future dividend policy will be determined from time to time by our board of directors. Recent Sales of Unregistered Securities On June 13, 2006, we closed a private placement of 658,571 Units for gross proceeds of $2,205,000. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable into one common share at a price of $10.50 per warrant share for a period of twenty-four months. We issued all of the 658,571 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On August 15, 2006, we closed a private placement of 425,000 Units for gross proceeds of $425,000. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable into one common share at a price of $1.50 per warrant share for a period of twenty-four months. The proceeds will be used for working capital. We issued all of the 425,000 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On October 25, 2006, we closed a private placement of 600,000 Units for gross proceeds of $750,000. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable into one common share at a price of $1.75 per warrant share for a period of three years. The proceeds will be used for working capital. We issued all of the 600,000 common shares to a non U.S. person (as that term is     - 13 -   defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On January 10, 2007, we gave notice to E&P Investments GmbH, for an advance of $500,000, pursuant to a share issuance agreement with E&P Investments GmbH, dated December 15, 2006. As consideration for the cash advance, we issued to E&P Investments GmbH 248,756 units at a deemed price of $2.01 per unit. Each unit consists of one common share and one common shares purchase warrant. We issued all of the 248,756 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On January 15, 2007, we issued 5,000,000 common shares to our president pursuant to the terms of an executive employment agreement dated October 1, 2006 as amended on January 11, 2007. The common shares are being held in escrow and 250,000 common shares will be released at the end of every three-month period. We issued all of the 5,000,000 common shares to a U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on the exemptions from registration provided by Section 4(2) of the Securities Act of 1933 and upon Rule 506 of Regulation D of the Securities Act of 1933. On January 25, 2007, we gave notice to E&P Investments GmbH, for an advance of $500,000, pursuant to a share issuance agreement with E&P Investments GmbH, dated December 15, 2006. As consideration for the cash advance, we issued to E&P Investments GmbH 243,902 units at a deemed price of $2.05 per unit. Each unit consists of one common share and one common shares purchase warrant. The warrants are exercisable into one common shares at an exercise price of $3.075 per share until January 25, 2010. We issued all of the 243,902 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On April 23, 2007, we gave notice to E&P Investments GmbH, for an advance of $500,000, pursuant to a share issuance agreement with E&P Investments GmbH, dated December 15, 2006. As consideration for the cash advance, we issued to E&P Investments GmbH 495,050 units at a deemed price of $1.01 per unit. Each unit consists of one common share and one common shares purchase warrant. We issued all of the 495,050 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. On July 2, 2007, we gave notice to E&P Investments GmbH, for an advance of $500,000, pursuant to a share issuance agreement with E&P Investments GmbH, dated December 15, 2006. As consideration for the cash advance, we issued to E&P Investments GmbH 961,538 units at a deemed price of $0.52 per unit. Each unit consists of one common share and one common shares purchase warrant. We issued all of the 961,538 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933 On July 16, 2007, we gave notice to E&P Investments GmbH, for an advance of $1,000,000, pursuant to a share issuance agreement with E&P Investments GmbH, dated December 15, 2006.  As consideration for the cash advance, we issued to E&P Investments GmbH 1,785,714 units at a deemed price of $0.56 per unit.  Each unit consists of one common share and one common shares purchase warrant. We issued all of the 1,785,714 common shares to a non U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. Equity Compensation Plan Information We currently do not have an equity compensation plan. Item 6.
        Plan of Operation. Overview You should read the following discussion of our financial condition and results of operations together with the consolidated audited financial statements and the notes to consolidated audited financial statements included     - 14 -   elsewhere in this filing prepared in accordance with accounting principles generally accepted in the United States.  This discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those anticipated in these forward-looking statements. We are an exploration stage company that has not generated or realized any revenues from our business operations. We are an exploration company and we will be structuring our acquisitions of resource rights so that individual properties can be optioned for exploration and subsequently acquired at reasonable cost if justified by exploration results.  Properties which we determine do not warrant further exploration or development expenditures are divested, typically without further financial obligation to us.  Although we believe that our exploration properties may contain significant mineral deposits and reserves, our analysis of most of these properties is at a preliminary stage and some or all of the properties may not advance to a development stage.  The activities performed to date at these properties often have involved the analysis of data from previous exploration efforts by others, supplemented by our own exploration programs. There is no assurance that a commercially viable petroleum reserve exists on any of our properties, or that we will be able to identify any petroleum reserves on any of these properties that can be developed profitably.  Even if we do discover commercially exploitable levels of petroleum reserves on any of our properties, there can be no assurance that we will be able to enter into commercial production of our properties. Purchase of Significant Equipment We do not anticipate the purchase or sale of any plant or significant equipment during the next twelve-month period. Personnel Plan We do not anticipate any significant changes in the number of employees during the next twelve-month period. Off-Balance Sheet Arrangements There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. Financial Condition, Liquidity and Capital Resources Our principal capital resources have been through the issuance of common stock, although we may use shareholder loans, advances from related parties, or borrowing in the future. At April 30, 2007, we had a working capital of $878,883 compared to working deficit of $2,933 as at April 30, 2006. At April 30, 2007, our total current assets were $1,079,194, which consist of cash, accounts receivable and prepared expenses, compared to total current assets of $372 as at April 30, 2006. At April 30, 2007, our total current liabilities were $200,311 compared to total current liabilities of $3,305 as at April 30, 2006. At April 30, 2007, we had cash on hand of $978,654 compared to $372 as at April 30, 2006. For the year ended April 30, 2007, we posted a net loss of $2,012,036 compared to a loss of $51,365 for the period from inception to April 30, 2006.  Since incorporation, we have posted a net loss of $2,068,589.  The principal components of the loss for the year ended April 30, 2007 were consulting, impairment of mineral property costs, impairment of oil and gas properties, general and administrative and professional fees. For the year ended April 30, 2007, we incurred operating expenses of $2,024,674 compared to $51,365 for the period from incorporation to April 30, 2006.      - 15 -   Cash Requirements We will require additional funds to implement our growth strategy in exploration operations.  These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares.  There is still no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment in our common stock.  Further, we may continue to be unprofitable. Going Concern Due to our being an exploration stage company and not having generated revenues, in the Audit Report by our Independent Registered Public Accounting Firm for the year ended April 30, 2007, our independent auditors included an explanatory paragraph regarding concerns about our ability to continue as a going concern. We have historically incurred losses, and through April 30, 2007 have incurred losses of $2,068,589 since our inception.  Because of these historical losses, we will require additional working capital to develop our business operations.  We intend to raise additional working capital through private placements, public offerings, bank financing and/or advances from related parties or shareholder loans. The continuation of our business is dependent upon obtaining further financing and achieving a break even or profitable level of operations.  The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current or future stockholders.  Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments. There are no assurances that we will be able to either (i) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (ii) obtain additional financing through either private placements, public offerings and/or bank financing necessary to support our working capital requirements.  To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital.  No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to us.  If adequate working capital is not available we may not increase our operations. These conditions raise substantial doubt about our ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should we be unable to continue as a going concern. APPLICATION OF CRITICAL ACCOUNTING POLICIES Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States.  Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. These estimates and assumptions are affected by managements application of accounting policies.  We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financials. In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period.  Actual results could differ from those estimates. Translation of Foreign Currency The functional currency and the reporting currency is the United States Dollar. We have gains arising as a result of translations of the Canadian funds deposits into US dollars.  These gains were included in operations.      - 16 -   Mining Properties and Exploration Costs Pursuant to Statement of Financial Accounting Standards (SFAS) No. 141 and SFAS No. 142, as amended by EITF 04-02, mineral interest associated with other than owned properties are classified as tangible assets.  As of April 30, 2007, we had capitalized $nil related to the mineral property interest.  The mineral property interest will be amortized using the units-of-production method when production at each project commences. Recently Issued Accounting Standards SFAS No. 156, Accounting for Servicing of Financial Assets, SFAS No. 155 Accounting for Certain Hybrid Financial Instruments, SFAS No. 154, Accounting Changes and Error Corrections  a replacement of APB Opinion No. 20 and FASB Statement No. 3 SFAS No. 151, Inventory Costs  an amendment of ARB No. 43, Chapter 4 SFAS No. 152, Accounting for Real Estate Time-Sharing Transactions - an amendment of FASB Statements No. 66 and 67, SFAS No. 153, Exchanges of Non-monetary Assets  an amendment of APB Opinion No. 29, and SFAS No. 123 (revised 2004), Share-Based Payment, were recently issued.  SFAS No. 151, 152, 153, 154, 155 and 123 (revised 2004) have no current applicability to our company and have no effect on the financial statements. Item 7.
        Financial Statements. Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following consolidated financial statements are filed as part of this annual report: Report of Independent Registered Public Accounting Firm, dated July 25, 2007 Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Cash Flows Consolidated Statements of Changes in Stockholders' Deficiency Notes to the Consolidated Financial Statements     - 17 -   Century Petroleum Corp. (Formerly Som Resources, Inc.) (An Exploration Stage Company)  April 30, 2007  Index  Report of Independent Registered Public Accounting Firm
        F-1Balance Sheets
        F-2Statements of Operations
        F-3Statements of Cash Flows
        F-4Statement of Stockholders Equity
        F-5Notes to the Financial Statements
        F-6       - F1 -   REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the Board of Directors of: Century Petroleum Corp. (f/k/a Som Resources, Inc.)  We have audited the accompanying balance sheet of Century Petroleum Corp. (f/k/a Som Resources, Inc.) (An exploration Stage Company) as of April 30, 2007, and the related statements of operations, changes in stockholders equity and cash flows for the two years ended April 30, 2007 and for the period from December 13, 2004 (inception) to April 30, 2007.  These financial statements are the responsibility of the Companys management.  Our responsibility is to express an opinion on these financial statements based on our audits.  We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.  In our opinion, the financial statements referred to above present fairly in all material respects, the financial position of Century Petroleum Corp. (f/k/a Som Resources, Inc.) (An exploration Stage Company) as of April 30, 2007 and the results of its operations and its cash flows for the two years ended April 30, 2007 and for the period from December 13, 2004 (inception) to April 30, 2007 in conformity with accounting principles generally accepted in the United States of America.  The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 8 to the financial statements, the Company is in the exploration stage with no revenue, has an accumulated deficit during the exploration stage of $2,068,589 from incorporation and used cash in operations of $435,877.  These factors raise substantial doubt about the Company's ability to continue as a going concern.  Management's plans concerning these matters are also described in Note 8.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.   WEBB & COMPANY, P.A.  Boynton Beach, Florida July 25, 2007       - F2 -    Century Petroleum Corp. (Formerly Som Resources, Inc.) (An Exploration Stage Company) Balance Sheet (Expressed in US dollars)   April 30,2007ASSETSCurrent AssetsCash
        $978,654Prepaid expenses and other current assets
        100,540Total Current Assets
        1,079,194Property and Equipment, net
        4,275Intangible Assets, net
        13,227Oil and Gas Interest (full cost method)  (Note 3)
        2,916,646Total Assets
        4,013,342LIABILITIES AND STOCKHOLDERS EQUITYCurrent LiabilitiesAccounts payable
        35,051Accounts payable-related party
        4,698Accrued liabilities
        158,562Due to related party (Note 6(a))
        2,000Total Liabilities
        200,311Stockholders EquityPreferred Stock, 7,000,000 shares authorized, $0.001 par value
none issued and outstanding
        Common Stock, 483,000,000 shares authorized, $0.001 par value
64,276,705 shares issued and outstanding
        64,277Additional Paid-in Capital
        14,322,343Deferred Compensation
        (8,505,000)Deficit Accumulated During the Exploration Stage
        (2,068,589)Total Stockholders Equity
        3,813,031Total Liabilities and Stockholders Equity
        $4,013,342    (The Accompanying Notes are an Integral Part of These Financial Statements)     - F3 -   Century Petroleum Corp. (Formerly Som Resources, Inc.) (An Exploration Stage Company) Statements of Operations (Expressed in US dollars)   For theYear Ended
        For theYear Ended
        AccumulatedFromDecember 13, 2004(Date of Inception)April 30,
        April 30,
        To April 30,2007
        2006
        2007Revenue
        
        
        $                
        $              
        $               ExpensesConsulting (Note 6(b))
        
        
        1,281,500
        
        1,281,500Exploration costs and expenses
        
        
        
        27,000
        30,300Impairment of mineral property costs
        
        
        3,000
        
        3,000Impairment of oil and gas property
        
        
        528,756
        
        528,756General and administrative
        
        
        157,548
        10,155
        167,802Professional fees
        
        
        53,870
        14,210
        70,493Total Operating Expenses
        
        
        2,024,674
        51,365
        2,081,851Operating Loss
        
        
        $  (2,024,674)
        $     (51,365)
        $    (2,081,851)Other Income (Expenses)Foreign exchange gain (loss)
        
        
        (25)
        (3)
        599Interest income
        
        
        12,663
        
        12,663Total Other Income (Expenses)
        
        
        12,638
        (3)
        13,262Loss Before Income Taxes
        
        
        (2,012,036)
        (51,368)
        (2,068,589)Provision for Income Taxes
        
        
        
        
        Net Loss
        
        
        (2,012,036)
        (51,368)
        (2,068,589)Net Loss Per Share  Basic and Diluted
        
        
        $         (0.03)
        $              
        $           (0.04)Weighted Average Number of Shares Outstanding
        
        
        58,716,090
        52,653,770
        48,425,280    (The Accompanying Notes are an Integral Part of These Financial Statements)     - F4 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Statements of Cash Flows (Expressed in US dollars)   For theYear EndedApril 30,2007
        For theYear EndedApril 30,2006
        AccumulatedFromDecember 13, 2004(Date of Inception)to April 30,2007Operating ActivitiesNet loss
        $       (2,012,036)
        $    (51,368)
        $  (2,068,589)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation
        2,937
        
        2,937Impairment loss on mineral property
        3,000
        
        3,000Impairment loss on oil and gas properties
        528,756
        
        528,756Stock-based compensation
        1,102,500
        
        1,102,500Change in operating assets and liabilities:Prepaid expenses and deposits
        (98,443)
        
        (98,443)Accounts payable and accrued liabilities
        34,808
        (1,108)
        36,113Accounts payable-related party
        4,698
        
        4,698Net Cash Used in Operating Activities
        (435,877)
        (52,476)
        (489,028)Investing ActivitiesPurchase of property and equipment
        (4,965)
        
        (4,965)Purchase of mineral property interest
        
        
        (3,000)Purchase of oil and gas interest
        (3,447,499)
        
        (3,447,499)Website development costs
        (15,474)
        
        (15,474)Net Cash Used in Investing Activities
        (3,467,938)
        
        (3,470,938)Financing ActivitiesAdvances from related party
        
        2,000
        2,000Proceeds from issuance of common stock
        4,880,000
        300
        4,936,620Net Cash Provided by Financing Activities
        4,880,000
        2,300
        4,938,620Increase (Decrease) in Cash
        978,282
        (50,176)
        978,654Cash and Cash Equivalents - Beginning of Period
        372
        50,548
        Cash and Cash Equivalents - End of Period
        $          978,654
        $            372
        $   978,654Non-Cash Financing ActivitiesShares issued for consulting services
        945,000
        
        945,000Supplemental DisclosuresInterest paid
        
        
        Income taxes paid
        
        
           (The Accompanying Notes are an Integral Part of These Financial Statements)     - F5 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Statement of Stockholders Equity For the Period from December 13, 2004 (Date of Inception) to April 30, 2007 (Expressed in US dollars)   DeficitAccumulatedAdditional
        
        During theCommon Stock
        Paid-in
        Deferred
        ExplorationShares
        Amount
        Capital
        Compensation
        Stage
        Total#
        $
        $
        $
        $
        $Balance  December 13, 2004 (Date of Inception)
        
        
        
        
        
        Common stock issued to founders for cash at $0.000143 per share
        45,640,000
        45,640
        (39,120)
        
        
        6,520Common stock issued for cash at $0.00714 per share
        6,972,000
        6,972
        42,828
        
        
        49,800Net loss for the period
        
        
        
        
        (5,185)
        (5,185)Balance  April 30, 2005
        52,612,000
        52,612
        3,708
        
        (5,185)
        51,135Common stock issued for cash at $0.00714 per share
        42,000
        42
        258
        
        
        300Net loss for the year
        
        
        
        
        (51,368)
        (51,368)Balance  April 30, 2006
        52,654,000
        52,654
        3,966
        
        (56,553)
        67Common stock issued for cash at $0.478 per share
        4,609,997
        4,610
        2,200,390
        
        
        2,205,000Common stock issued for cash at $1.00 per share
        425,000
        425
        424,575
        
        
        425,000Common stock issued for cash at $1.25 per share
        600,000
        600
        749,400
        
        
        750,000Common stock issued for cash at $2.01 per share
        248,756
        249
        499,751
        
        
        500,000Common stock issued for cash at $2.05 per share
        243,902
        244
        499,756
        
        
        500,000Common stock issued for consulting services
        5,000,000
        5,000
        9,445,000
        (8,505,000)
        
        945,000Common stock issued for cash at $1.01 per share
        495,050
        495
        499,505
        
        
        500,000Net loss for the period
        
        
        
        
        (2,012,036)
        (2,012,036)Balance  April 30, 2007
        64,276,705
        64,277
        14,322,343
        (8,505,000)
        (2,068,589)
        (3,813,031)   On August 9, 2006, the Company effected a seven (7) for one (1) forward stock split of the authorized, issued and outstanding stock.  All share amounts have been retroactively adjusted for all periods presented.  (The Accompanying Notes are an Integral Part of These Financial Statements)     - F6 -    Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars)  1.
        Summary of Significant Accounting Policies and Organization a)
        Organization The Company was incorporated in the State of Nevada on December 13, 2004 as Som Resources Inc. On August 9, 2006, the Company changed its name to Century Petroleum Corp. The Company is a natural resource exploration company with the objective of acquiring, exploring and, if warranted and feasible, developing natural resource properties. The Company is an Exploration Stage Company, as defined by Statement of Financial Accounting Standard (SFAS) No. 7 Accounting and Reporting for Development Stage Enterprises.  Activities during the exploration stage include developing the business plan and raising capital. b)
        Use of Estimates The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to  stock-based compensation expense, deferred income tax asset valuations and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual
results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c)
        Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. d)
        Mineral Property Interests The Company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. Pursuant to SFAS No. 141 and SFAS No. 142, as amended by EITF 04-02, Whether Mineral Rights Are Tangible or Intangible Assets, mineral interests associated with other than owned properties are classified as tangible assets. Mineral property interests will be amortized using the units-of-production method when production at each project commences. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. e)
        Oil and Gas Interests The Company utilizes the full-cost method of accounting for petroleum and natural gas properties. Under this method, the Company capitalizes all costs associated with acquisition, exploration and development of oil and natural gas reserves, including leasehold acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling of productive and non-productive wells into the full cost pool on a country by country basis. As of April 30, 2007, the Companys property has unproven reserves. When the Company obtains proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves proved and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. The costs of unproved properties are not amortized until it is
determined whether or not proved reserves can be assigned to the properties. Until such determination is made the Company assesses annually whether impairment has occurred, and includes in the amortization base drilling exploratory dry holes associated with unproved properties.      - F7 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars)  1.
        Summary of Significant Accounting Policies and Organization (continued) e)
        Oil and Gas Interests (continued) The Company applies a ceiling test to the capitalized cost in the full cost pool. The ceiling test limits such cost to the estimated present value, using a ten percent discount rate, of the future net revenue from proved reserves, based on current economic and operating conditions. Specifically, the Company computes the ceiling test so that capitalized cost, less accumulated depletion and related deferred income tax, do not exceed an amount (the ceiling) equal to the sum of: (A) The present value of estimated future net revenue computed by applying current prices of oil and gas reserves (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on current cost) to be incurred in developing
and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; plus (B) the cost of property not being amortized; plus (C) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; less (D) income tax effects related to differences between the book and tax basis of the property. For unproven properties, the Company excludes from capitalized costs subject to depletion, all costs directly associated with the acquisition and evaluation of the unproved property until it is determined whether or not proved reserves can be assigned to the property. Until such a determination is made, the Company assesses the property at least annually to ascertain whether impairment has occurred. In assessing impairment the Company considers factors such as historical experience and other data such as primary lease terms of the property, average holding periods of unproved property, and geographic and geologic data. The Company adds the amount of impairment assessed to the cost to be amortized subject to the ceiling test. As at April 30, 2007, the Company had no properties with proven reserves. f)
        Property and Equipment Property and equipment consists of computer equipments, is recorded at cost and is being amortized on a straight-line basis over their estimated life of three years. g)
        Website Development Costs The Company recognizes the costs associated with developing a website in accordance with the American Institute of Certified Public Accountants (AICPA) Statement of Position (SOP) No. 98-1, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use. Relating to website development costs the Company follows the guidance pursuant to the Emerging Issues Task Force (EITF) No. 00-2, Accounting for Website Development Costs. Costs associated with the website consist primarily of web site design costs. These capitalized costs are amortized based on their estimated useful life of three years. Payroll and related costs have not been capitalized, as the amounts principally relate to maintenance. Internal costs related to the development of website content will be charged to operations as incurred. h)
        Long-lived Assets In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its
estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.      - F8 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars)  1.
        Summary of Significant Accounting Policies and Organization (continued) i)
        Income Taxes The Company accounts for income taxes under SFAS No. 109, Accounting for Income Taxes. Under SFAS No. 109, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under SFAS No. 109, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.  As of April 30, 2007, the Company had a net operating loss carryforward of approximately $965,000
available to offset future taxable income through 2026. The valuation allowance at April 30, 2007 was approximately $337,800. The net change in the valuation allowance for the period ended April 30, 2007 was an increase of $318,000. j)
        Loss Per Share Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by Financial Accounting Standards No. 128, Earnings Per Share. As of April 30, 2007, the effect of 6,622,705 (2006  0) stock purchase warrants was anti dilutive and not included in the calculation of dilutive net loss. k)
        Recent Accounting Pronouncements In February 2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid Financial Instruments-an amendment of FASB Statements No. 133 and 140", to simplify and make more consistent the accounting for certain financial instruments. SFAS No. 155 amends SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities", to permit fair value re-measurement for any hybrid financial instrument with an embedded derivative that otherwise would require bifurcation, provided that the whole instrument is accounted for on a fair value basis. SFAS No. 155 amends SFAS No. 140, "Accounting for the Impairment or Disposal of Long-Lived Assets", to allow a
qualifying special-purpose entity to hold a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. SFAS No. 155 applies to all financial instruments acquired or issued after the beginning of an entity's first fiscal year that begins after September 15, 2006, with earlier application allowed. The adoption of this statement is not expected to have a material effect on the Company's future reported financial position or results of operations. In March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities". This statement requires all separately recognized servicing assets and servicing liabilities be initially measured at fair value, if practicable, and permits for subsequent measurement using either fair value measurement with changes in fair value reflected in earnings or the amortization and impairment requirements of Statement No. 140. The subsequent measurement of separately recognized servicing assets and servicing liabilities at fair value eliminates the necessity for entities that manage the risks inherent in servicing assets and servicing liabilities with derivatives to
qualify for hedge accounting treatment and eliminates the characterization of declines in fair value as impairments or direct write-downs. SFAS No. 156 is effective for an entity's first fiscal year beginning after September 15, 2006. The adoption of this statement is not expected to have a material effect on the Company's future reported financial position or results of operations. In June 2006, the FASB issued FASB Interpretation No. 48,Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statements No. 109. FIN 48 clarifies the accounting for uncertainty in income taxes by prescribing a two-step method of first evaluating whether a tax position has met a more likely than not recognition threshold and second, measuring that tax position to determine the amount of benefit to be recognized in the financial statements. FIN 48 provides guidance on the presentation of such positions within a classified statement of financial position as well as on derecognition, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The adoption of this statement is not
expected to have a material effect on the Company's future reported financial position or results of operations.      - F9 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars) 1.
        Summary of Significant Accounting Policies and Organization (continued) k)
        Recent Accounting Pronouncements (continued) In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. The objective of SFAS 157 is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements.  SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements and does not require any new fair value measurements. The provisions of SFAS No. 157 are effective for fair value measurements made in fiscal years beginning after November 15, 2007. The adoption of this statement is not expected to have a material effect on the Company's future reported
financial position or results of operations. In September 2006, the FASB issued SFAS No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans  an amendment of FASB Statements No. 87, 88, 106, and 132(R). This statement requires employers to recognize the over-funded or under-funded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through comprehensive income of a business entity or changes in unrestricted net assets of a not-for-profit organization. This statement also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions.
The provisions of SFAS No. 158 are effective for employers with publicly traded equity securities as of the end of the fiscal year ending after December 15, 2006. The adoption of this statement did not have a material effect on the Company's financial statements. In September 2006, the SEC issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current year financial statements. SAB No. 108 requires companies to quantify misstatements using a balance sheet and income statement approach and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative an qualitative factors. SAB No. 108 is effective for periods ending after November 15, 2006. The adoption of SAB No. 108 did not have a material effect on the Companys financial statements. In February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities  Including an Amendment of FASB Statement No. 115.  This statement permits entities to choose to measure many financial instruments and certain other items at fair value. Most of the provisions of SFAS No. 159 apply only to entities that elect the fair value option. However, the amendment to SFAS No. 115 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available-for-sale and trading securities. SFAS No. 159 is effective as of the beginning of an entitys first fiscal year that begins after November 15,
2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provision of SFAS No. 157, Fair Value Measurements.The adoption of this statement is not expected to have a material effect on the Company's financial statements. j)
        Foreign Currency Translation The Company uses US dollars as its functional and reporting currency. The Company has gains and losses arising as a result of translations of the Canadian funds deposited into US dollars. These gains and losses are included in operations. k)
        Reclassifications Certain reclassifications have been made to the prior periods financial statements to conform to the current periods presentation. l)
        Concentration of Credit Risk The Company at times has cash in banks in excess of FDIC insurance limits. At April 30, 2007, the Company had $878,654 (2006 - $0) in excess of FDIC limits.      - F10 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars) 2.
        Acquisition of Mineral Property Interest On April 10, 2005, the Company acquired 100% interest in the one mineral claim known as the Hermosa Prospect Latitude located in the State of Nevada, USA, for the purchase price of $3,000.  During the fiscal year ended April 30, 2007, the Company abandoned the property and recognized an impairment loss of $3,000 related to this property.  3.
        Acquisition of Oil and Gas Interest a)
        On June 15, 2006, the Company acquired a 100% working interest and a 75% net revenue interest in certain oil and gas properties consisting of 32 leases totaling 1,224 gross acres located in Louisiana in consideration for $2,000,000. The leases all have three year terms with expiration dates ranging from November, 2008 to March, 2009.  As of April 30, 2007 the Company has capitalized $2,058,383 of costs related to its interest. b)
        On August 10, 2006, the Company acquired all of the right, title and interest to any leases on a property located in DeWitt County, Texas covered under a Participation Agreement dated September 1, 2005. The Company paid $512,750  to earn its interest, subject to a 2% carried working interest. On October 25, 2006, this lease agreement was terminated and the Company recognized an impairment of $528,756 related to this property, which included the Companys share of drilling costs. c)
        On November 1, 2006, the Company entered into an agreement to acquire a 4% interest in an oil and gas property and applicable leases located in southern Louisiana. The Company paid $222,552 as consideration which included prospect fees and property expenses.  During the fiscal year ended April 30, 2007, the Company incurred an additional $1,296 of lease costs and $582,403 of property expenses. d)
        On March 1, 2007, the Company entered into a participation agreement and joint operating agreement with Houston Energy, Inc. (Houston) and Red Willow Offshore, LLC. (Red Willow) to purchase an undivided 8.92353% before casing point and 7.585% after casing point interest on Houston and Red Willows Shadyside Prospect located in St. Mary Parish, Louisiana.  At April 30, 2007, the Company paid $52,012 towards their share of G&G reimbursement and land costs incurred to date.  4.
        Stockholders Equity a)
        On June 13, 2006, the Company issued 4,609,997 units at a price of $0.478 per unit for gross proceeds of $2,205,000. Each unit consists of one post split common share and one share purchase warrant. Each common share purchase warrant is exercisable into one post split common share at a price of $1.50 per share for a period of 24 months. b)
        On August 9, 2006, the Company changed its name from Som Resources, Inc. to Century Petroleum Corp. and effected a seven (7) for one (1) forward stock split of the authorized, issued and outstanding stock. As a result, the authorized share capital increased from 69,000,000 shares of common stock with a par value of $0.001 to 483,000,000 shares of common stock with a par value of $0.001, and 1,000,000 shares of preferred stock with a par value of $0.001 to 7,000,000 shares of preferred stock with a par value of $0.001. The issued and outstanding share capital increased from 8,180,571 shares of common stock to 58,288,997 shares of common stock. All share amounts have been retroactively adjusted for all periods presented. c)
        On August 15, 2006, the Company accepted stock subscriptions for 425,000 units at a price of $1.00 per unit for gross proceeds of $425,000. Each unit consists of one post split common share and one share purchase warrant. Each common share purchase warrant is exercisable into one post split common share at a price of $1.50 per share for a period of 24 months. d)
        On October 25, 2006, the Company issued 600,000 units at a price of $1.25 per unit for gross proceeds of $750,000. Each unit consists of one post split common share and one share purchase warrant. Each common share purchase warrant is exercisable into one post split common share at a price of $1.75 per share for a period of 36 months. e)
        On January 10, 2007, the Company accepted stock subscriptions for 248,756 units at a price of $2.01 per unit for cash proceeds of $500,000.  Each unit consists of one post split common share and one share purchase warrant.  Each common share purchase warrant is exercisable into one post split common share at a price of $3.015 per share for a period of 36 months.      - F11 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars) 4.
        Stockholders Equity (continued) f)
        On January 15, 2007, the Company issued 5,000,000 restricted shares of common stock to the President of the Company at a fair value of $1.89 per share.  The shares are held in escrow by the Company and 250,000 shares are released at the end of each three-month period immediately following the effective date of the employment agreement dated October 1, 2006.  As at April 30, 2007, 500,000 shares with a fair value of $945,000 were released from escrow and charged to consulting, and an additional $157,500 of stock-based compensation was accrued and charged to consulting.  Refer to Note 7(a). g)
        On January 25, 2007, the Company accepted stock subscriptions for 243,902 units at a price of $2.05 per unit for cash proceeds of $500,000.  Each unit consists of one post split common share and one share purchase warrant.  Each common share purchase warrant is exercisable into one post split common share at a price of $3.075 per share for a period of 36 months. h)
        On April 30, 2007, the Company accepted stock subscriptions for 495,050 units at a price of $1.01 per unit for cash proceeds of $500,000.  Each unit consists of one post split common share and one share purchase warrant.  Each common share purchase warrant is exercisable into one post split common share at a price of $1.515 per share for a period of 36 months.  5.
        Warrants A summary of the changes in the Companys share purchase warrants is presented below:  April 30, 2007
        
        April 30, 2006Number
        Weighted Average Exercise
Price
        
        Number
        Weighted Average Exercise
PriceBalance, beginning of year
        
        
        
        
        Issued
        6,622,705
        1.64
        
        
        Exercised
        
        
        
        
        Forfeited / Expired
        
        
        
        
        Balance, end of period
        6,622,705
        1.64
        
        
          6.
        Related Party Transactions a)
        During the fiscal year ended April 30, 2006, the former President of the Company advanced $2,000 to the Company. At April 30, 2007, a balance of $4,698 is due to a related party for expense reimbursement and is non-interest bearing, unsecured and has no specific terms of repayment. b)
        During the fiscal year ended April 30, 2007, the Company paid $100,000 for consulting services provided by the former President of the Company. c)
        During the fiscal year ended April 30, 2007, the Company paid $79,000 for services provided by the President of the Company. d)
        Refer to Note 7(a).  7.
        Commitments a)
        On October 1, 2006 (the effective date), the Company hired an employee for the position of President and CEO. The contract is for a period of twelve months, and is renewable. On January 11, 2007, the contract was amended to increase the remuneration from $10,000 per month to $11,000 per month, and to increase the number of common shares to be issued from 3,000,000 shares to 5,000,000 shares of common stock. The shares are to be held in escrow by the Company and will vest and be earned as follows: 250,000 shares at the end of each three-month period immediately following the effective date. The shares have an aggregate fair value of $9,450,000. As at April 30, 2007, 500,000 shares with a fair value of $945,000 were released from escrow and charged to consulting, and an additional $157,500 of stock-based
compensation was accrued and charged to consulting.      - F12 -   Century Petroleum Corp. (Formerly Som Resources Inc.) (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars) 7.
        Commitments (continued) b)
        On October 10, 2006, the Company signed an agreement to rent office space in Houston, Texas beginning November 1, 2006 for a period of 12 months at $800 per month. c)
        On December 15, 2006, the Company entered into a share issuance agreement for share subscriptions up to $5,000,000.  The subscriber shall make available to the Company by way of advances up to $5,000,000 until December 15, 2009.   Upon receipt of the advances, the Company shall issue units of the Company at a price equal to 75% of volume weighted average closing price of the Company (ticket symbol CYPE.OB) during the 10 previous trading days according to Yahoo! Finance at http://finance.yahoo.com.  Each unit consists of one common share of the Company and one share purchase warrant.  Each whole warrant may be exercised within three years of the date of issuance to the purchaser at a price equal to 150% of subscription price.  At April 30, 2007, the Company received cash proceeds of $1,500,000 and issued
987,708 units.  Refer to Note 9(d) and (e). 8.
        Going Concern As reflected in the accompanying financial statements, the Company is in the Exploration stage with no operations, has a deficit accumulated during the exploration stage of $2,068,589 from inception and used cash from Operations of $435,877 for the fiscal year ended April 30, 2007.  This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Companys ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.  9.
        Subsequent Event a)
        On May 8, 2007, the Company entered into a letter of intent with CTC Minerals, Inc. wherein the Company has agreed to purchase a 10% interest in the Alligator Bayou Prospect located in Matagorda and Brazoria Counties, Texas. The acquisition is subject to, among other things, entering into a definitive agreement and economic analysis, land and title review and any additional due diligence requirements. b)
        On May 24, 2007, the Company entered into an agreement to appoint an individual as a member of the Companys Advisory Board. The Individual agreed to provide advisory services to the Company for an indefinite period, or until terminated by either party, in consideration for 62,500 restricted shares of common stock at the end of every financial quarter of the Company in which the individual serves as a member of the Companys Advisory Board. c)
        On June 1, 2007, the Company entered into an agreement to appoint an individual as a member of the Companys Advisory Board. The Individual agreed to provide advisory services to the Company for an indefinite period, or until terminated by either party, in consideration for 37,500 restricted shares of common stock at the end of every financial quarter of the Company in which the individual serves as a member of the Companys Advisory Board. d)
        On July 2, 2007, the Company received an advance of $500,000, pursuant to the share issuance agreement described in Note 7(c). As consideration for the cash advance, the Company issued 961,538 units at a deemed price of $0.52 per unit.  Each unit consists of one common share and one share purchase warrant.  Each whole warrant is exercisable within three years of the date of issuance at a price of $0.78 per share. e)
        On July 16, 2007, the Company received an advance of $1,000,000, pursuant to the share issuance agreement described in Note 7(c). As consideration for the cash advance, the Company issued 1,785,714 units at a deemed price of $0.56 per unit.  Each unit consists of one common share and one share purchase warrant.  Each whole warrant is exercisable within three years of the date of issuance at a price of $0.835 per share.       - 18 -    Item 8.
        Changes In and Disagreements With Accountants on Accounting and Financial Disclosure. None. Item 8A.
        Disclosure Controls and Procedures As required by Rule 13a-15 under the Exchange Act, we have carried out an evaluation of the effectiveness of the design and operation of our company's disclosure controls and procedures as of the end of the period covered by this annual report, being April 30, 2007.  This evaluation was carried out under the supervision and with the participation of our company's management, including our company's president and our companys treasurer.  Based upon that evaluation, our company's president and our companys treasurer concluded that our company's disclosure controls and procedures are effective as at the end of the period covered by this report.  There have been no changes in our company's internal controls or in other factors, which could significantly affect internal controls subsequent to the date we carried out our evaluation. Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our company's reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures  designed to ensure that information required to be disclosed in our company's reports filed under the Exchange Act is accumulated and communicated to management, including our company's president and chief executive officer as appropriate, to allow timely decisions regarding required disclosure. PART III Item 9.
        Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act. Directors and Executive Officers, Promoters and Control Persons As at July 12, 2007, our directors and executive officers, their ages, positions held, and duration of such, are as follows: Name
        Position Held  with our Company
        Age
        Date FirstElected or AppointedJames B. Hersch
        President, Chief Executive Officer and Director
        55
        October 1, 2006Johannes T. Petersen
        Secretary, Treasurer and Director
        34
        May 15, 2006 Business Experience The following is a brief account of the education and business experience of each director and executive officer during at least the past five years, indicating each person's principal occupation during the period, and the name and principal business of the organization by which he was employed. James B. Hersch  President, Chief Executive Officer and Director Mr. Hersch was appointed President, Chief Executive Officer and a director on October 1, 2006. Since 1996 Mr. Hersch has held various positions with Anadarko Petroleum Corporation, including Exploration Manager, Project Geologist and most recently as Project Manager. Mr. Hersch also held positions with Anadarko China and Exxon Company. Mr. Hersch has extensive experience in risk management, geological exploration, development, project management, joint ventures, strategic planning, prospecting and drilling.      - 19 -   Johannes T. Petersen  Secretary, Treasurer and Director Mr. Petersen was appointed as President, Treasurer, Secretary and a director on May 15, 2006.  On October 1, 2006, Mr. Petersen resigned as President of our company. Mr. Petersen holds a BSc. in Economics from Universidad del Pacifico (Peru) and an MBA degree from the London Business School (UK).  He has gained experience from multiple managerial and directorship positions with a diverse group of public and private companies.  Since completing his business school studies, Mr. Petersen gained business development and business planning experience with an emphasis in the resources industry.  He has worked in business planning for diamond, gold and oil and gas exploration projects and has also covered several functions within the financial services industry, ranging from fixed income to currency trading. Mr. Petersen currently sits on the board of directors of Reflection Oil & Gas Partners Ltd, a private UK company of which he was a founder, Century Petroleum Corp., a private U.S. company of which he was a founder, and Hainan Mining Corporation Ltd., a private UK company of which he was a founder. Mr. Petersen formerly worked in Lima, Peru for the following companies:  Peru Scan Trading, Credibolsa SAB, Banco de Credito del Peru and CONASEV (Peruvian equivalent of the SEC). Audit Committee and Audit Committee Financial Expert We do not have an Audit Committee, our board of directors performs the functions of an Audit Committee.  The current size of our board of directors does not facilitate the establishment of a separate committee. Our board of directors has determined that it does not have a member of the audit committee that qualifies as an audit committee financial expert as defined in Item 401(e) of Regulation S-B. We believe that our board of directors is capable of analyzing and evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues reasonably expected to be raised by our company.  In addition, we believe that retaining an independent director who would qualify as an audit committee financial expert would be overly costly and burdensome and is not warranted in our circumstances given the early stages of our development and the fact that we have not generated revenues to date. Other Committees of the Board Compensation Committee We do not have a compensation committee. Nominating Committee We do not have a Nominating Committee, our entire board of directors perform the functions of a Nominating Committee and oversee the process by which individuals may be nominated to our board of directors. The current size of our board of directors does not facilitate the establishment of a separate committee.  We hope to establish a separate Nominating Committee consisting of independent directors, if the number of our directors is expanded. Family Relationships There are no family relationships between any director or executive officer. Involvement in Certain Legal Proceedings None of our directors, executive officers, promoters or control persons have been involved in any of the following events during the past five years:      - 20 -   1.  any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; 2.  any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offences); 3.  being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or 4.  being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated. Code of Ethics On July 25, 2007, our board of directors confirmed the adoption of our Code of Ethics and Business Conduct that applies to, among other persons, our company's chief executive officer, president and chief financial officer (being our principal executive officer, principal financial officer and principal accounting officer), as well as persons performing similar functions.  As adopted, our Code of Ethics and Business Conduct sets forth written standards that are designed to deter wrongdoing and to promote: 1.             honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; 2.             full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission and in other public communications made by us; 3.
        compliance with applicable governmental laws, rules and regulations; 4.             the prompt internal reporting of violations of the Code of Ethics and Business Conduct to an appropriate person or persons identified in the Code of Ethics and Business Conduct; and 5.
        accountability for adherence to the Code of Ethics and Business Conduct. Our Code of Ethics and Business Conduct requires, among other things, that all of our company's senior officers commit to timely, accurate and consistent disclosure of information; that they maintain confidential information; and that they act with honesty and integrity. In addition, our Code of Ethics and Business Conduct emphasizes that all employees have a responsibility for maintaining financial integrity within our company, consistent with generally accepted accounting principles, and federal and state securities laws.  Any employee who becomes aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident or being told of it, must report it to our company.  Any failure to report such inappropriate or irregular conduct of others is to be treated as a severe disciplinary matter.  It is against our company policy to retaliate against any individual who reports in good faith the violation or potential violation of our company's Code of Ethics and Business Conduct by another. Our Code of Ethics and Business Conduct is being filed with the Securities and Exchange Commission as Exhibit 14.1 to this annual report on Form 10-KSB.  We will provide a copy of the Code of Ethics and Business Conduct to any person without charge, upon request.  Requests can be sent to: Century Petroleum Corp., 9595 Six Pines Drive, Suite 8210, Building 8, Level 2, The Woodlands, TX  77380.      - 21 -   Section 16(a) Beneficial Ownership Compliance Section 16(a) of the Securities Exchange Act requires our executive officers and directors, and persons who own more than 10% of our common stock, to file reports regarding ownership of, and transactions in, our securities with the Securities and Exchange Commission and to provide us with copies of those filings.  Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended April 30, 2007, all filing requirements applicable to its officers, directors and greater than ten percent beneficial owners were complied with. Item 10.
        Executive Compensation. The particulars of compensation paid to the following persons: 
        our principal executive officer; 
        each of our two most highly compensated executive officers who were serving as executive officers at the end of the year ended April 30, 2007 who had total compensation exceeding $100,000; and 
        up to two additional individuals for whom disclosure would have been provided under (b) but for the fact that the individual was not serving as our executive officer at the end of the most recently completed financial year, who we will collectively refer to as the named executive officers, of our years ended April 30, 2007, 2006 and 2005, are set out in the following summary compensation table:  SUMMARY COMPENSATION TABLENameand Principal Position
        Year
        Salary($)
        Bonus($)
        Stock Awards($)
        Option Awards($)
        Non-Equity Incentive Plan Compensa-tion($)
        Change in PensionValue and Nonqualified Deferred Compensation Earnings($)
        AllOther Compensa-tion($)
        Total($)James B. Hersch(1)President and Chief Executive Officer
        200720062005
        $74,000N/AN/A
        $5,000N/AN/A
        $1,102,500N/AN/A
        NilN/AN/A
        NilN/AN/A
        NilN/AN/A
        NilN/AN/A
        $1,181,500N/AN/AJohannes T. Petersen(2)Secretary and Treasurer
        200720062005
        $100,000NilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        $100,000NilNilEric John Plexman(3)formerPresident, and Chief Executive Officer
        200720062005
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNilGary Fife(4)formerChief Financial Officer and Treasurer
        200720062005
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil
        NilNilNil (1)
        Mr. Hersch was appointed President and Chief Executive Officer on October 1, 2006. (2)
        Mr. Petersen was appointed President, Treasurer and Secretary on May 15, 2006 and resigned as President on October 1, 2006. (3)
        Mr. Plexman resigned as an officer and director on May 15, 2006. (4)
        Mr. Fife resigned as an officer and director on May 15, 2006.      - 22 -   Employment/Consulting Agreements On October 1, 2006 we entered into an executive employment agreement with James B. Hersch wherein we have agreed to pay Mr. Hersch a monthly fee of US$10,000 and we have agreed to issue to Mr. Hersch 3,000,000 restricted shares of common stock issuable on October 1, 2006. The shares shall be held in escrow and 250,000 shares shall vest at the end of each three-month period immediately following October 1, 2006. On January 11, 2007 we entered into an amendment agreement with Jame B. Hersch which agreement amends the executive employment agreement entered into on October 1, 2006.  Under the amendment agreement, we have agreed to pay Mr. Hersch a monthly fee of US$11,000 and we have agreed to issue to Mr. Hersch 5,000,000 restricted shares of common stock issuable on October 1, 2006.  The shares shall be held in escrow and 250,000 shares shall vest at the end of each three-month period immediately following October 1, 2006 Other than as set out above, we have not entered into any employment or consulting agreements with any of our current officers, directors or employees. Long-Term Incentive Plans There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers, except that our directors and executive officers may receive stock options at the discretion of our board of directors. We do not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our board of directors. We have no plans or arrangements in respect of remuneration received or that may be received by our executive officers to compensate such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control, where the value of such compensation exceeds $60,000 per executive officer. Stock Options and Stock Appreciation Rights From the date of inception to April 30, 2007, we did not grant any stock options or stock appreciation rights to any of our directors or officers and there were no stock options or stock appreciation rights outstanding on April 30, 2007. We currently do not have a stock option plan. Compensation of Directors We reimburse our directors for expenses incurred in connection with attending board meetings  We did not pay director's fees or other cash compensation for services rendered as a director in the year ended April 30, 2007. We have no formal plan for compensating our directors for their service in their capacity as directors, although such directors are expected in the future to receive stock options to purchase common shares as awarded by our board of directors or (as to future stock options) a compensation committee which may be established.  Directors are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of our board of directors.  Our board of directors may award special remuneration to any director undertaking any special services on our behalf other than services ordinarily required of a director.  No director received and/or accrued any compensation for their services as a director, including committee participation and/or special assignments. Item 11.
        Security Ownership of Certain Beneficial Owners and Management. As of July 12, 2007, there were 64,276,705 shares of our common stock outstanding.  The following table sets forth certain information known to us with respect to the beneficial ownership of our common stock as of that date by (i) each of our directors, (ii) each of our executive officers, and (iii) all of our directors and executive officers as a group.  Except as set forth in the table below, there is no person known to us who beneficially owns more than 5% of     - 23 -   our common stock.  The number of shares beneficially owned is determined under rules of the SEC and the information is not necessarily indicative of beneficial ownership for any other purpose.  Under such rules, beneficial ownership includes any shares as to which the individual has the sole or shared voting power or investment power and any shares which the individual has the right to acquire within 60 days of July 12, 2007 through the exercise of any stock option or other right.  Unless otherwise noted, we believe that each person has sole investment and voting power (or shares such powers with his or her spouse) with respect to the shares set forth in the following table:  Name and Address  of Beneficial Owner
        Amount and  Nature ofBeneficial Ownership
        Percentageof ClassJohannes Petersen2 Eaton GateLondon  SW1W 9BJUnited Kingdom
        25,900,000
        40.29%James B. Hersch27 South Chandler Creek CircleThe Woodlands, TX  77381
        5,000,000(1)
        7.78%Banque SCS Alliance S.A.Route De ChancyPO Box 64Geneva 8 1211Swizterland
        5,209,997
        8.11%Directors and Executive Officers as a Group (2 people)
        30,900,000
        48.07% (1)
        Includes all of the 5,000,000 shares issued under an employment agreement dated October 1, 2006 with James B. Hersch.  The 5,000,000 are held in escrow and are released every 3 months, of which 750,000 have been released to Mr. Hersch. Changes in Control We are unaware of any contract or other arrangement the operation of which may at a subsequent date result in a change of control of our company. Item 12.
        Certain Relationships and Related Transactions, and Director Independence. Except as disclosed herein, there have been no transactions or proposed transactions in which the amount involved exceeds the lesser of $120,000 or one percent of the average of our total assets at year-end for the last three completed fiscal years in which any of our directors, executive officers or beneficial holders of more than 5% of the outstanding shares of our common stock, or any of their respective relatives, spouses, associates or affiliates, has had or will have any direct or material indirect interest. Corporate Governance We currently act with two (2) directors, consisting of James B. Hersch and Johannes T. Petersen. We have determined that we current do not have any independent directors, as that term is used in Rule 4200(a)(15) of the Rules of National Association of Securities Dealers. Our board of directors currently does not have any committees.      - 24 -    Item 13.
        Exhibits Exhibits required by Item 601 of Regulation S-B  Exhibit Number
        Description(3)
        (i) Articles of Incorporation; and (ii) Bylaws3.1
        Articles of Incorporation (incorporated by reference from our Form SB-2 Registration Statement, filed on July 8, 2005).3.2
        Bylaws (incorporated by reference from our Form SB-2 Registration Statement, filed on July 8, 2005).(10)
        Material Contracts10.1
        Purchase and Sale Agreement dated April 10, 2005 between our company and Multi Metal Mining Corp. (incorporated by reference from our Form SB-2 Registration Statement, filed on July 8, 2005).10.2
        Asset Purchase Agreement dated June 15, 2006 between our company and Site Drilling Force Limited (BVI) (incorporated by reference from our Current Report on Form 8-K, filed on June 20, 2006).10.3
        Assignment dated August 10, 2006  (incorporated by reference from our Current Report on Form 8-K, filed on August 17, 2006).10.4
        Executive Employment Agreement with James B. Hersch  (incorporated by reference from our Current Report on Form 8-K, filed on October 5, 2006).10.5
        Amendment Agreement with James B. Hersch (incorporated by reference from our Current Report on Form 8-K, filed on January 17, 2007).10.6
        Share Issuance Agreement dated the 15th day of December 2006 (incorporated by reference from our Current Report on Form 8-K, filed on December 19, 2006).10.7
        Letter of Intent with Houston Energy, Inc. and Red Willow Offshore, LLC dated February 16, 2007 (incorporated by reference from our Current Report on Form 8-K, filed on February 26, 2007).10.8
        Purchase and sale agreement with CTC Minerals, Inc. (incorporated by reference from our Current Report on Form 8-K, filed on July 25, 2007).(14)
        Code of Ethics14.1*
        Code of Ethics and Business Conduct(31)
        302 Certification31.1*
        Section 302 Certification under Sarbanes-Oxley Act of 2002 of James B. Hersch.(32)
        906 Certification32.1*
        Section 906 Certification under Sarbanes-Oxley Act of 2002 of James B. Hersch.  *Filed herewith      - 25 -    Item 14.
        Principal Accountant Fees and Services The following table sets forth the fees billed to the Company for professional services rendered by the Company's principal accountant, for the year ended April 30, 2007 and April 30, 2006:  Services
        2007
        2006Audit fees
        $9,094
        $14,210Tax fees
        $Nil
        $NilAll other fees
        $Nil
        $NilTotal fees
        $9,094
        $14,210 Audit Fees.Consist of fees billed for professional services rendered for the audits of our financial statements, reviews of our interim consolidated financial statements included in quarterly reports, services performed in connection with filings with the Securities and Exchange Commission and related comfort letters and other services that are normally provided by Webb Company, P.A. for the fiscal years ended April 2007 and 2006 in connection with statutory and regulatory filings or engagements. Tax Fees.Consist of fees billed for professional services for tax compliance, tax advice and tax planning.  These services include assistance regarding federal, state and local tax compliance and consultation in connection with various transactions and acquisitions. We do not use Webb & Company, P.A. for financial information system design and implementation.  These services, which include designing or implementing a system that aggregates source data underlying the financial statements or generates information that is significant to our financial statements, are provided internally or by other service providers.  We do not engage Webb & Company, P.A  to provide compliance outsourcing services. Effective May 6, 2003, the Securities and Exchange Commission adopted rules that require that before Webb & Company, P.A. is engaged by us to render any auditing or permitted non-audit related service, the engagement be: 
        approved by our audit committee (the functions of which are performed by our entire board of directors); or 
        entered into pursuant to pre-approval policies and procedures established by the board of directors, provided the policies and procedures are detailed as to the particular service, the board of directors is informed of each service, and such policies and procedures do not include delegation of the board of directors' responsibilities to management. Our board of directors pre-approve all services provided by our independent auditors.  All of the above services and fees were reviewed and approved by our board of directors either before or after the respective services were rendered. Our board of directors have considered the nature and amount of fees billed by Webb & Company, P.A. and believe that the provision of services for activities unrelated to the audit is compatible with maintaining Webb & Company, P.A.s independence.      - 26 -   SIGNATURES In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTURY PETROLEUM CORP.  By:/s/ James B. Hersch James B. Hersch President, Chief Executive Officer and Director Principal Executive Officer Date: July 30, 2007.  By:/s/ Johannes T. Petersen Johannes T. Petersen Secretary, Treasurer and Director (Principal Financial Officer and Principal Accounting Officer) Date: July 30, 2007.  Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. CENTURY PETROLEUM CORP.  By:/s/ James B. Hersch James B. Hersch President, Chief Executive Officer and Director Principal Executive Officer Date: July 30, 2007.  By:/s/ Johannes T. Petersen Johannes T. Petersen Secretary, Treasurer and Director (Principal Financial Officer and Principal Accounting Officer) Date: July 30, 2007.