---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

Form 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2008

or

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________________ to
_____________________

Commission File Number 333-126490

CENTURY PETROLEUM
CORP.(Exact name of registrant as specified in its
charter)

|Nevada                                                                         | 47-0950123                       
|------------------------------------------------------------------------------ | ---------------------------------
|(State or other jurisdiction of incorporation or
      organization)           | (IRS Employer Identification No.)
|                                                                               |                                  
|9595 Six Pines Drive, Suite 8210, Building 8, Level
      2, The Woodlands, TX | 77380                            
|(Address of principal executive offices)                                       | (Zip Code)                       

832.631.6061(Registrants telephone number,
including area code)

N/A(Former name, former address and former
fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 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.

[ X ] YES [ ] NO

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a small
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act

|Large accelerated filer | [ ] |                                               | Accelerated filer         | [ ]  
|----------------------- | --- | --------------------------------------------- | ------------------------- | -----
|Non-accelerated filer   | [ ] | (Do not check if a smaller reporting company) | Smaller reporting company | [ X ]

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act

[ ] YES [ X ] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports
required to be filed by Sections 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 ISSUERS

Indicate the number of shares outstanding of each of the
issuers classes of common stock, as of the latest practicable date.
69,857,024 common shares issued and outstanding as of September 12,
2008

---

PART 1  FINANCIAL INFORMATION

Item 1. Financial Statements.

Our unaudited interim consolidated financial statements for the
three month period ended July 31, 2008 form part of this quarterly report. They
are stated in United States Dollars (US$) and are prepared in accordance with
United States generally accepted accounting principles.

2

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Century Petroleum Corp.

July 31, 2008

|                                  | Index
|--------------------------------- | -----
|                                  |      
|Balance Sheets                    | F-1  
|                                  |      
|Statements of Operations          | F-2  
|                                  |      
|Statements of Cash Flows          | F-3  
|                                  |      
|Notes to the Financial Statements | F-4  

---

|Century Petroleum Corp.  
|-------------------------
|Condensed Balance Sheets 
|(Expressed in US dollars)

|                                                                                    |   | July 31,    |   |   | April 30,  |  
|----------------------------------------------------------------------------------- | - | ----------- | - | - | ---------- | -
|                                                                                    |   | 2008        |   |   | 2008       |  
|                                                                                    |   | (unaudited) |   |   |            |  
|ASSETS                                                                              |   |             |   |   |            |  
|Current Assets                                                                      |   |             |   |   |            |  
|Cash                                                                                | $ | 72,941      |   | $ | 128,672    |  
|Accounts receivable                                                                 |   | 133,126     |   |   | 143,152    |  
|Accrued petroleum revenues                                                          |   | 96,160      |   |   |           |  
|Prepaid expenses and other current assets                                           |   | 300,896     |   |   | 256,868    |  
|Notes receivable (Note 2(e))                                                        |   |            |   |   | 490,332    |  
|Total Current Assets                                                                |   | 603,123     |   |   | 1,019,024  |  
|Property and Equipment, net                                                         |   | 6,291       |   |   | 7,121      |  
|Intangible Assets, net                                                              |   | 6,727       |   |   | 8,026      |  
|Oil and Gas Interest (full cost method) (Note 2)                                    |   | 4,062,975   |   |   | 4,466,531  |  
|Total Assets                                                                        | $ | 4,679,116   |   | $ | 5,500,702  |  
|                                                                                    |   |             |   |   |            |  
|LIABILITIES AND STOCKHOLDERS EQUITY                                                |   |             |   |   |            |  
|Current Liabilities                                                                 |   |             |   |   |            |  
|Accounts payable                                                                    | $ | 342,492     |   | $ | 333,823    |  
|Accounts payable-related party
      (Note 6(a))                                    |   | 100         |   |   | 100        |  
|Accrued liabilities                                                                 |   | 176,653     |   |   | 219,430    |  
|Due to related party (Note 6(a))                                                    |   | 2,000       |   |   | 2,000      |  
|Total Liabilities                                                                   | $ | 521,245     |   | $ | 555,353    |  
|Stockholders Equity                                                                |   |             |   |   |            |  
|Preferred 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                 |   |             |   |   |            |  
|69,857,024 shares issued and outstanding
      (April 30, 2008 - 69,557,024 shares) |   | 69,857      |   |   | 69,557     |  
|Additional Paid-in Capital                                                          |   | 17,460,763  |   |   | 17,167,063 |  
|Common Stock Subscribed (53,333 shares to
      be issued)                          |   | 52,366      |   |   | 272,866    |  
|Deferred Compensation                                                               |   | (6,142,500  | ) |   | (6,615,000 | )
|Deficit                                                                             |   | (7,282,615  | ) |   | (5,949,137 | )
|Total
      Stockholders Equity                                                    |   | 4,157,871   |   |   | 4,945,349  |  
|Total Liabilities and Stockholders Equity                                          | $ | 4,679,116   |   | $ | 5,500,702  |  

(The Accompanying Notes are an Integral Part of These Financial
Statements)F-1

---

|Century Petroleum Corp.           
|----------------------------------
|Condensed Statements of Operations
|(Expressed in US dollars)         
|(unaudited)                       

|                                                                  |   | For the      |   |   | For the      |  
|----------------------------------------------------------------- | - | ------------ | - | - | ------------ | -
|                                                                  |   | Three Months |   |   | Three Months |  
|                                                                  |   | Ended        |   |   | Ended        |  
|                                                                  |   | July 31,     |   |   | July 31,     |  
|                                                                  |   | 2008         |   |   | 2007         |  
|                                                                  |   |              |   |   |              |  
|                                                                  |   |              |   |   |              |  
|Revenue                                                           | $ | 248,850      |   | $ |             |  
|                                                                  |   |              |   |   |              |  
|Expenses                                                          |   |              |   |   |              |  
|Consulting (Note 6(b))                                            |   | 621,000      |   |   | 589,899      |  
|Depletion,
      accretion and amortization                       |   | 61,421       |   |   |             |  
|Impairment of oil and gas
      property                          |   | 815,010      |   |   |             |  
|General and
      administrative                                  |   | 67,290       |   |   | 91,328       |  
|Production expenses                                               |   | 9,970        |   |   |             |  
|Professional fees                                                 |   | 9,167        |   |   | 15,601       |  
|Total Operating
      Expenses                                    |   | 1,583,858    |   |   | 696,828      |  
|Operating Loss                                                    |   | (1,335,008   | ) |   | (696,828     | )
|Other Income (Expenses)                                           |   |              |   |   |              |  
|Foreign exchange
      gain (loss)                                |   | 8            |   |   | (408         | )
|Interest income                                                   |   | 1,522        |   |   | 6,541        |  
|Total Other Income (Expenses)                                     |   | 1,530        |   |   | 6,133        |  
|Loss Before Income Taxes                                          |   | (1,333,478   | ) |   | (690,695     | )
|Provision for Income Taxes                                        |   |             |   |   |             |  
|Net Loss                                                          | $ | (1,333,478   | ) | $ | (690,695     | )
|Net Loss Per Share  Basic and Diluted                            | $ | (0.02        | ) | $ | (0.01        | )
|                                                                  |   |              |   |   |              |  
|Weighted Average Number of Shares Outstanding - Basic and Diluted |   | 69,628,763   |   |   | 64,870,948   |  

(The Accompanying Notes are an Integral Part of These Financial
Statements)F-2

---

|Century Petroleum Corp.           
|----------------------------------
|Condensed Statements of Cash Flows
|(Expressed in US dollars)         
|(unaudited)                       

|                                                                                  |   | For the      |   |   | For the      |  
|--------------------------------------------------------------------------------- | - | ------------ | - | - | ------------ | -
|                                                                                  |   | Three Months |   |   | Three Months |  
|                                                                                  |   | Ended        |   |   | Ended        |  
|                                                                                  |   | July 31,     |   |   | July 31,     |  
|                                                                                  |   | 2008         |   |   | 2007         |  
|                                                                                  |   |              |   |   |              |  
|                                                                                  |   |              |   |   |              |  
|Operating Activities                                                              |   |              |   |   |              |  
|Net loss                                                                          | $ | (1,333,478   | ) | $ | (690,695     | )
|Adjustments to reconcile net loss to net cash
      used in operating activities: |   |              |   |   |              |  
|Depreciation,
      depletion and accretion                                       |   | 61,421       |   |   | 1,713        |  
|Impairment loss on oil and gas
      properties                                   |   | 815,010      |   |   |             |  
|Stock-based
      compensation                                                    |   | 546,000      |   |   | 526,899      |  
|Change in operating assets and liabilities:                                       |   |              |   |   |              |  
|Prepaid expenses
      and deposits                                               |   | (44,028      | ) |   | 34,402       |  
|Amounts receivable                                                                |   | (86,134      | ) |   |             |  
|Accounts payable and accrued
      liabilities                                    |   | (34,293      | ) |   | (13,166      | )
|Net Cash Provided
      by (Used in) Operating Activities                         |   | (75,502      | ) |   | (140,847     | )
|Investing Activities                                                              |   |              |   |   |              |  
|Payments received on note receivable                                              |   | 490,332      |   |   |             |  
|Purchase of oil and gas interest                                                  |   | (470,561     | ) |   | (1,912,986   | )
|Net Cash Provided
      by (Used in) Investing Activities                         |   | 19,771       |   |   | (1,912,986   | )
|Financing Activities                                                              |   |              |   |   |              |  
|Repayment to related party                                                        |   |             |   |   | (4,598       | )
|Proceeds from common stock subscribed                                             |   |             |   |   | 1,500,000    |  
|Net Cash Provided
      by Financing Activities                                   |   |             |   |   | 1,495,402    |  
|Decrease in Cash                                                                  |   | (55,731      | ) |   | (558,431     | )
|Cash and Cash
      Equivalents - Beginning of Period                             |   | 128,672      |   |   | 978,654      |  
|Cash and Cash Equivalents - End of Period                                         | $ | 72,941       |   | $ | 420,223      |  
|                                                                                  |   |              |   |   |              |  
|Non-Cash Financing Activities                                                     |   |              |   |   |              |  
|Shares issued for consulting services                                             | $ | 294,000      |   | $ | 526,899      |  
|Supplemental Disclosures                                                          |   |              |   |   |              |  
|Interest paid                                                                     | $ |            |   | $ |            |  
|Income taxes paid                                                                 | $ |            |   | $ |            |  

(The Accompanying Notes are an Integral Part of These Financial
Statements)F-3

---

|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|1. | Summary of Significant Accounting Policies and
      Organization
|-- | -----------------------------------------------------------------
|   |                                                                  
|   | a)                                                               
|   |                                                                  
|   |                                                                  
|   |                                                                  
|   |                                                                  
|   |                                                                  
|   | b)                                                               
|   |                                                                  
|   |                                                                  
|   |                                                                  
|   | c)                                                               
|   |                                                                  
|   |                                                                  
|   |                                                                  
|   | d)                                                               
|   |                                                                  
|   |                                                                  
|   |                                                                  
|   | e)                                                               
|   |                                                                  
|   |                                                                  

F-4

---

|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|1. | Summary of Significant Accounting Policies and
      Organization (continued)
|-- | -----------------------------------------------------------------------------
|   |                                                                              
|   | e)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | f)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | g)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | h)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              

F-5

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|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|1. | Summary of Significant Accounting Policies and
      Organization (continued)
|-- | -----------------------------------------------------------------------------
|   |                                                                              
|   | i)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | j)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | k)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | l)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | m)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              

F-6

---

|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|1. | Summary of Significant Accounting Policies and
      Organization (continued)
|-- | -----------------------------------------------------------------------------
|   |                                                                              
|   | m)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   |                                                                              

F-7

---

|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|1. | Summary of Significant Accounting Policies and
      Organization (continued)
|-- | -----------------------------------------------------------------------------
|   |                                                                              
|   | n)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | o)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | p)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|   | q)                                                                           
|   |                                                                              
|   |                                                                              
|   |                                                                              
|2. | Oil and Gas Properties                                                       
|   |                                                                              
|   | a)                                                                           
|   |                                                                              
|   | b)                                                                           
|   |                                                                              
|   | c)                                                                           
|   |                                                                              
|   | d)                                                                           
|   |                                                                              
|   |                                                                              

F-8

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|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|2. | Oil and Gas Properties
(continued)
|-- | ----------------------------------

| |                                             |   | July 31, 2008 |   |   | April 30, 2008 |  
| | ------------------------------------------- | - | ------------- | - | - | -------------- | -
| |                                             | $ |               |   | $ |                |  
| |                                             |   |               |   |   |                |  
| | Proved Properties                           |   |               |   |   |                |  
| |                                             |   |               |   |   |                |  
| | Acquisition costs                           |   | 2,096,359     |   |   | 2,095,221      |  
| | Exploration costs                           |   | 1,284,641     |   |   | 1,275,697      |  
| | Less:                                       |   |               |   |   |                |  
| | Accumulated depletion (At $5 per MCF)       |   | (420,588      | ) |   | (361,481       | )
| | Impairment of oil and gas properties        |   | (1,849,161    | ) |   | (1,034,151     | )
| |                                             |   |               |   |   |                |  
| |                                             | $ | 1,111,251     |   | $ | 1,975,286      |  
| |                                             |   |               |   |   |                |  
| | Unproven Properties                         |   |               |   |   |                |  
| |                                             |   |               |   |   |                |  
| | Acquisition costs                           | $ | 999,275       |   | $ | 1,029,635      |  
| | Exploration costs                           |   | 2,445,386     |   |   | 1,951,942      |  
| | Less:                                       |   |               |   |   |                |  
| | Oil and gas interest sold (Note
      2(e)) |   | (492,937      | ) |   | (490,332       | )
| |                                             |   |               |   |   |                |  
| |                                             |   | 2,951,724     |   |   | 2,491,245      |  
| |                                             |   |               |   |   |                |  
| | Net Carrying Value                          | $ | 4,062,975     |   | $ | 4,466,531      |  

|3. | Asset Retirement Obligations                                                                                                                                                                                                         
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                      
|   | The Corporations asset retirement obligations (AROs)
      in regards to oil and gas properties (Note 2) relates to site restoration.
      A reconciliation between the opening and closing AROs balance is provided
      below:

| |                                        |   | July 31, 2008 |  |   | April 30, 2008 | 
| | -------------------------------------- | - | ------------- |  | - | -------------- | 
| |                                        | $ |               |  | $ |                | 
| | Beginning asset retirement obligations |   | 2,310         |  |   |               | 
| | Liabilities incurred                   |   |              |  |   | 2,310          | 
| | Accretion                              |   | 185           |  |   |               | 
| |                                        |   |               |  |   |               | 
| | Total asset retirement obligations     | $ | 2,495         |  | $ | 2,310          | 

In accordance with Statement of
Financial Accounting Standards No. 143 "Accounting for Asset Retirement
Obligations,"the Company measured the AROs at a fair value of $2,310 and
capitalized this to the oil and gas property. The AROs will accrete to $10,771
until the time at which it is expected to be settled, being 21.8 years. A
discount rate of 10% was used to calculate the present value of the ARO. The
corresponding accretion at July 31, 2008, being $185 (April 30, 2008 - $Nil), is
included in depletion, depreciation and amortization. Actual retirement costs
will be recorded against the AROs when incurred. Any difference between the
recorded AROs and the actual retirement costs incurred will be recorded as a
gain or loss in the period of settlement.

|4. | Stockholders Equity                                                                                                                                                                            
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                 
|   | During the three months ended July 31,
  2008:                                                                                                                                                  
|   |                                                                                                                                                                                                 
|   | On July 9, 2008, the Company issued 300,000 shares of
      common stock to two members of the advisory board pursuant to the advisory
      services agreements described in Note 7(d) and (e).
|   |                                                                                                                                                                                                 
|5. | Warrants                                                                                                                                                                                        
|   |                                                                                                                                                                                                 
|   | A summary of the changes in the Companys share purchase
      warrants is presented below:                                                                                                     

| |                              |  | July 31, 2008 |   |  | July 31, 2007    | 
| | ---------------------------- |  | ------------- | - |  | ---------------- | 
| |                              |  |               |   |  | Weighted Average | 
| |                              |  |               |   |  | Exercise         | 
| |                              |  | Number        |   |  | Price            | 
| |                              |  |               |   |  |                  | 
| | Balance, beginning of period |  | 11,903,024    |   |  | 1.27             | 
| | Issued                       |  |              |   |  |                 | 
| | Exercised                    |  |              |   |  |                 | 
| | Forfeited / Expired          |  | (4,609,997    | ) |  | 0.15             | 
| |                              |  |               |   |  |                  | 
| | Balance, end of period       |  | 7,293,027     |   |  | 1.12             | 

F-9

---

|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|6. | Related Party Transactions
|-- | --------------------------
|   |                           
|   | a)                        
|   |                           
|   | b)                        
|   |                           
|   | c)                        
|   |                           
|   | d)                        
|   |                           
|7. | Commitments               
|   |                           
|   | a)                        
|   |                           
|   | b)                        
|   |                           
|   | c)                        
|   |                           
|   | d)                        
|   |                           
|   | e)                        

F-10

---

|Century Petroleum Corp.                    
|-------------------------------------------
|Notes to the Condensed Financial Statements
|(Expressed in US dollars)                  
|(Unaudited)                                

|8. | Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | As reflected in the accompanying financial statements,
      the Company has a deficit of $7,282,615 from inception and was used cash
      from operations of $75,502 for the three months ended July 31, 2008. 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | On September 10, 2008, the Company received a $200,000
      loan from the Chief Financial Officer of the Company. The loan is
      unsecured, bears interest at a rate of 12% per annum, and matures on
      December 31, 2008.                                                                                                                                                                                                                                                                                                                                                                                                        

F-11

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Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations

Forward-Looking Statements

This quarterly report contains forward-looking statements.
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.

Our unaudited financial statements are stated in United States
Dollars (US$) and are prepared in accordance with United States Generally
Accepted Accounting Principles. The following discussion should be read in
conjunction with our financial statements and the related notes that appear
elsewhere in this quarterly report. The following discussion contains
forward-looking statements that reflect our plans, estimates and beliefs. Our
actual results could differ materially from those discussed in the forward
looking statements. Factors that could cause or contribute to such differences
include, but are not limited to, those discussed below and elsewhere in this
quarterly report, particularly in the section entitled "Risk Factors".

In this quarterly report, unless otherwise specified, all
dollar amounts are expressed in United States dollars. All references to "common
shares" refer to the common shares in our capital stock.

As used in this quarterly report, the terms we, us and
our mean Century Petroleum Corp., unless otherwise indicated.

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
value 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.

The address of our principal executive office is Suite 9595 Six
Pines Drive, Suite 8210, Building 8, Level 2, The Woodlands, TX 77380. Our
telephone number is 832.631.6061.

We do not have any subsidiaries.

Our Current Business

We are an oil and gas exploration and production 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. We are generating
revenue from one of our properties and we intend to focus our efforts on our
current exploratory property interests for the next twelve months.

4

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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. During the year ended April 30, 2008, the Company decided not to
pursue the development of this property. As a result, an impairment of
$2,071,275 was added to the full cost pool.

On November 1, 2006, we entered into an agreement whereby we
acquired from Kossic Oil & Gas LP, a 4% working interest in the Thunder Stud
Prospect, located in southern Louisiana. On October 25, 2007 we increased our
working interest in certain geologic objectives of well No. 1 to 5.44% .
Drilling on the property began in late January 2007 and operations were carried
out by Sterling Energy plc. Target depth for well No. 1 was reached in May 2007
and petrophysical analysis suggests that multiple pay horizons were encountered.
Testing operations of Well No. 1 were carried out in two intervals of the Yegua
formation. One of these intervals was deemed to be noncommercial, whilst the
other interval flowed oil and gas at a gross rate of 1,057 MCFD and 456BOPD.
Working interest partners are expected to drill Thunder Stud #2 confirmation
well in late 2008 or early 2009. The second well will target a geologic
structure interpreted to be up-dip of the existing well control. At the close of
the quarter ended July 31, 2008, we had spent $1,767,434in the acquisition of
the project, lease renewals, drilling, completion and testing costs for this
well.

On February 16, 2007, we entered into a letter of intent with
Houston Energy, Inc. and Red Willow Offshore, LLC. wherein we 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 on the Shadyside #1 well started in
July 2007. Target depth was reached in September 2007. At that time, we
increased our working interest after casing point to 15.17% . On December 2007,
a production test was successfully completed and on January 7, 2008,
hydrocarbons production started. At the close of the quarter ended July 31,
2008, we had spent $1,309,725 on the acquisition of the project, lease renewals,
drilling, completion, testing and development costs for this well. In September
2007, Neumin Production Company replaced Red Willow Offshore LLC as the operator
of this well.

On May 8, 2007, we entered into a letter of intent with CTC
Minerals, Inc. wherein we 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 final purchase and sale agreement with CTC Minerals.
Drilling operations of the Alligator Bayou #1 well began in late April 2008 and
El Paso Corporation is the operator of the well. On April 20, 2008, the Company
agreed to sell a 4% working interest in the property to three separate parties.
At the close of the quarter ended July 31, 2008, we had spent $1,184,290on the
acquisition of the project, lease rentals and geological studies related to this
prospect.

Our plan of operation is to conduct exploration work on our
properties and prospects in order to ascertain whether they possess economic
quantities of hydrocarbons in accordance with available funds. There can be no
assurance that an economic hydrocarbon reserve exists on any of our exploration
prospects until appropriate exploration work is completed. Our only source of
revenue is the production of the Shadyside #1 well.

Oil and gas 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 the presence of
hydrocarbons, we will have to spend substantial funds on further drilling and
engineering studies before we will know if we have a commercially viable oil and
gas deposit or reserve.

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 share 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

5

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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:

Date of Advance Request
      Amount Advanced
      Shares Issued
      Warrants IssuedShares
      Price
      Warrants
      Price
      Expiry10 January 2007
      $500,000
      248,756
      2.01  248,756
      3.015
    10 January 201025 January 2007
      $500,000
      243,902
      2.05  243,902
      3.075
    25 January 201023 April 2007
      $500,000
      495,050
      1.01  495,050
      1.510
    23 April 201002 July 2007
      $500,000
      961,538
      0.52  961,538
      0.780
    02 July 201016 July 2007
      $1,000,000
      1,785,714
      0.56
      1,785,714
      0.835
    16 July 201014 September 2007
      $500,000
      961,538
      0.52  961,538
      0.78
    10 October 201022 October 2007
      $500,000
      757,576
      0.66  757,576
      0.99
    22 October 201011 March 2008
      $350,000
      813,953
      0.43
      813,953
      0.64
    25 March 2011


Competition

The oil and gas industry is intensely competitive. Despite
competition amongst oil and gas producers, there is a strong market for any oil
or gas that may be extracted from our properties. If we discover a reserve on
our exploration properties, the value of such properties will be influenced by
the market price for hydrocarbons. These prices, to some degree, are influenced
by the amount of oil and/or gas sold by advanced oil and gas companies in the
world.

In the oil and gas exploration sector, our competitive position
is insignificant. There are numerous oil and gas exploration and production
companies with substantially more capital and resources that are able to secure
ownership of oil and gas properties with a greater potential to host economic
reserves. We are not able to compete with such companies. Instead, we will focus
on developing our current portfolio of prospects in the hope that sufficient oil
and gas will be found to justify our expenditures.

Cash Requirements

Despite having earned revenues of $248,850 during our quarter
ended July 31, 2008, we have never been profitable. We require additional funds
of approximately $2,000,000 at a minimum to proceed with our plan of operation
over the next twelve months, exclusive of any acquisition or exploration costs.
As we do not have the funds necessary to cover our projected operating expenses
for the next twelve month period, we will be required to raise additional funds
through the issuance of equity securities, through loans or through debt
financing. There can be no assurance that we will be successful in raising the
required capital or that actual cash requirements will not exceed our estimates.

Our auditors have issued a going concern opinion for our year
ended April 30, 2008. This means that there is substantial doubt that we can
continue as an on-going business for the next twelve months unless we obtain
additional capital to pay our bills. This is because we have not generated any
significant revenues and no significant revenues are anticipated until
production on our properties increase. As we had cash in the amount of $72,941
and a working capital in the amount of $81,878 as of July 31, 2008, we do not
have sufficient working capital to enable us to carry out our stated plan of
operation for the next twelve months. 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. We currently
do not have any arrangements in place for the completion of any debt financings
or private placement financings and there is no assurance that we will be
successful in completing any debt financing or private placement financing.

Estimated Net Expenditures During the Next Twelve
Months

General and administrative
      $
      400,000Exploration Expenses
      $
      1,600,000Total
      $
      2,000,000


6

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There are no assurances that we will be able to obtain further
funds required for our continued operations. As noted herein, we are pursuing
various financing alternatives to meet our immediate and long-term financial
requirements. There can be no assurance that additional financing will be
available to us when needed or, if available, that it can be obtained on
commercially reasonable terms. If we are not able to obtain the additional
financing on a timely basis, we will be unable to conduct our operations as
planned, and we will not be able to meet our other obligations as they become
due. In such event, we will be forced to scale down or perhaps even cease our
operations.

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in
accordance with generally accepted accounting principles used 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.

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 July 31, 2008, one of the Companys properties
has proven 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.

Once the Company has evaluated its properties as proven, the
costs are transferred to the full cost pool. The Company then 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.

7

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Going Concern

We have suffered recurring losses from operations. The
continuation of our company as a going concern is dependent upon our company
attaining and maintaining profitable operations and raising additional capital.
The financial statements do not include any adjustment relating to the recovery
and classification of recorded asset amounts or the amount and classification of
liabilities that might be necessary should our company discontinue operations.

The continuation of our business is dependent upon us raising
additional financial support. The issuance of additional equity securities by us
could result in a significant dilution in the equity interests of our current
stockholders. Obtaining commercial loans, assuming those loans would be
available, will increase our liabilities and future cash commitments.

Results of Operations  Three Months Ended July 31, 2008 and
2007

The following summary of our results of operations should be
read in conjunction with our financial statements for the quarter ended July 31,
2008 which are included herein.

Our operating results for the three months ended July 31, 2008,
for the three months ended July 31, 2007 and the changes between those periods
for the respective items are summarized as follows:

|                                             |   | Three Months Ended July 31, 2008 |   |   | Three Months Ended July 31, 2007 |  |   | Change Between Three Month Period Ended July 31, 2008 and July 31, 2007 |  
|-------------------------------------------- | - | -------------------------------- | - | - | -------------------------------- |  | - | ----------------------------------------------------------------------- | -
|Revenue                                      | $ | 248,850                          |   | $ | 0                                |  | $ | 248,850                                                                 |  
|Consulting Expenses                          |   | 621,000                          |   |   | 589,899                          |  |   | 31,101                                                                  |  
|Depletion, accretion and 
      amortization |   | 61,421                           |   |   | 0                                |  |   | 61,421                                                                  |  
|Impairment of oil and gas 
      property    |   | 815,010                          |   |   | 0                                |  |   | 815,010                                                                 |  
|General and 
      Administrative            |   | 67,290                           |   |   | 91,328                           |  |   | (24,038                                                                 | )
|Production Expenses                          |   | 9,970                            |   |   | 0                                |  |   | 9,970                                                                   |  
|Professional Fees                            |   | 9,167                            |   |   | 15,601                           |  |   | (6,434                                                                  | )
|Other Income (Expenses)                      |   | (1,530                           | ) |   | 6,133                            |  |   | (7,663                                                                  | )
|Net loss                                     |   | 1,333,478                        |   |   | 690,695                          |  |   | 864,897                                                                 |  

Our accumulated losses increased to $7,282,615 as of July 31,
2008. Our financial statements report a net loss of $1,333,478 for the three
month period ended July 31, 2008 compared to a net loss of $690,695 for
the three month period ended July 31, 2007. Our losses have increased primarily
as a result of the impairment of an oil and gas property.

As at July 31, 2008, we had $521,245 in current liabilities.
Our net cash used in operating activities for the three months ended July 31,
2008 was $75,502 compared to $140,847 net cash used by operating activities in
the three months ended July 31, 2007.

8

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Liquidity and Financial Condition

Working Capital

At
    
    
    AtJuly 31,
    
    
    April 31,2008
    
    
    2008Current assets
    $
    603,123
    
    $
    1,019,024Current liabilities
    
    521,245
    
    
    555,353Working capital
    $
    81,878
    
    $
    463,671


Cash Flows

Three Months EndedJuly 31,
    
    
    July 31,2008
    
    
    2007Cash flows used by operating activities
    $
    75,502
    
    $
    140,847Cash flows (provided by) used in investing activities
    
    (19,771
    )
    
    1,912,986Cash flows provided by financing activities
    
    0
    
    
    1,495,402Net increase (decrease) in cash during period
    $
    (55,731
    )
    $
    (558,431
    )


Operating Activities

Net cash used by operating activities was $75,502 in the three
months ended July 31, 2008 compared with net cash used in operating activities
of $140,847 in the same period in 2007. During the three months ended July 31,
2008, the $75,502 in net cash used by operating activities were a result of
depreciation, depletion and accretion expenses of $61,421, impairment losses of
oil and gas properties of $815,010, and stock based compensation of $546,000;
which were partially offset by a reduction in operating assets and liabilities
of $164,455.

Investing Activities

Net cash provided by investing activities was $19,771 in the
three months ended July 31, 2008 compared to net cash used in investing
activities of $1,912,986 in the same period in 2007. During the three months
ended July 31, 2008, the $19,771 in net cash provided by investing activities
was from $490,332 in payments received on notes receivable, partially offset by
$470,561 in purchases of oil and gas interests.

Financing Activities

Net cash provided by financing activities was nil during the
three months ended July 31, 2008 compared to $1,495,402 in the same period in
2007. The main reason for the change was that no private placements took place
during the three months ended July 31, 2008 compared to $1,500,00 in the same
period in 2007.

Contractual Obligations

As a smaller reporting company, we are not required to
provide tabular disclosure obligations.

Off-Balance Sheet Arrangements

We have no significant 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 are
material to stockholders.

Recently Issued Accounting Standards

In September 2006, the Financial Accounting Standards Board
(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

9

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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
did not have a material effect on the Company's future reported financial
position or results of operations.

In February 2007, the 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 did not have a material effect on the Company's financial
statements.

In December 2007, the FASB issued SFAS No. 160, Noncontrolling
Interests in Consolidated Financial Statements  an amendment of ARB No. 51.
This statement improves the relevance, comparability, and transparency of the
financial information that a reporting entity provides in its consolidated
financial statements by establishing accounting and reporting standards that
require; the ownership interests in subsidiaries held by parties other than the
parent and the amount of consolidated net income attributable to the parent and
to the noncontrolling interest be clearly identified and presented on the face
of the consolidated statement of income, changes in a parents ownership
interest while the parent retains its controlling financial interest in its
subsidiary be accounted for consistently, when a subsidiary is deconsolidated,
any retained noncontrolling equity investment in the former subsidiary be
initially measured at fair value, entities provide sufficient disclosures that
clearly identify and distinguish between the interests of the parent and the
interests of the noncontrolling owners. SFAS No. 160 affects those entities that
have an outstanding noncontrolling interest in one or more subsidiaries or that
deconsolidate a subsidiary. SFAS No. 160 is effective for fiscal years, and
interim periods within those fiscal years, beginning on or after December 15,
2008. Early adoption is prohibited. The adoption of this statement is not
expected to have a material effect on the Company's financial statements.

In December 2007, the FASB issued SFAS No. 141R, Business
Combinations. This statement replaces SFAS 141 and defines the acquirer in a
business combination as the entity that obtains control of one or more
businesses in a business combination and establishes the acquisition date as the
date that the acquirer achieves control. SFAS 141R requires an acquirer to
recognize the assets acquired, the liabilities assumed, and any noncontrolling
interest in the acquiree at the acquisition date, measured at their fair values
as of that date. SFAS 141R also requires the acquirer to recognize contingent
consideration at the acquisition date, measured at its fair value at that date.
This statement is effective for fiscal years, and interim periods within those
fiscal years, beginning on or after December 15, 2008. Earlier adoption is
prohibited. The adoption of this statement is not expected to have a material
effect on the Company's financial statements.

In March 2008, the FASB issued SFAS No. 161, Disclosures about
Derivative Instruments and Hedging Activities  an amendment to FASB Statement
No. 133. SFAS No. 161 is intended to improve financial standards for derivative
instruments and hedging activities by requiring enhanced disclosures to enable
investors to better understand their effects on an entity's financial position,
financial performance, and cash flows. Entities are required to provide enhanced
disclosures about: (a) how and why an entity uses derivative instruments; (b)
how derivative instruments and related hedged items are accounted for under
Statement 133 and its related interpretations; and (c) how derivative
instruments and related hedged items affect an entitys financial position,
financial performance, and cash flows. It is effective for financial statements
issued for fiscal years beginning after November 15, 2008, with early adoption
encouraged. The adoption of this statement is not expected to have a material
effect on the Companys financial statements.

In May 2008, the FASB issued SFAS No. 162, The Hierarchy of
Generally Accepted Accounting Principles. SFAS 162 identifies the sources of
accounting principles and the framework for selecting the principles to be used
in the preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles in the
United States. It is effective 60 days following the SECs approval of the

10

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Public Company Accounting Oversight Board amendments to AU
Section 411, The Meaning of Present Fairly in Conformity With Generally
Accepted Accounting Principles. The adoption of this statement is not expected
to have a material effect on the Companys financial statements.

In May 2008, the FASB issued SFAS No. 163, Accounting for
Financial Guarantee Insurance Contracts  An interpretation of FASB Statement
No. 60. SFAS 163 requires that an insurance enterprise recognize a claim
liability prior to an event of default when there is evidence that credit
deterioration has occurred in an insured financial obligation. It also clarifies
how Statement 60 applies to financial guarantee insurance contracts, including
the recognition and measurement to be used to account for premium revenue and
claim liabilities, and requires expanded disclosures about financial guarantee
insurance contracts. It is effective for financial statements issued for fiscal
years beginning after December 15, 2008, except for some disclosures about the
insurance enterprises risk-management activities. SFAS 163 requires that
disclosures about the risk-management activities of the insurance enterprise be
effective for the first period beginning after issuance. Except for those
disclosures, earlier application is not permitted. The adoption of this
statement is not expected to have a material effect on the Companys financial
statements.

Item 4(T). Controls and Procedures

We maintain disclosure controls and procedures that are
designed to ensure that information required to be disclosed in our reports
filed under the Securities Exchange Act of 1934, as amended, is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms, and that such information
is accumulated and communicated to our management, including our president (our
principal executive officer) and our chief financial officer (our principal
financial officer and principal accounting officer) to allow for timely
decisions regarding required disclosure. In designing and evaluating our
disclosure controls and procedures, our management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and our
management is required to apply its judgment in evaluating the cost-benefit
relationship of possible controls and procedures.

Under the supervision and with the participation of our
management, including our president (our principal executive officer) and our
chief financial officer (our principal financial officer and principal
accounting officer), we have conducted an evaluation of the effectiveness of the
design and operation of our disclosure controls and procedures, as defined in
Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as
of the end of the period covered by this report. Based on this evaluation, our
president (our principal executive officer) and our chief financial officer (our
principal financial officer and principal accounting officer) concluded as of
the evaluation date that our disclosure controls and procedures were effective
such that the material information required to be included in our Securities and
Exchange Commission reports is recorded, processed, summarized and reported
within the time periods specified in SEC rules and forms relating to our
company, particularly during the period when this report was being prepared.

Additionally, there were no significant changes in our internal
controls or in other factors that could significantly affect these controls
subsequent to the evaluation date. We have not identified any significant
deficiencies or material weaknesses in our internal controls, and therefore
there were no corrective actions taken.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

Our company is not a party to any pending legal proceeding and
no legal proceeding is contemplated or threatened as of the date of this
quarterly report.

11

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Item 1A. Risk Factors

Risks Associated With Our Business

We are an early stage exploration and production company
with a limited operating history implementing a new business plan. If we are
unable to successfully implement our business plan, our shareholders may lose
some or all of their investment.

We are an early stage exploration and production company with
only a limited operating history upon which to base an evaluation of our current
business and future prospects, and we have just begun to implement our business
plan, having started in the oil and gas exploration and development industry in
June of 2006. Our operations will be subject to all the risks inherent in the
establishment of a developing enterprise and the uncertainties arising from the
absence of a significant operating history. If we cannot successfully implement
our business plan and we are not able to operate profitably, you could lose some
or all of your investment in our company.

There can be no assurance that we will identify and acquire
additional oil and natural gas exploration properties. Even if we do acquire one
or more of such properties, there can be no assurance that we will discover oil
or natural gas in any commercial quantity thereon.

Exploration for economic reserves of oil and natural gas is
subject to a number of risks. Even if we are able to acquire an oil and natural
gas exploration property, few properties that are explored are ultimately
developed into producing oil and/or natural gas wells. If we cannot acquire one
or more oil and natural gas exploration properties and discover oil or natural
gas in any commercial quantity thereon, our business will fail.

Even if we acquire an oil and natural gas exploration
property and establish that it contains oil or natural gas in commercially
exploitable quantities, the potential profitability of oil and natural gas
ventures depends upon factors beyond the control of our company.

The potential profitability of oil and natural gas properties
is dependent upon many factors beyond our control. For instance, world prices
and markets for oil and natural gas are unpredictable, highly volatile,
potentially subject to governmental fixing, pegging, controls or any combination
of these and other factors, and respond to changes in domestic, international,
political, social and economic environments. Additionally, due to worldwide
economic uncertainty, the availability and cost of funds for production and
other expenses have become increasingly difficult, if not impossible, to
project. In addition, adverse weather conditions can hinder drilling operations.
These changes and events may materially affect our future financial performance.
These factors cannot be accurately predicted and the combination of these
factors may result in our company not receiving an adequate return on invested
capital.

In addition, a productive well may become uneconomic in the
event water or other deleterious substances are encountered which impair or
prevent the production of oil and/or natural gas from the well. Production from
any well may be unmarketable if it is impregnated with water or other
deleterious substances. Also, the marketability of oil and natural gas which may
be acquired or discovered will be affected by numerous related factors,
including the proximity and capacity of oil and natural gas pipelines and
processing equipment, market fluctuations of prices, taxes, royalties, land
tenure, allowable production and environmental protection, all of which could
result in greater expenses than revenue generated by the well.

The marketability of hydrocarbons will be affected by
numerous factors beyond our control which may result in us not receiving an
adequate return on invested capital to be profitable or viable.

The marketability of hydrocarbons which may be acquired or
discovered by us will be affected by numerous factors beyond our control. These
factors include market fluctuations in oil and natural gas pricing and demand,
the proximity and capacity of hydrocarbon markets and processing equipment,
governmental regulations, land tenure, land use, regulation concerning the
importing and exporting of oil and natural gas and environmental protection
regulations. The exact effect of these factors cannot be accurately predicted,
but the combination of these factors may result in us not receiving an adequate
return on invested capital to be profitable or viable.

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Oil and natural gas operations are subject to comprehensive
regulation which may cause substantial delays or require capital outlays in
excess of those anticipated causing an adverse effect on our company.

Oil and natural gas operations are subject to federal, state,
and local laws relating to the protection of the environment, including laws
regulating removal of hydrocarbons from the ground and the discharge of
materials into the environment. Oil and natural gas operations are also subject
to federal, state, and local laws and regulations which seek to maintain health
and safety standards by regulating the design and use of drilling methods and
equipment. Various permits from government bodies are required for drilling
operations to be conducted; no assurance can be given that standards imposed by
federal, provincial, or local authorities may be changed and any such changes
may have material adverse effects on our activities. Moreover, compliance with
such laws may cause substantial delays or require capital outlays in excess of
those anticipated, thus causing an adverse effect on us. Additionally, we may be
subject to liability for pollution or other environmental damages. To date, we
have not been required to spend any material amount on compliance with
environmental regulations. However, we may be required to do so in the future
and this may affect our ability to expand or maintain our operations.

Exploratory drilling involves many risks and we may become
liable for pollution or other liabilities which may have an adverse effect on
our financial position.

Drilling operations generally involve a high degree of risk.
Hazards such as unusual or unexpected geological formations, power outages,
labor disruptions, blow-outs, sour natural gas leakage, fire, inability to
obtain suitable or adequate machinery, equipment or labor, and other risks are
involved. We may become subject to liability for pollution or hazards against
which it cannot adequately insure or which it may elect not to insure. Incurring
any such liability may have a material adverse effect on our financial position
and operations.

As of July 31, 2008, only one of our properties has proven
reserves. On our other exploratory properties, we have not yet established any
reserves and resources and we cannot assure you that we will ever establish any
reserve or resources on them.

There are numerous uncertainties inherent in estimating
quantities of oil and natural gas resources, including many factors beyond our
control, and no assurance can be given that the recovery of oil and natural gas
resources will be realized. In general, estimates of recoverable oil and natural
gas resources are based upon a number of factors and assumptions made as of the
date on which the resource estimates were determined, such as geological and
engineering estimates which have inherent uncertainties and the assumed effects
of regulation by governmental agencies and estimates of future commodity prices
and operating costs, all of which may vary considerably from actual results. All
such estimates are, to some degree, uncertain and classifications of oil and
natural gas resources are only attempts to define the degree of uncertainty
involved. For these reasons, estimates of the recoverable oil and natural gas
resources, the classification of oil and natural gas resources based on risk of
recovery, prepared by different engineers or by the same engineers at different
times, may vary substantially.

Any change to government regulation/administrative practices
may have a negative impact on our ability to operate and our profitability.

The business of oil and natural gas exploration and development
is subject to substantial regulation under various countries laws relating to
the exploration for, and the development, upgrading, marketing, pricing,
taxation, and transportation of oil and natural gas and related products and
other matters. Amendments to current laws and regulations governing operations
and activities of oil and natural gas exploration and development operations
could have a material adverse impact on our business. In addition, there can be
no assurance that income tax laws, royalty regulations and government incentive
programs related to the properties subject to our farm-out agreements and the
oil and natural gas industry generally will not be changed in a manner which may
adversely affect our progress and cause delays, inability to explore and develop
or abandonment of these interests.

Permits, leases, licenses, and approvals are required from a
variety of regulatory authorities at various stages of exploration and
development. There can be no assurance that the various government permits,
leases, licenses and approvals sought will be granted in respect of our
activities or, if granted, will not be cancelled or will be renewed upon expiry.
There is no assurance that such permits, leases, licenses, and approvals will
not contain terms and provisions which may adversely affect our exploration and
development activities.

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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 $72,941 and working capital of
$81,878 as at July 31, 2008. We have had limited income from operations during
our last quarter July 31, 2008. 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
$4,350,000 from the date of the share issuance agreement to July 31, 2008, 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
profitable operations, we face a high risk of business failure.

Despite having earned revenues of $248,850 during our quarter
ended July 31, 2008, we have never been profitable. 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
significant additional 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 July 31, 2008 is $7,282,615. We recognize that if we are unable to
generate significant additional 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
significant additional revenues in the future. We can provide investors with no
assurance that we will 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.

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 oil and gas 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, 2008
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., has stated in the Notes to the audited financial statements for
the year ended April 30, 2008 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.

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 Financial Industry Regulatory Authority (FINRA). 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

14

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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 NASD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, FINRA 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, FINRA believes that
there is a high probability that speculative low priced securities will not be
suitable for at least some customers. FINRA 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. Unregistered Sales of Equity Securities and Use of
Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

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Item 4. Submission of Matters to a Vote of Securities
Holders

None.

Item 5. Other Information

None.

Item 6. Exhibits

|Exhibit | Description                                                                                                                                                                                                            
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |                                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                        
|(3)     | (i) Articles
        of Incorporation; and (ii) Bylaws                                                                                                                                                                 
|        |                                                                                                                                                                                                                        
|3.1     | 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 Contracts                                                                                                                                                                                                     
|        |                                                                                                                                                                                                                        
|10.1    | 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).                                                           
|        |                                                                                                                                                                                                                        
|(31)    | 302 Certification                                                                                                                                                                                                      
|        |                                                                                                                                                                                                                        
|31.1*   | Section
        302 Certification under Sarbanes-Oxley Act of 2002 of James B. Hersch.                                                                                                                                 
|        |                                                                                                                                                                                                                        
|31.2*   | Section
      302 Certification under Sarbanes-Oxley Act of 2002 of Johannes T. Petersen.                                                                                                                              

16

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|Exhibit | Description                                                                              
|------- | -----------------------------------------------------------------------------------------
|Number  |                                                                                          
|        |                                                                                          
|(32)    | 906 Certification                                                                        
|        |                                                                                          
|32.1*   | Section
      906 Certification under Sarbanes-Oxley Act of 2002 of James B. Hersch.     
|        |                                                                                          
|32.2*   | Section
      906 Certification under Sarbanes-Oxley Act of 2002 of Johannes T. Petersen.

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly 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 and Director (Principal Executive Officer)

Date: September 19, 2008

By: /s/ Johannes T. Petersen Johannes T.
PetersenChief Financial Officer, Secretary and Director (Principal
Financial Officer and Principal Accounting Officer)

Date: September 19, 2008

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.

By: /s/ James B. Hersch James B. Hersch
President and Director (Principal Executive Officer)

Date: September 19, 2008

By: /s/ Johannes T. Petersen Johannes T.
PetersenChief Financial Officer, Secretary and Director (Principal
Financial Officer and Principal Accounting Officer)

Date: September 19, 2008

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