---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-QSB

(Mark One)

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

For the period ended January 31, 2008

[ ] 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.(Name of small business issuer in its charter)

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

Issuer's telephone number (832) 631.6061

Securities registered pursuant to Section 12(b) of the Act:

|Title of each class | Name of each exchange on which registered
|------------------- | -----------------------------------------
|Nil                 | Nil                                      

Securities registered pursuant to Section 12(g) of the Act:

Nil(Title of class)

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12-b-2 of the Exchange Act). Yes [ ] No [X ]

State the number of shares outstanding of each of the issuer's
classes of equity stock, as of the latest practicable date.

68,743,071 common shares issued and outstanding as of March
4, 2008

Transitional Small Business Disclosure Format (Check one): Yes [
] No [X].

---

|Item 1. | Financial Statements
|------- | --------------------

The accompanying unaudited financial statements have been
prepared in accordance with the instructions to the Form 10-QSB and Item 310(b)
of Regulation S-B, and, therefore, do not include all information and footnotes
necessary for a complete presentation of financial position, results of
operations, cash flows, and stockholders equity in conformity with generally
accepted accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations and
financial position have been included and all such adjustments are of a normal
recurring nature. Operating results for the nine months ended January 31, 2008
are not necessarily indicative of the results that can be expected for the year
ending April 30, 2008.

2

---

|Century Petroleum Corp.       
|------------------------------
|(An Exploration Stage Company)
|                              
|January 31, 2008              

|                                   | Index
|---------------------------------- | -----
|                                   |      
|Balance Sheet                      | F-1  
|                                   |      
|Statements of Operations           | F-2  
|                                   |      
|Statements of Cash Flows           | F-3  
|                                   |      
|Statements of Stockholders Equity | F-4  
|                                   |      
|Notes to the Financial Statements  | F-6  

---

|Century Petroleum Corp.       
|------------------------------
|(An Exploration Stage Company)
|Balance Sheet                 
|(Expressed in US dollars)     
|(unaudited)                   

|ASSETS                                                               |   |            |  
|-------------------------------------------------------------------- | - | ---------- | -
|Current Assets                                                       |   |            |  
|Cash                                                                 | $ | 262,656    |  
|Prepaid expenses and other current assets                            |   | 156,259    |  
|Total Current Assets                                                 |   | 418,915    |  
|Property and Equipment, net                                          |   | 5,416      |  
|Intangible Assets, net                                               |   | 9,327      |  
|Oil and Gas
      Interest (full cost method) (Note 2)               |   | 5,759,765  |  
|Total Assets                                                         | $ | 6,193,423  |  
|                                                                     |   |            |  
|LIABILITIES AND STOCKHOLDERS EQUITY                                 |   |            |  
|Current Liabilities                                                  |   |            |  
|Accounts payable                                                     | $ | 178,693    |  
|Accounts payable-related party (Note 5(a))                           |   | 100        |  
|Accrued liabilities                                                  |   | 158,879    |  
|Due
      to related party (Note 5(a))                               |   | 2,000      |  
|Total Liabilities                                                    |   | 339,672    |  
|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  |   |            |  
|68,743,071 shares issued and outstanding                             |   | 68,743     |  
|Additional Paid-in Capital                                           |   | 16,817,877 |  
|Common Stock Subscribed (203,333 shares to be issued)                |   | 199,366    |  
|Deferred Compensation                                                |   | (7,087,500 | )
|Deficit
      Accumulated During the Exploration Stage               |   | (4,144,735 | )
|Total Stockholders Equity                                           |   | 5,853,751  |  
|Total Liabilities
      and Stockholders Equity                     | $ | 6,193,423  |  

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

F-1

---

|Century Petroleum Corp.       
|------------------------------
|(An Exploration Stage Company)
|Statements of Operations      
|(Expressed in US dollars)     
|(unaudited)                   

|                                           |   |              |   |   |              |   |   |             |   |   |             |   |   | Accumulated         |  
|------------------------------------------ | - | ------------ | - | - | ------------ | - | - | ----------- | - | - | ----------- | - | - | ------------------- | -
|                                           |   | For the      |   |   | For the      |   |   | For the     |   |   | For the     |   |   | From                |  
|                                           |   | Three Months |   |   | Three Months |   |   | Nine Months |   |   | Nine Months |   |   | December 13, 2004   |  
|                                           |   | Ended        |   |   | Ended        |   |   | Ended       |   |   | Ended       |   |   | (Date of Inception) |  
|                                           |   | January 31,  |   |   | January 31,  |   |   | January 31, |   |   | January 31, |   |   | To January 31,      |  
|                                           |   | 2008         |   |   | 2007         |   |   | 2008        |   |   | 2007        |   |   | 2008                |  
|                                           |   |              |   |   |              |   |   |             |   |   |             |   |   |                     |  
|                                           |   |              |   |   |              |   |   |             |   |   |             |   |   |                     |  
|Revenue                                    | $ |             |   | $ |             |   | $ |            |   | $ |            |   | $ |                    |  
|                                           |   |              |   |   |              |   |   |             |   |   |             |   |   |                     |  
|Expenses                                   |   |              |   |   |              |   |   |             |   |   |             |   |   |                     |  
|Consulting (Note 6)                        |   | 658,483      |   |   | 538,500      |   |   | 1,830,866   |   |   | 746,000     |   |   | 3,112,366           |  
|Mineral property
      exploration costs   |   |             |   |   |             |   |   |            |   |   |            |   |   | 30,300              |  
|Impairment of mineral property
      costs |   |             |   |   |             |   |   |            |   |   |            |   |   | 3,000               |  
|Impairment
      of oil and gas property   |   |             |   |   |             |   |   |            |   |   | 528,756     |   |   | 528,756             |  
|General and administrative                 |   | 70,988       |   |   | 83,988       |   |   | 224,927     |   |   | 114,501     |   |   | 392,729             |  
|Professional fees                          |   | 6,668        |   |   | 15,269       |   |   | 30,215      |   |   | 40,107      |   |   | 100,708             |  
|Total Operating
      Expenses             |   | 736,139      |   |   | 637,757      |   |   | 2,086,008   |   |   | 1,429,364   |   |   | 4,167,859           |  
|Operating Loss                             |   | (736,139     | ) |   | (637,757     | ) |   | (2,086,008  | ) |   | (1,429,364  | ) |   | (4,167,859          | )
|Other Income (Expenses)                    |   |              |   |   |              |   |   |             |   |   |             |   |   |                     |  
|Foreign exchange
      gain (loss)         |   |             |   |   | 27           |   |   | (408        | ) |   | (25         | ) |   | 191                 |  
|Interest income                            |   | 2,036        |   |   | 4,184        |   |   | 10,270      |   |   | 7,186       |   |   | 22,933              |  
|Total Other Income                         |   | 2,036        |   |   | 4,211        |   |   | 9,862       |   |   | 7,161       |   |   | 23,124              |  
|Loss Before Income Taxes                   |   | (734,103     | ) |   | (633,546     | ) |   | (2,076,146  | ) |   | (1,422,203  | ) |   | (4,144,735          | )
|Provision for Income Taxes                 |   |             |   |   |             |   |   |            |   |   |            |   |   |                    |  
|Net Loss                                   | $ | (734,103     | ) | $ | (633,546     | ) | $ | (2,076,146  | ) | $ | (1,422,203  | ) | $ | (4,144,735          | )
|Net Loss Per Share  Basic and Diluted     | $ | (0.01        | ) | $ | (0.01        | ) | $ | (0.03       | ) | $ | (0.02       | ) |   |                     |  
|                                           |   |              |   |   |              |   |   |             |   |   |             |   |   |                     |  
|Weighted Average Number of Shares          |   |              |   |   |              |   |   |             |   |   |             |   |   |                     |  
|Outstanding                                |   | 68,871,404   |   |   | 58,420,000   |   |   | 67,033,748  |   |   | 57,046,000  |   |   |                     |  

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

F-2

---

|Century Petroleum Corp.       
|------------------------------
|(An Exploration Stage Company)
|Statements of Cash Flows      
|(Expressed in US dollars)     
|(unaudited)                   

|                                                                      |   |             |   |   |             |   |   | Accumulated         |  
|--------------------------------------------------------------------- | - | ----------- | - | - | ----------- | - | - | ------------------- | -
|                                                                      |   | For the     |   |   | For the     |   |   | From                |  
|                                                                      |   | Nine Months |   |   | Nine Months |   |   | December 13, 2004   |  
|                                                                      |   | Ended       |   |   | Ended       |   |   | (Date of Inception) |  
|                                                                      |   | January 31, |   |   | January 31, |   |   | to January 31,      |  
|                                                                      |   | 2008        |   |   | 2007        |   |   | 2008                |  
|                                                                      |   |             |   |   |             |   |   |                     |  
|                                                                      |   |             |   |   |             |   |   |                     |  
|Operating Activities                                                  |   |             |   |   |             |   |   |                     |  
|Net loss                                                              | $ | (2,076,146  | ) | $ | (1,422,203  | ) | $ | (4,144,735          | )
|Adjustments to reconcile net
      loss to net cash used in operating |   |             |   |   |             |   |   |                     |  
|activities:                                                           |   |             |   |   |             |   |   |                     |  
|Depreciation                                                          |   | 5,221       |   |   | 276         |   |   | 8,158               |  
|Impairment loss on oil and gas
      properties                       |   |            |   |   | 528,756     |   |   | 531,756             |  
|Stock-based
      compensation                                        |   | 1,616,866   |   |   | 630,000     |   |   | 2,561,866           |  
|Change in operating assets and liabilities:                           |   |             |   |   |             |   |   |                     |  
|Prepaid expenses
      and deposits                                   |   | (57,816     | ) |   |            |   |   | (156,259            | )
|Accounts payable and accrued
      liabilities                        |   | (18,532     | ) |   | 8,453       |   |   | 337,572             |  
|Accounts payable-related party                                        |   | (4,598      | ) |   |            |   |   | 100                 |  
|Net Cash Used in
      Operating Activities                           |   | (535,005    | ) |   | (254,718    | ) |   | (861,542            | )
|Investing Activities                                                  |   |             |   |   |             |   |   |                     |  
|Purchase of
      property and equipment                              |   | (2,680,993  | ) |   | (3,235,999  | ) |   | (6,314,422          | )
|Net Cash Used in Investing Activities                                 |   | (2,680,993  | ) |   | (3,235,999  | ) |   | (6,314,422          | )
|Financing Activities                                                  |   |             |   |   |             |   |   |                     |  
|Advances from related party                                           |   |            |   |   | 1,338       |   |   | 2,000               |  
|Proceeds from issuance of common stock                                |   | 2,500,000   |   |   | 2,955,000   |   |   | 7,436,620           |  
|Proceeds from common stock subscribed                                 |   |            |   |   | 1,425,000   |   |   |                    |  
|Net Cash Provided
      by Financing Activities                       |   | 2,500,000   |   |   | 4,381,338   |   |   | 7,438,620           |  
|Increase (Decrease) in Cash                                           |   | (715,998    | ) |   | 890,621     |   |   | 262,656             |  
|Cash and Cash
      Equivalents - Beginning of Period                 |   | 978,654     |   |   | 372         |   |   |                    |  
|Cash and Cash Equivalents - End of Period                             | $ | 262,656     |   | $ | 890,993     |   | $ | 262,656             |  
|                                                                      |   |             |   |   |             |   |   |                     |  
|Non-Cash Financing Activities                                         |   |             |   |   |             |   |   |                     |  
|Shares issued for consulting services                                 | $ | 1,616,866   |   | $ | 472,500     |   | $ | 2,561,866           |  
|Supplemental Disclosures                                              |   |             |   |   |             |   |   |                     |  
|Interest paid                                                         |   |            |   |   |            |   |   |                    |  
|Income taxes paid                                                     |   |            |   |   |            |   |   |                    |  

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

F-3

---

|Century Petroleum Corp.                                                            
|-----------------------------------------------------------------------------------
|(An Exploration Stage Company)                                                     
|Statement of Stockholders Equity                                                  
|For the Period from December 13, 2004 (Date of Inception)
      to January 31, 2008
|(Expressed in US dollars)                                                          
|(unaudited)                                                                        

|                                            |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  | Deficit     |   |  |            |  
|------------------------------------------- |  | ------------ |  |  | ------- |  |  | ---------- | - |  | ------------ | - |  | ----------- |  |  | ----------- | - |  | ---------- | -
|                                            |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  | Accumulated |   |  |            |  
|                                            |  |              |  |  |         |  |  | Additional |   |  |              |   |  | Common      |  |  | During the  |   |  |            |  
|                                            |  | Common Stock |  |  | Paid-in |  |  | Deferred   |   |  | Stock        |   |  | Exploration |  |  |             |  
|                                            |  | Shares       |  |  | Amount  |  |  | Capital    |   |  | Compensation |   |  | Subscribed  |  |  | Stage       |   |  | Total      |  
|                                            |  | #            |  |  | $       |  |  | $          |   |  | $            |   |  | $           |  |  | $           |   |  | $          |  
|                                            |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|Balance  December 13, 2004 (Date of        |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|Inception)                                  |  |             |  |  |        |  |  |           |   |  |             |   |  |            |  |  |            |   |  |           |  
|Common stock issued to founders for cash at |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|$0.000143 per share                         |  | 45,640,000   |  |  | 45,640  |  |  | (39,120    | ) |  |             |   |  |            |  |  |            |   |  | 6,520      |  
|Common stock issued for cash at $0.00714    |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|per share                                   |  | 6,972,000    |  |  | 6,972   |  |  | 42,828     |   |  |             |   |  |            |  |  |            |   |  | 49,800     |  
|Net loss for the period                     |  |             |  |  |        |  |  |           |   |  |             |   |  |            |  |  | (5,185      | ) |  | (5,185     | )
|Balance  April 30, 2005                    |  | 52,612,000   |  |  | 52,612  |  |  | 3,708      |   |  |             |   |  |            |  |  | (5,185      | ) |  | 51,135     |  
|Common stock issued for cash at $0.00714    |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|per share                                   |  | 42,000       |  |  | 42      |  |  | 258        |   |  |             |   |  |            |  |  |            |   |  | 300        |  
|Net loss for the year                       |  |             |  |  |        |  |  |           |   |  |             |   |  |            |  |  | (51,368     | ) |  | (51,368    | )
|Balance  April 30, 2006                    |  | 52,654,000   |  |  | 52,654  |  |  | 3,966      |   |  |             |   |  |            |  |  | (56,553     | ) |  | 67         |  
|Common stock issued for cash at $0.478 per  |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|share                                       |  | 4,609,997    |  |  | 4,610   |  |  | 2,200,390  |   |  |             |   |  |            |  |  |            |   |  | 2,205,000  |  
|Common stock issued for cash at $1.00 per   |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|share                                       |  | 425,000      |  |  | 425     |  |  | 424,575    |   |  |             |   |  |            |  |  |            |   |  | 425,000    |  
|Common stock issued for cash at $1.25 per   |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|share                                       |  | 600,000      |  |  | 600     |  |  | 749,400    |   |  |             |   |  |            |  |  |            |   |  | 750,000    |  
|Common stock issued for cash at $2.01 per   |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|share                                       |  | 248,756      |  |  | 249     |  |  | 499,751    |   |  |             |   |  |            |  |  |            |   |  | 500,000    |  
|Common stock issued for cash at $2.05 per   |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|share                                       |  | 243,902      |  |  | 244     |  |  | 499,756    |   |  |             |   |  |            |  |  |            |   |  | 500,000    |  
|Common stock issued for consulting services |  | 5,000,000    |  |  | 5,000   |  |  | 9,445,000  |   |  | (8,505,000   | ) |  |            |  |  |            |   |  | 945,000    |  
|Common stock issued for cash at $1.01 per   |  |              |  |  |         |  |  |            |   |  |              |   |  |             |  |  |             |   |  |            |  
|share                                       |  | 495,050      |  |  | 495     |  |  | 499,505    |   |  |             |   |  |            |  |  |            |   |  | 500,000    |  
|Net loss for the
      year                 |  |             |  |  |        |  |  |           |   |  |             |   |  |            |  |  | (2,012,036  | ) |  | (2,012,036 | )
|Balance  April 30, 2007                    |  | 64,276,705   |  |  | 64,277  |  |  | 14,322,343 |   |  | (8,505,000   | ) |  |            |  |  | (2,068,589  | ) |  | 3,813,031  |  

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

F-4

---

|Century Petroleum Corp.                                                            
|-----------------------------------------------------------------------------------
|(An Exploration Stage Company)                                                     
|Statement of Stockholders Equity                                                  
|For the Period from December 13, 2004 (Date of Inception)
      to January 31, 2008
|(Expressed in US dollars)                                                          
|(unaudited)                                                                        

|                                          |  |              |  |  |         |  |  |            |  |  |              |   |  |             |  |  | Deficit     |   |  |            |  
|----------------------------------------- |  | ------------ |  |  | ------- |  |  | ---------- |  |  | ------------ | - |  | ----------- |  |  | ----------- | - |  | ---------- | -
|                                          |  |              |  |  |         |  |  |            |  |  |              |   |  |             |  |  | Accumulated |   |  |            |  
|                                          |  |              |  |  |         |  |  | Additional |  |  |              |   |  | Common      |  |  | During the  |   |  |            |  
|                                          |  | Common Stock |  |  | Paid-in |  |  | Deferred   |  |  | Stock        |   |  | Exploration |  |  |             |  
|                                          |  | Shares       |  |  | Amount  |  |  | Capital    |  |  | Compensation |   |  | Subscribed  |  |  | Stage       |   |  | Total      |  
|                                          |  | #            |  |  | $       |  |  | $          |  |  | $            |   |  | $           |  |  | $           |   |  | $          |  
|Balance  April 30, 2007                  |  | 64,276,705   |  |  | 64,277  |  |  | 14,322,343 |  |  | (8,505,000   | ) |  |            |  |  | (2,068,589  | ) |  | 3,813,031  |  
|Common stock issued for cash at $0.52 per |  |              |  |  |         |  |  |            |  |  |              |   |  |             |  |  |             |   |  |            |  
|share                                     |  | 1,923,076    |  |  | 1,923   |  |  | 998,077    |  |  |             |   |  |            |  |  |            |   |  | 1,000,000  |  
|Common stock issued for cash at $0.56 per |  |              |  |  |         |  |  |            |  |  |              |   |  |             |  |  |             |   |  |            |  
|share                                     |  | 1,785,714    |  |  | 1,786   |  |  | 998,214    |  |  |             |   |  |            |  |  |            |   |  | 1,000,000  |  
|Common stock issued for cash at $0.66 per |  |              |  |  |         |  |  |            |  |  |              |   |  |             |  |  |             |   |  |            |  
|share                                     |  | 757,576      |  |  | 757     |  |  | 499,243    |  |  |             |   |  |            |  |  |            |   |  | 500,000    |  
|Common stock issuable for services        |  |             |  |  |        |  |  |           |  |  |             |   |  | 199,366     |  |  |            |   |  | 199,366    |  
|Amortization of deferred compensation     |  |             |  |  |        |  |  |           |  |  | 1,417,500    |   |  |            |  |  |            |   |  | 1,417,500  |  
|Net loss for the
      period             |  |             |  |  |        |  |  |           |  |  |             |   |  |            |  |  | (2,076,146  | ) |  | (2,076,146 | )
|Balance  January 31, 2008                |  | 68,743,071   |  |  | 68,743  |  |  | 16,817,877 |  |  | (7,087,500   | ) |  | 199,366     |  |  | (4,144,735  | ) |  | 5,853,751  |  

On August 9, 2006, the Company effected a seven (7) for one (1)
forward stock split of the authorized, issued and outstanding stock. All share
amounts have been retroactively adjusted for all periods presented.

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

F-5

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|Century Petroleum Corp.          
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in US dollars)        
|(unaudited)                      

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

F-6

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|Century Petroleum Corp.          
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in US dollars)        
|(unaudited)                      

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

F-7

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|Century Petroleum Corp.          
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in US dollars)        
|(unaudited)                      

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

F-8

---

|Century Petroleum Corp.          
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in US dollars)        
|(unaudited)                      

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

| | m) | Foreign Currency Translation                                                                                                                                                                                                                                    
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                 
| |    | The Company uses US dollars as its functional and
      reporting currency. The Company has gains and losses arising as a result
      of translations of the Canadian funds deposited into US dollars. These
      gains and losses are included in operations.
| |    |                                                                                                                                                                                                                                                                 
| | n) | Reclassifications                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                 
| |    | Certain reclassifications have been made to the prior
      periods financial statements to conform to the current periods
      presentation.                                                                                                                
| |    |                                                                                                                                                                                                                                                                 
| | o) | Concentration of Credit Risk                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                 
| |    | The Company at times has cash in banks in excess of FDIC
      insurance limits. At January 31, 2008, the Company had $162,656 in excess
      of FDIC limits.                                                                                                  

|1. | Acquisition of Oil and Gas Interest
|-- | -----------------------------------
|   |                                    
|   | a)                                 
|   |                                    
|   | b)                                 
|   |                                    
|   | c)                                 
|   |                                    
|   | d)                                 
|   |                                    
|   | e)                                 

|3. | Stockholders Equity
|-- | --------------------
|   |                     
|   | a)                  
|   |                     
|   | b)                  
|   |                     
|   | c)                  
|   |                     
|   | d)                  

F-9

---

|Century Petroleum Corp.          
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in US dollars)        
|(unaudited)                      

|3. | Stockholders Equity (continued)
|-- | --------------------------------
|   |                                 
|   | e)                              
|   |                                 
|   | f)                              
|   |                                 
|   | g)                              
|   |                                 
|   | h)                              
|   |                                 
|   | i)                              
|   |                                 
|   | j)                              
|   |                                 
|   | k)                              
|   |                                 
|   | l)                              
|   |                                 
|   | m)                              
|   |                                 
|   | n)                              
|   |                                 
|   | o)                              

F-10

---

|Century Petroleum Corp.          
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in US dollars)        
|(unaudited)                      

|3. | Stockholders Equity (continued)                                                           
|-- | -------------------------------------------------------------------------------------------
|   |                                                                                            
|   | p)                                                                                         
|   |                                                                                            
|   | q)                                                                                         
|   |                                                                                            
|4. | Warrants                                                                                   
|   |                                                                                            
|   | A summary of the changes in the Companys share purchase
      warrants is presented below:

| |                            |  | January 31, 2008 |  |  | April 30, 2007   | 
| | -------------------------- |  | ---------------- |  |  | ---------------- | 
| |                            |  |                  |  |  | Weighted Average | 
| |                            |  |                  |  |  | Exercise         | 
| |                            |  | Number           |  |  | Price            | 
| |                            |  |                  |  |  |                  | 
| | Balance, beginning of year |  | 6,622,705        |  |  | 1.64             | 
| | Issued                     |  | 4,466,366        |  |  | 0.84             | 
| | Exercised                  |  |                 |  |  |                 | 
| | Forfeited / Expired        |  |                 |  |  |                 | 
| |                            |  |                  |  |  |                  | 
| | Balance, end of period     |  | 11,089,071       |  |  | 1.32             | 

|5. | Related Party Transactions
|-- | --------------------------
|   |                           
|   | a)                        
|   |                           
|   | b)                        
|   |                           
|   | c)                        
|   |                           
|   | d)                        
|   |                           
|6. | Commitments               
|   |                           
|   | a)                        
|   |                           
|   | b)                        

F-11

---

|Century Petroleum Corp.          
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in US dollars)        
|(unaudited)                      

|6. | Commitments (continued)
|-- | -----------------------

| | c) | On December 15, 2006, the Company entered into a share
      issuance agreement for share subscriptions up to $5,000,000. The
      subscriber shall make available to the Company by way of advances up to
      $5,000,000 until December 15, 2009. Upon receipt of the advances, the
      Company shall issue units of the Company at a price equal to 75% of volume
      weighted average closing price of the Company (ticket symbol CYPE.OB)
      during the 10 previous trading days according to Yahoo! Finance at
      http://finance.yahoo.com. Each unit consists of one common share of the
      Company and one share purchase warrant. Each whole warrant may be
      exercised within three years of the date of issuance to the purchaser at a
      price equal to 150% of subscription price. During the fiscal year ended
      April 30, 2007, the Company received cash proceeds of $1,500,000 and
      issued 987,708 units. During the nine month period ended January 31, 2008,
      the Company received cash proceeds of $2,500,000 and issued 4,466,366
      units.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | d) | On May 24, 2007, the Company entered into an agreement to
      appoint an individual as a member of the Companys Advisory Board. The
      Individual agreed to provide advisory services to the Company for an
      indefinite period, or until terminated by either party, in consideration
      for 37,500 restricted shares of common stock at the end of every financial
      quarter of the Company in which the individual serves as a member of the
      Companys Advisory Board. During the nine month period ended January 31,
      2008, the Company recognized $104,366 of consulting fees and the amount is
      included in common stock subscribed.                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | e) | On June 1, 2007, the Company entered into an agreement to
      appoint an individual as a member of the Companys Advisory Board. The
      Individual agreed to provide advisory services to the Company for an
      indefinite period, or until terminated by either party, in consideration
      for 37,500 restricted shares of common stock at the end of every financial
      quarter of the Company in which the individual serves as a member of the
      Companys Advisory Board. During the nine month period ended January 31,
      2008, the Company recognized $95,000 of consulting fees and the amount is
      included in common stock subscribed.                                                                                                                                                                                                                                                                                                                                                                                                                               

|7. | Going Concern
|-- | -------------

As reflected in the accompanying
financial statements, the Company is in the Exploration stage with no
operations, has a deficit accumulated during the exploration stage of $4,144,735
from inception and used cash from Operations of $530,407 for the nine month
period ended January 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.

F-12

---

|Item 2. | Managements Discussion and Analysis and
      Plan of Operation.
|------- | -----------------------------------------------------------------

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements.
Forward-looking statements are projections of events, revenues, income, future
economic performance or managements plans and objectives for our future
operations. Statements containing terms like "believes", "does not believe",
"plans", "expects", "intends", "estimates", "anticipates", and other phrases of
similar meaning are considered to imply uncertainty and are 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 financial statements are stated in United States dollars
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.

In this quarterly report, unless otherwise specified, all
references to common shares refer to the common shares in our capital stock
and the terms we, us, our and Century mean Century Petroleum Corp.

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 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.

Our common stock is listed for quotation on the OTC Bulletin
Board under the symbol CYPE.

Our principal executive offices are located at 9595 Six Pines,
Building 8, Level 2, Suite 8210, The Woodlands, Texas 77380. Our telephone
number is 832.631.6061. We do not have any subsidiaries.

Our Current Business

We are an exploration stage company. We are engaged in the
acquisition and exploration of oil and gas properties with a view to exploiting
any oil and gas reserves we discover. We intend to focus our efforts on our
current property interests for the next twelve months.

On June 15, 2006, we acquired a 100% working interest and 75%
net revenue interest in certain oil and gas properties, located in Beauregard
Parish, Louisiana, from Site Drilling Force Limited (BVI). To date, we have only
conducted preliminary geological and geophysical studies on the Beauregard
Parish leases. At the close of the quarter ended January 31, 2008, we had spent
$2,071,200.92 on the acquisition of these leases, lease renewals and geological
studies.

On November 1, 2006, we entered into an agreement whereby we
acquired from Kossic Oil & Gas LP, a 4%

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 are being 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 2008. 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 January
31, 2008, we had spent $1,340,164.77 on 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 started in July 2007. Target depth
was reached in September 2007. At this 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 January 31, 2008, we had spent $1,222,066.91
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. At
the close of the quarter ended January 31, 2008, we had spent $1,126,259.13 on
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 hydrocarbons in accordance with available funds. There can be no
assurance that an economic hydrocarbon reserve exists on any of our prospects
until appropriate exploration work is completed.

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

There is no assurance that commercially viable oil and gas
deposits or reserves exist on any of our properties; further exploration is
required before we can evaluate whether any exist and, if so, whether it would
be economically and legally feasible to develop or exploit those resources.
Please refer to the section entitled Risk Factors, beginning at page 11 of
this quarterly report on Form 10-QSB, for additional information about the risks
of resource exploration.

On December 15, 2006 we entered into a share issuance agreement
with E&P Investments GmbH wherein E&P Investments has agreed to advance
up to $5,000,000 to our company. Each advance shall be in an aggregate of not
less than $500,000 and in integral multiples of $500,000. In consideration for
the advances, we agreed to issue to E&P Investments units of our company,
each unit consisting of one 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 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:

5

---

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 2010


Employees

As of January 31, 2008, we had no employees other than our
directors and officers.

We engage directors and contractors from time to time to supply
work on specific corporate business and exploration programs.

On October 1, 2006, we entered into an agreement with Mr.
Hersch, our president and chief executive officer, wherein we have agreed to pay
Mr. Hersch a monthly fee of US$10,000 and we have agreed to issue to Mr. Hersch
3,000,000 restricted shares of common stock issuable on October 1, 2006. On
January 11, 2007, we entered into an amendment agreement with Mr. Hersch. Under
the amendment agreement, we have agreed to pay Mr. Hersch a monthly fee of
US$11,000 and we have agreed to issue 5,000,000 restricted shares of common
stock issuable on October 1, 2006. The shares shall be held in escrow and
250,000 shares shall vest at the end of each three-month period immediately
following October 1, 2006. As of January 31, 2008, all of the 5,000,000 shares
have been issued, 1,250,000 of these shares have been delivered to Mr. Hersch
pursuant to the amendment agreement and the remaining shares are being held in
escrow. From January 1, 2008, we agreed to increase Mr. Herschs compensation to
$15,000 per month.

On May 24, 2007, we entered into an agreement to appoint
Michael Cochran as a member of our advisory team. Mr. Cochran agreed to provide
advisory services to our company for an indefinite period, or until terminated
by either party, in consideration for 37,500 restricted shares of common stock
at the end of every financial quarter in which he serves as a member of our
companys advisory team.

On June 1, 2007, we entered into an agreement to appoint an
John Seitz as a member of our companys advisory team. Mr. Seitz agreed to
provide advisory services to our company for an indefinite period, or until
terminated by either party, in consideration for 37,500 restricted shares of
common stock at the end of every financial quarter in which he serves as a
member of our companys advisory team.

Consultants are retained on the basis of ability and
experience. Except as set forth above, there is no preliminary agreement or
understanding existing or under contemplation by us (or any person acting on our
behalf) concerning any aspect of our operations pursuant to which any person
would be hired, compensated or paid a finders fee.

Competition

The 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 removed from our properties. While it is unlikely that we
will discover a reserve on our properties, if we do, 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 oil and gas exploration sector, our competitive position
is insignificant. There are numerous oil and gas exploration 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

6

---

found to justify our expenditures.

Compliance with Government Regulation

We are committed to complying and, to our knowledge, are in
compliance with all governmental and environmental regulations. Permits from a
variety of regulatory authorities are required for many aspects of mining and
drilling operations and reclamation. We do not currently own or operate any
mines nor operate any wells and are not required to comply with the requirements
of these regulatory authorities. We cannot predict the extent to which these
requirements will affect our company or our property if we identify the
existence of resources in commercially exploitable quantities. In addition,
future legislation and regulation could cause additional expense, capital
expenditures, restrictions, and delays in the exploration of our property.

We are prepared to engage professionals, if necessary, to
ensure regulatory compliance but in the near term expect our activities to
require minimal regulatory oversight. If we expand the scope of our activities
in the future it is reasonable to expect expenditures on compliance to rise.

Plan of Operations

We have a history of losses and no revenues from operations.
Our capital needs have historically been met by the issuance of securities
(either through private placements, the exercise of stock options, shares for
debt, property or other assets) or shareholder loans.

For the next twelve months we intend to carry out a program of
exploration and maintain our status with respect to our properties. The Thunder
Stud and Shadyside Prospects have reached target depth and final evaluation is
pending. The Alligator and El Grande prospects are expected to be drilled on the
first half of calendar year 2008.

Purchase of Significant Equipment

We do not anticipate any further purchase or sale of any plant
or significant equipment during the next twelve-month period.

Personnel Plan

We do not anticipate any significant changes in the number of
employees during the next twelve-month period.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that is material to
investors.

Financial Condition, Liquidity and Capital Resources

Our principal capital resources have been obtained through the
issuance of common stock, although we may use shareholder loans, advances from
related parties, or borrowing in the future.

At January 31, 2008, we had working capital of $79,243,
compared to working capital of $722,494 as at January 31, 2007.

At January 31, 2008, our total current assets were $418,915
which consisted of cash of $262,656 and prepaid expenses and other current
assets of $156,259 compared to current assets of $893,090 as at January 31,
2007.

At January 31, 2008, our total current liabilities were
$339,672 compared to total current liabilities of $170,596 as at January 31,
2007.

7

---

At January 31, 2008, we had cash on hand of $262,656 compared
to $890,993 as at January 31, 2007.

Three months ended January 31, 2008 compared to three
months ended January 31, 2007

Operating expenses for the three months ended January 31, 2008
  were $736,139 compared to $637,757 as at January 31, 2007, an increase of $98,382.
  The principal components for the increase of our operating expenses for the
  three months ended January 31, 2008 compared to the three months ended January
  31, 2007 were increases of $119,983 in consulting expenses which were partially
  offset by decreases of $13,000 in general and administrative expenses and $8,601
  in professional fees.

Nine months ended January 31, 2008 compared to Nine
months ended January 31, 2007

Operating expenses for the nine months ended January 31, 2008
were $2,086,008 compared to $1,429,364 as at January 31, 2007, an increase of
$656,644. The principal components for the increase of our operating expenses
for the nine months ended January 31, 2008 compared to the nine months ended
January 31, 2007 were increases of $1,084,866 in consulting expenses and
$110,426 in general and administrative expenses, which were partially offset by
decreases of $528,756 on impairment of oil and gas properties and $9,892 in
professional fees.

Cash Requirements

For the next twelve months we intend to focus primarily on a
program of exploration on the Thunder Stud, Shadyside and Alligator Bayou
prospects. These endeavors will cost approximately $2,000,000.

We also intend to develop exploration programs for our other
properties. To initiate exploration activities on our other properties, we will
be required to raise substantial additional funding. 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, there can be no assurances
that we will receive any additional funds from E&P Investments. We
anticipate that additional funding will be required in the form of equity
financing from the sale of our common stock or the issuance of convertible debt
securities. However, we cannot provide investors with any assurance that we will
be able to raise sufficient funding from the sale of our common stock or
issuance of debt securities to fund these exploration efforts.

As of January 31, 2008, we had working capital of $79,243. We
have no income from operations but expect to receive income during the last
quarter of our financial year ended 30 April, 2008. We will require additional
funds to implement our plans. These funds may be raised through equity
financing, debt financing, or other sources, which may result in the dilution in
the equity ownership of our shares. We will also need more funds if the costs of
the exploration of our oil, gas and mineral claims are greater than we have
anticipated. We will also require additional financing to sustain our business
operations if we are not successful in earning revenues. We currently do not
have any arrangements for further financing, other than as previously described
above with E&P Investments, and we may not be able to obtain financing when
required. Our future is dependent upon our ability to obtain financing.

Going Concern

Due to our being an exploration stage company and not having
generated revenues, in the Notes to our financial statements for the year ended
April 30, 2007, our independent auditors included an explanatory paragraph
regarding concerns about our ability to continue as a going concern.

We have historically incurred losses, and through January 31,
2008 have incurred losses of $4,144,735 from our inception. Because of these
historical losses, we will require additional working capital to develop our
business operations. We intend to raise additional working capital through
private placements, bank financing and/or advances from related parties or
shareholder loans.

The continuation of our business is dependent upon obtaining
further financing and achieving a break even or profitable level of operations.
The issuance of additional equity securities by us could result in a significant
dilution in the equity interests of our current or future stockholders.
Obtaining commercial loans, assuming those loans would

8

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be available, will increase our liabilities and future cash
commitments.

There are no assurances that we will be able to either (1)
achieve a level of revenues adequate to generate sufficient cash flow from
operations; or (2) obtain additional financing through either private
placements, and/or bank financing necessary to support our working capital
requirements. To the extent that funds generated from operations and any private
placements, public offerings and/or bank financing are insufficient, we will
have to raise additional working capital. No assurance can be given that
additional financing will be available, or if available, will be on terms
acceptable to us. If adequate working capital is not available we may not
increase our operations. 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 of $4,000,000 from the
date of the share issuance agreement to January 31, 2008, there can be no
assurances that we will receive any further funds from E&P Investments.

These conditions raise substantial doubt about our ability to
continue as a going concern. The financial statements do not include any
adjustments relating to the recoverability and classification of asset carrying
amounts or the amount and classification of liabilities that might be necessary
should we be unable to continue as a going concern.

Application Of Critical Accounting Policies

Our financial statements and accompanying notes are prepared in
accordance with generally accepted accounting principles in the United States.
Preparing financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue and
expenses. These estimates and assumptions are affected by managements
application of accounting policies. We believe that understanding the basis and
nature of the estimates and assumptions involved with the following aspects of
our financial statements is critical to an understanding of our financials.

In preparing financial statements in conformity with generally
accepted accounting principles, management is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the financial
statements and revenues and expenses during the reported period. Actual results
could differ from those estimates.

We utilize the full-cost method of accounting for petroleum and
natural gas properties. Under this method, we capitalize 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 January 31, 2008, one of our properties has unproven reserves. When we obtain
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 we assess annually whether impairment has
occurred, and includes in the amortization base drilling exploratory dry holes
associated with unproved properties.

Once we have evaluated our properties as proven, the costs are
transferred to the full cost pool. We will then apply 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, we compute 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.

9

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For unproven properties, we exclude 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, we
assess the property at least annually to ascertain whether impairment has
occurred. In assessing impairment we consider 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. We add
the amount of impairment assessed to the cost to be amortized subject to the
ceiling test. As at January 31, 2008, we had no properties with proven
reserves.

Recent Accounting Pronouncements

In September 2006, the FASB issued SFAS No. 157, Fair Value
Measurements. The objective of SFAS 157 is to increase consistency and
comparability in fair value measurements and to expand disclosures about fair
value measurements. SFAS 157 defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles, and expands
disclosures about fair value measurements. SFAS 157 applies under other
accounting pronouncements that require or permit fair value measurements and
does not require any new fair value measurements. The provisions of SFAS No. 157
are effective for fair value measurements made in fiscal years beginning after
November 15, 2007. The adoption of this statement is not expected to have a
material effect on our company's future reported financial position or results
of operations.

In February 2007, the Financial Accounting Standards Board
(FASB) issued SFAS No. 159, The Fair Value Option for Financial Assets and
Financial Liabilities  Including an Amendment of FASB Statement No. 115. This
statement permits entities to choose to measure many financial instruments and
certain other items at fair value. Most of the provisions of SFAS No. 159 apply
only to entities that elect the fair value option. However, the amendment to
SFAS No. 115 Accounting for Certain Investments in Debt and Equity Securities
applies to all entities with available-for-sale and trading securities. SFAS No.
159 is effective as of the beginning of an entitys first fiscal year that
begins after November 15, 2007. Early adoption is permitted as of the beginning
of a fiscal year that begins on or before November 15, 2007, provided the entity
also elects to apply the provision of SFAS No. 157, Fair Value Measurements.
The adoption of this statement is not expected to have a material effect on our
company's financial statements.

In December 2007, the Financial Accounting Standards Board
(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 our companys financial statements.

RISK FACTORS

Much of the information included in this quarterly report
includes or is based upon estimates, projections or other forward-looking
statements. Such forward-looking statements include any projections or
estimates made by us and our management in connection with our business
operations. While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our current judgment
regarding the direction of our business, actual results will almost always vary,
sometimes materially, from any estimates, predictions, projections, assumptions,
or other future performance suggested herein. We undertake no obligation to
update forward-looking statements to reflect events or circumstances occurring
after the date of such statements.

10

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Such estimates, projections or other forward-looking
statements involve various risks and uncertainties as outlined below. We
caution readers of this quarterly report that important factors in some cases
have affected and, in the future, could materially affect actual results and
cause actual results to differ materially from the results expressed in any such
estimates, projections or other forward-looking statements. In evaluating us,
our business and any investment in our business, readers should carefully
consider the following factors.

Risks Associated With Our Business

We are an early stage exploration 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 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.

The oil and natural gas industry is highly competitive and
there is no assurance that we will be successful in acquiring leases.

The oil and natural gas industry is intensely competitive.
Although we do not compete with other oil and gas companies for the sale of any
oil and gas that we may produce, as there is sufficient demand in the world
market for these products, we compete with numerous individuals and companies,
including many major oil and natural gas companies which have substantially
greater technical, financial and operational resources and staff, for desirable
oil and natural gas leases, suitable properties for drilling operations and
necessary drilling equipment, as well as for access to funds. If we cannot
identify and acquire a property before it is identified and acquired by our
competition or if, when we go to explore or develop a property we find that the
investment community prefers to invest in properties owned by others with whom
we compete, our business could fail.

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.

11

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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 natural resources 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 natural resources 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 natural resource 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.

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 natural resources 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.

We have not yet established any reserves and resources and
we cannot assure you that we will ever establish any reserve or resource on the
properties subject to our farm-out agreements.

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

12

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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. No
estimates of commerciality or recoverable oil and natural gas resources can be
made at this time, if ever.

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.

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 $262,656 and working capital of
$79,243 as at January 31, 2008. We have no income from operations but expect to
receive income during the last quarter of our financial year ended 30 April,
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 $4,000,000 from the date of the share
issuance agreement to January 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
revenues, we face a high risk of business failure.

We have not earned any revenues as of the date of this annual
report and have never been profitable. We do not have an interest in any revenue
generating properties. We were incorporated in December 2004 and to date have
been involved primarily in organizational activities and limited exploration
activities. Before we are able to generate revenue, we will incur substantial
operating and exploration expenditures. We therefore expect to incur significant
losses into the foreseeable future. We have limited operating history upon which
an evaluation of our future success or failure can be made. Our net loss from
inception to January 31, 2008 is $4,144,735. We recognize that if we are unable
to generate significant revenues from our activities, we will not be able to
earn profits or continue operations. We cannot guarantee that we will be
successful in raising capital to fund these operating losses or generate
revenues in the future. We can provide investors with no assurance that we will
generate any operating revenues or ever achieve profitable operations. If we are
unsuccessful in addressing these risks, our business will most likely fail and
our investors could lose their investment.

13

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If we are unable to hire and retain key personnel, we may
not be able to implement our business plan.

Our success is largely dependent on our ability to hire highly
qualified personnel. This is particularly true in highly technical businesses
such as resource exploration. These individuals are in high demand and we may
not be able to attract the personnel we need. In addition, we may not be able to
afford the high salaries and fees demanded by qualified personnel, or may lose
such employees after they are hired. Failure to hire key personnel when needed,
or on acceptable terms, would have a significant negative effect on our
business.

Our independent certified public accounting firm, in the
Notes to the audited financial statements for the year ended April 30, 2007
states that there is a substantial doubt that we will be able to continue as a
going concern.

Our independent certified public accounting firm, Webb &
Company P.A., has stated in the Notes to the audited financial statements for
the year ended April 30, 2007 that we have experienced significant losses since
inception. Failure to arrange adequate financing on acceptable terms and to
achieve profitability would have an adverse effect on our financial position,
results of operations, cash flows and prospects. Accordingly, there is
substantial doubt that we will be able to continue as a going concern.

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. Trading in stock quoted on the OTC
Bulletin Board is often thin and characterized by wide fluctuations in trading
prices, due to many factors that may have little to do with our operations or
business prospects. This volatility could depress the market price of our common
stock for reasons unrelated to operating performance. Moreover, the OTC Bulletin
Board is not a stock exchange, and trading of securities on the OTC Bulletin
Board is often more sporadic than the trading of securities listed on a
quotation system like Nasdaq or a stock exchange like Amex. Accordingly,
shareholders may have difficulty reselling any of the shares.

Our stock is a penny stock. Trading of our stock may be
restricted by the SECs penny stock regulations and the 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.

14

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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 3. | Controls and Procedures
|------- | -----------------------

As required by Rule 13a-15 under the Exchange Act, we have
evaluated the effectiveness of the design and operation of our disclosure
controls and procedures at January 31, 2008, which is the end of the period
covered by this report. This evaluation was carried out by our principal
executive officer and our principal financial officer. Based on this evaluation,
our principal executive officer and our principal financial officer have
concluded that the design and operation of our disclosure controls and
procedures are effective as at the end of the period covered by this report.
There were no changes in our internal control over financial reporting or in
other factors that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting in our most
recent fiscal quarter.

Disclosure controls and procedures are controls and other
procedures that are designed to ensure that information required to be disclosed
by our company in the reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified
in the SEC's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed by our company in the reports that we file or submit
under the Exchange Act is accumulated and communicated to our management,
including our principal executive officer and our principal financial officer,
as appropriate, to allow timely decisions regarding required disclosure.

Part II. OTHER INFORMATION

|Item 1. | Legal Proceedings.
|------- | ------------------

We know of no material, active or pending legal proceedings
against our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our
directors, officers or affiliates, or any registered or beneficial shareholder,
is an adverse party or has a material interest adverse to our interest.

|Item 2. | Unregistered Sales of Equity Securities and
      Use of Proceeds.
|------- | ------------------------------------------------------------------

None.

|Item 3. | Defaults Upon Senior Securities.
|------- | --------------------------------

None.

15

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|Item 4. | Submission of Matters to a Vote of Security
      Holders.
|------- | ----------------------------------------------------------

None.

|Item 5. | Other Information.
|------- | ------------------

None.

|Item 6. | Exhibits.
|------- | ---------

Exhibits Required by Item 601 of Regulation S-B.

|Exhibit Number | Description                                                                                                                                                                                                
|-------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               |                                                                                                                                                                                                            
|(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).                                                   

16

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|(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.
|      |                                                                                          
|(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

17

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SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

CENTURY PETROLEUM CORP.

|By:                                                             | /s/ James B. Hersch      | 
|--------------------------------------------------------------- | ------------------------ | 
|James B. Hersch                                                
|President                                                      
|Principal Executive Officer                                    
|                                                               
|Date: March 24, 2008.                                          
|                                                               
|                                                               
|                                                               
|By:                                                             | /s/ Johannes T. Petersen | 
|Johannes T. Petersen                                           
|Chief Financial Officer and Secretary                          
|Principal Accounting Officer, Principal Financial
      Officer
|                                                               
|Date: March 24, 2008.                                          

18

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