UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (Mark One) x

                    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934For the period ended
                        July 31, 2007[

                    ]

                    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934For 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 8210The 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
                        classNil

                    

                    Name of each
                        exchange on which registeredNil Securities registered pursuant to Section 12(g) of the Act: Common
                        Shares, par value $0.001(Title of class) Check
            whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of
            the Exchange Act during the past 12 months (or for such shorter period that the
            registrant was required to file such reports), and (2) has been subject to such filing
            requirements for the past 90 days. 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
                        o

                    No [X ] State
            the number of shares outstanding of each of the issuer's classes of equity stock, as of
            the latest practicable date. 64,276,705 common shares issued and outstanding as of September 4,
            2007 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 three months ended July 31, 2007
            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)   Century Petroleum Corp. (An Exploration Stage Company)  July 31, 2007   IndexBalance Sheet
        F-1Statements of Operations
        F-2Statements of Cash Flows
        F-3Statement of Stockholders Equity
        F-4Notes to the Financial Statements
        F-5          Century Petroleum Corp. (An Exploration Stage Company) Balance Sheet (Expressed in US dollars) (unaudited)   July 31,
2007ASSETSCurrent AssetsCash
        $420,223Prepaid expenses and other current assets
        64,041Total Current Assets
        484,264Property and Equipment, net
        3,862Intangible Assets, net
        11,927Oil and Gas Interest (full cost method)  (Note 3)
        4,942,347Total Assets
        $5,442,400LIABILITIES AND STOCKHOLDERS EQUITYCurrent LiabilitiesAccounts payable
        $122,377Accounts payable-related party (Note 6(a))
        100Accrued liabilities
        168,688Due to related party (Note 6(a))
        2,000Total Liabilities
        293,165Stockholders EquityPreferred Stock, 7,000,000 shares authorized, $0.001 par value
none issued and outstanding
        Common Stock, 483,000,000 shares authorized, $0.001 par value
64,276,705 shares issued and outstanding
        64,277Additional Paid-in Capital
        14,322,343Common Stock Subscribed  (2,800,585 shares to be issued)
        1,554,399Deferred Compensation
        (8,032,500)Deficit Accumulated During the Exploration Stage
        (2,759,284)Total Stockholders Equity
        5,149,235Total Liabilities and Stockholders Equity
        $5,442,400    (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)  For the
Three Months
Ended
        For the
Three Months Ended
        Accumulated
From
December 13, 2004
(Date of Inception)July 31,
        July 31,
        To July 31,2007
        2006
        2007Revenue
        
        
        $              
        $             
        $                  ExpensesConsulting (Note 6(b))
        
        
        589,899
        10,000
        1,871,399Exploration costs and expenses
        
        
        
        
        30,300Impairment of mineral property costs
        
        
        
        
        3,000Impairment of oil and gas property
        
        
        
        
        528,756General and administrative
        
        
        91,328
        2,412
        259,130Professional fees
        
        
        15,601
        16,227
        86,094Total Operating Expenses
        
        
        696,828
        28,639
        2,778,679Operating Loss
        
        
        (696,828)
        (28,639)
        (2,778,679)Other Income (Expenses)Foreign exchange gain (loss)
        
        
        (408)
        99
        191Interest income
        
        
        6,541
        929
        19,204Total Other Income (Expenses)
        
        
        6,133
        1,028
        19,395Loss Before Income Taxes
        
        
        (690,695)
        (27,611)
        (2,759,284)Provision for Income Taxes
        
        
        
        
        Net Loss
        
        
        $    (690,695)
        $   (27,611)
        $   (2,759,284)Net Loss Per Share  Basic and Diluted
        
        
        $         (0.01)
        $              Weighted Average Number of Shares Outstanding
        
        
        64,870,948
        55,059,216    (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)  For the
Three Months
Ended
July 31,
2007
        For the
Three Months
Ended
July 31,
2006
        Accumulated
From
December 13, 2004
(Date of Inception)
to July 31,
2007Operating ActivitiesNet loss
        $     (690,695)
        $        (27,611)
        $     (2,759,284)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation
        1,713
        
        4,650Impairment loss on mineral property
        
        
        3,000Impairment loss on oil and gas properties
        
        
        528,756Stock-based compensation
        526,899
        
        1,629,399Change in operating assets and liabilities:Prepaid expenses and deposits
        34,402
        
        (64,041)Accounts payable and accrued liabilities
        (13,166)
        12,063
        22,947Accounts payable-related party
        
        
        4,698Net Cash Used in Operating Activities
        (140,847)
        (15,548)
        (629,875)Investing ActivitiesPurchase of property and equipment
        
        
        (4,965)Purchase of mineral property interest
        
        
        (3,000)Purchase of oil and gas interest
        (1,912,986)
        (2,000,000)
        (5,360,485)Website development costs
        
        
        (15,474)Net Cash Used in Investing Activities
        (1,912,986)
        (2,000,000)
        (5,383,924)Financing ActivitiesAdvances from related party
        
        1,950
        2,000Repayment to related party
        (4,598)
        
        (4,598)Proceeds from issuance of common stock
        
        2,205,000
        4,936,620Proceeds from common stock subscribed
        1,500,000
        
        1,500,000Net Cash Provided by Financing Activities
        1,495,402
        2,206,950
        6,434,022Increase (Decrease) in Cash
        (558,431)
        191,402
        420,223Cash and Cash Equivalents - Beginning of Period
        978,654
        372
        Cash and Cash Equivalents - End of Period
        $       420,223
        $         191,774
        $         420,223Non-Cash Financing ActivitiesShares issued for consulting services
        $      526,899
        
        $      1,629,399Supplemental DisclosuresInterest 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 July 31, 2007 (Expressed in US dollars) (unaudited)  DeficitAccumulatedAdditional
        
        Common
        During theCommon Stock
        Paid-in
        Deferred
        Stock
        ExplorationShares
        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)
        
        
        
        6,520Common stock issued for cash at $0.00714 per share
        6,972,000
        6,972
        42,828
        
        
        
        49,800Net loss for the period
        
        
        
        
        
        (5,185)
        (5,185)Balance  April 30, 2005
        52,612,000
        52,612
        3,708
        
        
        (5,185)
        51,135Common stock issued for cash at $0.00714 per share
        42,000
        42
        258
        
        
        
        300Net loss for the year
        
        
        
        
        
        (51,368)
        (51,368)Balance  April 30, 2006
        52,654,000
        52,654
        3,966
        
        
        (56,553)
        67Common stock issued for cash at $0.478 per share
        4,609,997
        4,610
        2,200,390
        
        
        
        2,205,000Common stock issued for cash at $1.00 per share
        425,000
        425
        424,575
        
        
        
        425,000Common stock issued for cash at $1.25 per share
        600,000
        600
        749,400
        
        
        
        750,000Common stock issued for cash at $2.01 per share
        248,756
        249
        499,751
        
        
        
        500,000Common stock issued for cash at $2.05 per share
        243,902
        244
        499,756
        
        
        
        500,000Common stock issued for consulting services
        5,000,000
        5,000
        9,445,000
        (8,505,000)
        
        
        945,000Common stock issued for cash at $1.01 per share
        495,050
        495
        499,505
        
        
        
        500,000Net loss for the 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 July 31, 2007 (Expressed in US dollars) (unaudited)  DeficitAccumulatedAdditional
        
        Common
        During theCommon Stock
        Paid-in
        Deferred
        Stock
        ExplorationShares
        Amount
        Capital
        Compensation
        Subscribed
        Stage
        Total#
        $
        $
        $
        $
        $
        $Balance  April 30, 2007
        64,276,705
        64,277
        14,322,343
        (8,505,000)
        
        (2,068,589)
        3,813,0301Common stock subscribed at $0.52 per share
        961,538
        
        
        
        500,000
        
        500,000Common stock subscribed at $0.56 per share
        1,785,714
        
        
        
        1,000,000
        
        1,000,000Common stock issuable for services at $1.02 per share
        58,333
        
        
        
        54,399
        
        54,399Amortization of deferred compensation
        
        
        
        472,500
        
        
        472,500Net loss for the period
        
        
        
        
        
        (690,695)
        (690,695)Balance  July 31, 2007
        67,077,290
        64,277
        14,322,343
        (8,032,500)
        1,554,399
        (2,759,284)
        5,149,235   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     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)
        Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations. It is managements opinion however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results expected for the year. b)
        Organization The Company was incorporated in the State of Nevada on December 13, 2004 as Som Resources Inc. On August 9, 2006, the Company changed its name to Century Petroleum Corp. The Company is a natural resource exploration company with the objective of acquiring, exploring and, if warranted and feasible, developing natural resource properties. The Company is an Exploration Stage Company, as defined by Statement of Financial Accounting Standard (SFAS) No. 7 Accounting and Reporting for Development Stage Enterprises.  Activities during the exploration stage include developing the business plan and raising capital. c)
        Use of Estimates The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to  stock-based compensation expense, deferred income tax asset valuations and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual
results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. d)
        Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. e)
        Mineral Property Interests The Company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. Pursuant to SFAS No. 141 and SFAS No. 142, as amended by EITF 04-02, Whether Mineral Rights Are Tangible or Intangible Assets, mineral interests associated with other than owned properties are classified as tangible assets. Mineral property interests will be amortized using the units-of-production method when production at each project commences. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. f)
        Oil and Gas Interests The Company utilizes the full-cost method of accounting for petroleum and natural gas properties. Under this method, the Company capitalizes all costs associated with acquisition, exploration and development of oil and natural gas reserves, including leasehold acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling of productive and non-productive wells into the full cost pool on a country by country basis. As of July 31, 2007, the Companys property has unproven reserves. When the Company obtains proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves proved and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. The costs of unproved properties are not amortized until it is
determined whether or not proved reserves can be assigned to the properties. Until such determination is made the Company assesses annually whether impairment has occurred, and includes in the amortization base drilling exploratory dry holes associated with unproved properties.   F-6     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) Oil and Gas Interests (continued) The Company applies a ceiling test to the capitalized cost in the full cost pool. The ceiling test limits such cost to the estimated present value, using a ten percent discount rate, of the future net revenue from proved reserves, based on current economic and operating conditions. Specifically, the Company computes the ceiling test so that capitalized cost, less accumulated depletion and related deferred income tax, do not exceed an amount (the ceiling) equal to the sum of: (A) The present value of estimated future net revenue computed by applying current prices of oil and gas reserves (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on current cost) to be incurred in
developing and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; plus (B) the cost of property not being amortized; plus (C) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; less (D) income tax effects related to differences between the book and tax basis of the property. For unproven properties, the Company excludes from capitalized costs subject to depletion, all costs directly associated with the acquisition and evaluation of the unproved property until it is determined whether or not proved reserves can be assigned to the property. Until such a determination is made, the Company assesses the property at least annually to ascertain whether impairment has occurred. In assessing impairment the Company considers factors such as historical experience and other data such as primary lease terms of the property, average holding periods of unproved property, and geographic and geologic data. The Company adds the amount of impairment assessed to the cost to be amortized subject to the ceiling test. As at July 31, 2007, the Company had no properties with proven reserves. g)
        Property and Equipment Property and equipment consists of computer equipments, is recorded at cost and is being amortized on a straight-line basis over their estimated life of three years. h)
        Website Development Costs The Company recognizes the costs associated with developing a website in accordance with the American Institute of Certified Public Accountants (AICPA) Statement of Position (SOP) No. 98-1, Accounting for the Costs of Computer Software Developed or Obtained for Internal Use. Relating to website development costs the Company follows the guidance pursuant to the Emerging Issues Task Force (EITF) No. 00-2, Accounting for Website Development Costs. Costs associated with the website consist primarily of web site design costs. These capitalized costs are amortized based on their estimated useful life of three years. Payroll and related costs have not been capitalized, as the amounts principally relate to maintenance. Internal costs related to the development of website content will be charged to operations as incurred. i)
        Long-lived Assets In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more
likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.  F-7     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)
        Income Taxes The Company accounts for income taxes under SFAS No. 109, Accounting for Income Taxes. Under SFAS No. 109, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under SFAS No. 109, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. k)
        Loss Per Share Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by SFAS No. 128, Earnings Per Share. As of July 31, 2007, the effect of 9,369,957 (July 31, 2006  4,609,997) stock purchase warrants was anti dilutive and not included in the calculation of dilutive net loss. l)
        Recent Accounting Pronouncements In February 2006, the Financial Accounting Standards Board (FASB) issued SFAS No. 155, "Accounting for Certain Hybrid Financial Instruments-an amendment of FASB Statements No. 133 and 140", to simplify and make more consistent the accounting for certain financial instruments. SFAS No. 155 amends SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities", to permit fair value re-measurement for any hybrid financial instrument with an embedded derivative that otherwise would require bifurcation, provided that the whole instrument is accounted for on a fair value basis. SFAS No. 155 amends SFAS No. 140, "Accounting for the Impairment or Disposal of Long-Lived Assets", to allow a qualifying special-purpose entity to hold a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. SFAS No. 155 applies to all financial instruments acquired or issued after the beginning of an entity's first fiscal year that begins after September 15, 2006, with earlier application allowed. The adoption of this statement did not have a material effect on the Company's reported financial position or results of operations. In March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities". This statement requires all separately recognized servicing assets and servicing liabilities be initially measured at fair value, if practicable, and permits for subsequent measurement using either fair value measurement with changes in fair value reflected in earnings or the amortization and impairment requirements of Statement No. 140. The subsequent measurement of separately recognized servicing assets and servicing liabilities at fair value eliminates the necessity for entities that manage the risks inherent in servicing assets and servicing liabilities with derivatives to
qualify for hedge accounting treatment and eliminates the characterization of declines in fair value as impairments or direct write-downs. SFAS No. 156 is effective for an entity's first fiscal year beginning after September 15, 2006. The adoption of this statement did not have a material effect on the Company's reported financial position or results of operations. In June 2006, the FASB issued FASB Interpretation No. 48,Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statements No. 109. FIN 48 clarifies the accounting for uncertainty in income taxes by prescribing a two-step method of first evaluating whether a tax position has met a more likely than not recognition threshold and second, measuring that tax position to determine the amount of benefit to be recognized in the financial statements. FIN 48 provides guidance on the presentation of such positions within a classified statement of financial position as well as on derecognition, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The adoption of this statement did not
have a material effect on the Company's reported financial position or results of operations.   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)
        Recent Accounting Pronouncements (continued) In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. The objective of SFAS 157 is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements.  SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements and does not require any new fair value measurements. The provisions of SFAS No. 157 are effective for fair value measurements made in fiscal years beginning after November 15, 2007. The adoption of this statement is not expected to have a material effect on the Company's future reported
financial position or results of operations. In September 2006, the FASB issued SFAS No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans  an amendment of FASB Statements No. 87, 88, 106, and 132(R). This statement requires employers to recognize the over-funded or under-funded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through comprehensive income of a business entity or changes in unrestricted net assets of a not-for-profit organization. This statement also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited
exceptions. The provisions of SFAS No. 158 are effective for employers with publicly traded equity securities as of the end of the fiscal year ending after December 15, 2006. The adoption of this statement did not have a material effect on the Company's financial statements. In September 2006, the SEC issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 addresses how the effects of prior year uncorrected misstatements should be considered when quantifying misstatements in current year financial statements. SAB No. 108 requires companies to quantify misstatements using a balance sheet and income statement approach and to evaluate whether either approach results in quantifying an error that is material in light of relevant quantitative an qualitative factors. SAB No. 108 is effective for periods ending after November 15, 2006. The adoption of SAB No. 108 did not have a material effect on the Companys financial statements. In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities  Including an Amendment of FASB Statement No. 115.  This statement permits entities to choose to measure many financial instruments and certain other items at fair value. Most of the provisions of SFAS No. 159 apply only to entities that elect the fair value option. However, the amendment to SFAS No. 115 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available-for-sale and trading securities. SFAS No. 159 is effective as of the beginning of an entitys first fiscal year that begins after November 15, 2007. Early adoption is permitted as
of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provision of SFAS No. 157, Fair Value Measurements.The adoption of this statement is not expected to have a material effect on the Company's financial statements. n)
        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. o)
        Reclassifications Certain reclassifications have been made to the prior periods financial statements to conform to the current periods presentation. p)
        Concentration of Credit Risk The Company at times has cash in banks in excess of FDIC insurance limits. At July 31, 2007, the Company had $320,223 in excess of FDIC limits.   F-9     Century Petroleum Corp. (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars) (unaudited)    2.
        Acquisition of Oil and Gas Interest a)
        On June 15, 2006, the Company acquired a 100% working interest and a 75% net revenue interest in certain oil and gas properties consisting of 32 leases totaling 1,224 gross acres located in Louisiana in consideration for $2,000,000. The leases all have three year terms with expiration dates ranging from November, 2008 to March, 2009.  As of July 31, 2007 the Company has capitalized $2,058,383 of costs related to its interest. b)
        On August 10, 2006, the Company acquired all of the right, title and interest to any leases on a property located in DeWitt County, Texas covered under a Participation Agreement dated September 1, 2005. The Company paid $512,750 to earn its interest, subject to a 2% carried working interest. On October 25, 2006, this lease agreement was terminated and the Company recognized an impairment of $528,756 related to this property, which included the Companys share of drilling costs. c)
        On November 1, 2006, the Company entered into an agreement to acquire a 4% interest in an oil and gas property and applicable leases located in southern Louisiana. The Company paid $222,552 as consideration which included prospect fees and property expenses.  During the fiscal year ended April 30, 2007, the Company incurred an additional $1,296 of lease costs and $582,403 of drilling expenses.  During the three month period ended July 31, 2007, the Company incurred an additional $3,634 of lease costs and $200,105 of drilling expenses. d)
        On March 1, 2007, the Company entered into a participation agreement and joint operating agreement with Houston Energy, Inc. (Houston) and Red Willow Offshore, LLC. (Red Willow) to purchase an undivided 8.92353% before casing point and 7.585% after casing point interest on Houston and Red Willows Shadyside Prospect located in St. Mary Parish, Louisiana.  At April 30, 2007, the Company paid $52,012 towards their share of G&G reimbursement and land costs incurred to date. During the three month period ended July 31, 2007, the Company incurred an additional $17,414 of lease costs and $717,839 of drilling expenses. e)
        On July 10, 2007, the Company entered into a purchase and sale agreement with CTC Minerals, Inc. whereby the Company agreed to purchase a 10% interest in the Alligator Bayou Prospect located in Matagorda and Brazoria Counties, Texas, for a purchase price of $800,000.    At July 25, 2007, the Company has capitalized $286,710 of costs related to its interest.  3.
        Stockholders Equity a)
        On January 15, 2007, the Company issued 5,000,000 restricted shares of common stock to the President of the Company at a fair value of $1.89 per share.  The shares are held in escrow by the Company and 250,000 shares are released at the end of each three-month period immediately following the effective date of the employment agreement dated October 1, 2006.  During the three month period ended July 31, 2007, 250,000 shares with a fair value of $472,500 were released from escrow and charged to consulting.  Refer to Note 6(a). b)
        On May 24, 2007, the Company entered into an agreement to appoint an individual as a member of the Companys Advisory Board. The Individual agreed to provide advisory services to the Company for an indefinite period, or until terminated by either party, in consideration for 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.  At July 31, 2007, the Company recognized $28,899 of consulting fees and the amount is included in common stock subscribed. c)
        On June 1, 2007, the Company entered into an agreement to appoint an individual as a member of the Companys Advisory Board. The Individual agreed to provide advisory services to the Company for an indefinite period, or until terminated by either party, in consideration for 37,500 restricted shares of common stock at the end of every financial quarter of the Company in which the individual serves as a member of the Companys Advisory Board.  At July 31, 2007, the Company recognized $25,500 of consulting fees and the amount is included in common stock subscribed. d)
        On July 2, 2007, the Company received $500,000 pursuant to the share issuance agreement described in Note 6(c). As consideration for the cash, the Company will issue 961,538 units at a deemed price of $0.52 per unit.  Each unit consists of one common share and one share purchase warrant.  Each whole warrant is exercisable within three years of the date of issuance at a price of $0.78 per share.  At July 31, 2007, the amount is included in common stock subscribed.  F-10     Century Petroleum Corp. (An Exploration Stage Company) Notes to the Financial Statements (Expressed in US dollars) (unaudited)   3.Stockholders Equity (continued) e)
        On July 16, 2007, the Company received an advance of $1,000,000, pursuant to the share issuance agreement described in Note 6(c). As consideration for the cash advance, the Company will issue 1,785,714 units at a deemed price of $0.56 per unit.  Each unit consists of one common share and one share purchase warrant.  Each whole warrant is exercisable within three years of the date of issuance at a price of $0.835 per share.  At July 31, 2007, the amount is included in common stock subscribed.  4.
        Warrants  A summary of the changes in the Companys share purchase warrants is presented below:  July 31, 2007
        
        April 30, 2007Number
        Weighted Average Exercise
Price
        
        Number
        Weighted Average Exercise
PriceBalance, beginning of year
        6,622,705
        1.64
        
        
        Issued
        961,538
        .78
        
        6,622,705
        1.64Issued
        1,785,714
        .84Exercised
        
        
        
        
        Forfeited / Expired
        
        
        
        
        Balance, end of period
        9,369,957
        .82
        
        6,622,705
        1.64  5.
        Related Party Transactions a)
        During the fiscal year ended April 30, 2006, the former President of the Company advanced $2,000 to the Company. At July 31, 2007, a balance of $100 is due to a related party for expense reimbursement and is non-interest bearing, unsecured and has no specific terms of repayment. b)
        During the three month period ended July 31, 2007, the Company paid $30,000 for consulting services provided by the former President of the Company. c)
        During the three month period ended July 31, 2007, the Company paid $33,000 for services provided by the President of the Company. d)
        Refer to Notes 6(a), (d) and (e).  6.
        Commitments a)
        On October 1, 2006 (the effective date), the Company hired an employee for the position of President and CEO. The contract is for a period of twelve months, and is renewable. On January 11, 2007, the contract was amended to increase the remuneration from $10,000 per month to $11,000 per month, and to increase the number of common shares to be issued from 3,000,000 shares to 5,000,000 shares of common stock. The shares are to be held in escrow by the Company and will vest and be earned as follows: 250,000 shares at the end of each three-month period immediately following the effective date. The shares have an aggregate fair value of $9,450,000.  During the fiscal year ended April 30, 2007, 500,000 shares with a fair value of $945,000 were released from escrow and charged to consulting, and an additional
$157,500 of stock-based compensation was accrued and charged to consulting.  For the three month period ended July 31, 2007, 250,000 shares with a fair value of $472,500 were released from escrow and charged to consulting. b)
        On October 10, 2006, the Company signed an agreement to rent office space in Houston, Texas beginning November 1, 2006 for a period of 12 months at $800 per month.  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 three month period ended July 31, 2007, the Company received cash proceeds of $1,500,000 and will issue 2,747,252 units. At July 31, 2007, the proceeds are included in common stock subscribed. 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.  At July 31, 2007, the Company recognized $28,899 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.  At July 31, 2007, the Company recognized $25,500 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 $2,759,284 from inception and used cash from Operations of $140,847 for the three month period ended July 31, 2007.  This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Companys ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.    F-12           Item 2.

                    Management’s Discussion and Analysis and Plan of
                        Operation. FORWARD-LOOKING STATEMENTS This
            report contains forward-looking statements within the meaning of Section 27A of the
            Securities Act and Section 21E of the Securities Exchange Act. These statements relate
            to future events or our future financial performance. In some cases, you can identify
            forward-looking statements by terminology such as “may”,
            “should”, “expects”, “plans”,
            “anticipates”, “believes”, “estimates”,
            “predicts”, “potential” or “continue” or the
            negative of these terms or other comparable terminology. These statements are only
            predictions and involve known and unknown risks, uncertainties and other factors,
            including the risks in the section entitled “Risk Factors”, that may cause
            our or our industry’s actual results, levels of activity, performance or
            achievements to be materially different from any future results, levels of activity,
            performance or achievements expressed or implied by these forward-looking
            statements. Although we believe that the expectations reflected in the
            forward-looking statements are reasonable, we cannot guarantee future results, levels
            of activity, performance or achievements. Except as required by applicable law,
            including the securities laws of the United States, we do not intend to update any of
            the forward-looking statements to conform these statements to actual
            results. Our
            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 vale of $0.001 and 1,000,000 shares of preferred stock with a
            par value of $0.001 to 483,000,000 shares of common stock with a par value of $0.001
            and 7,000,000 shares of preferred stock with a par value of $0.001. Other
            than as set out herein, we have not been involved in any bankruptcy, receivership or
            similar proceedings, nor have we been a party to any material reclassification, merger,
            consolidation or purchase or sale of a significant amount of assets not in the ordinary
            course of our business. Our
            common stock is listed for quotation on the NASD's 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.  4       On
            November 1, 2006, we entered into an agreement whereby we have acquired from Kossic Oil
            & Gas LP, a 4% working interest in the Thunder Stud Prospect, located in southern
            Louisiana. As consideration for the acquisition, we have made a payment of $222,552
            which included prospect fees and estimated property expenses. Drilling on the property
            began in late January 2007 and operations are being carried out by Sterling Energy plc.
            Target depth was reached in May 2007 and petrophysical analysis suggests that multiple
            pay horizons were encountered. The well is awaiting a production test to be conducted
            on the second half of 2007. On
            February 16, 2007, we entered into a letter of intent with Houston Energy, Inc. and Red
            Willow Offshore, LLC. wherein we have agreed to purchase an undivided 8.92353% before
            casing point and 7.585% after casing point interest on the Shadyside Prospect located
            in St. Mary Parish, Louisiana. The final participation agreement and joint operating
            agreement for the prospect were signed in May 2007 and drilling operations started in
            July 2007. Target depth was reached in September 2007 and evaluation is pending. Red
            Willow Offshore LLC is the operator of this well. On
            May 8, 2007, we entered into a letter of intent with CTC Minerals, Inc. wherein we have
            agreed to purchase a 10% interest in the Alligator Bayou Prospect located in Matagorda
            and Brazoria Counties, Texas. On July 12, 2007 we entered into a purchase and sale
            agreement with CTC Minerals. Under the agreement, we agreed to pay to CTC Minerals
            $800,000. On July 12, 2007 we paid to CTC Minerals the $800,000. We completed a
            purchase and sale agreement with CTC Minerals on July 12, 2007. Our
            plan of operation is to conduct exploration work on our properties and prospects in
            order to ascertain whether they possess economic quantities of minerals and/or
            hydrocarbons in accordance with available funds. There can be no assurance that an
            economic mineral deposit or reserve exists on any of our prospects until appropriate
            exploration work is completed. 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, gas and/or mineral deposit or reserve, we will have to spend substantial funds
            on further drilling and engineering studies before we will know if we have a
            commercially viable oil, gas and/or mineral deposit or reserve. There
            is no assurance that commercially viable oil, gas and/or mineral deposits or reserves
            exist on any of our properties; further exploration is required before we can evaluate
            whether any exist and, if so, whether it would be economically and legally feasible to
            develop or exploit those resources. Even if we complete an exploration program and we
            are successful in identifying an oil, gas and/or mineral deposit or reserve, we would
            be required to spend substantial funds on further drilling and engineering studies
            before we could know whether such deposit or reserve would constitute a commercially
            viable oil, gas and/or mineral deposit or reserve. Please refer to the section entitled
            “Risk Factors”, beginning at page 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 shares and one share
            purchase warrant. Each warrant shall entitle E&P Investments to purchase one
            additional share at an exercise price equal to 150% of the unit price at which the unit
            containing the warrant being exercised was issued, for a period of three years from the
            date such warrant is issued. The following advances have been made pursuant to our
            agreement with E&P Investments:   5        Date

                    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 2010 Employees As of
            July 31, 2007, we had no employees other than our directors and officers. We
            engage directors and contractors from time to time to supply work on specific corporate
            business and exploration programs. On
            October 1, 2006, we entered into an agreement with Mr. Hersch, our President and Chief
            Executive Officer, wherein we have agreed to pay Mr. Hersch a monthly fee of US$10,000
            and we have agreed to issue to Mr. Hersch 3,000,000 restricted shares of common stock
            issuable on October 1, 2006. On January 11, 2007 we entered into an amendment agreement
            with Mr. Hersch. Under the amendment agreement, we have agreed to pay Mr. Hersch a
            monthly fee of US$11,000 and we have agreed to issue 5,000,000 restricted shares of
            common stock issuable on October 1, 2006. The shares shall be held in escrow and
            250,000 shares shall vest at the end of each three-month period immediately following
            October 1, 2006. As of July 31, 2007, all of the 5,000,000 shares have been issued,
            750,000 of these shares have been delivered to Mr. Hersch pursuant to the amendment
            agreement and the remaining shares are being held in escrow. Consultants are retained on the basis of ability and experience. Except
            as set forth above, there is no preliminary agreement or understanding existing or
            under contemplation by us (or any person acting on our behalf) concerning any aspect of
            our operations pursuant to which any person would be hired, compensated or paid a
            finder’s fee. Competition The
            resource industry is intensely competitive. Despite competition amongst resource
            producers, there is a strong market for any gold, silver, zinc, copper, oil or gas that
            may be removed from our properties. While it is unlikely that we will discover a
            mineral deposit or reserve on our properties, if we do, the value of such properties
            will be influenced by the market price for gold, silver, zinc, copper, oil and/or gas.
            These prices, to some degree, are influenced by the amount of gold, silver, zinc,
            copper, oil and/or gas sold by advanced resource companies. In the
            resource exploration sector, our competitive position is insignificant. There are
            numerous resource exploration companies with substantially more capital and resources
            that are able to secure ownership of resource properties with a greater potential to
            host economic mineralization. We are not able to compete with such companies. Instead,
            we will focus on developing the Hermosa property and the Louisiana prospects in the
            hope that sufficient resources will be found to justify our expenditures. Compliance with Government Regulation We are
            committed to complying and, to our knowledge, are in compliance with all governmental
            and environmental regulations. Permits from a variety of regulatory authorities are
            required for many aspects of mining and drilling operations and reclamation. We do not
            currently own or operate any mines nor operate any wells and are not required to comply
            with the requirements of these regulatory authorities. We cannot predict the extent to
            which these requirements will affect our company or our property if we identify the
            existence of resources in commercially exploitable quantities. In addition, future
            legislation and regulation could cause additional expense, capital expenditures,
            restrictions, and delays in the exploration of our property.  6       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 the mineral rights on our properties. We are preparing to test
            the Thunder Stud prospect before the last quarter of calendar year 2007. The Shadyside
            Farm prospect has reached target depth and evaluation is pending. The Alligator Bayou
            prospect is expected to be drilled on the last quarter of calendar year 2007 or first
            quarter 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 through the issuance of common stock, although we
            may use shareholder loans, advances from related parties, or borrowing in the
            future. Three months ended July 31, 2007 compared to three months ended
            July 31, 2006 At
            July 31, 2007, we had working capital of $191,099, compared to working capital of
            $174,456 as at July 31, 2006. At
            July 31, 2007, our total current assets were $484,264 which consisted of cash of
            $420,223 and prepared expenses and other current assets of $64,041 compared to current
            assets of $191,774 as at July 31, 2006. At
            July 31, 2007, our total current liabilities were $293,165 compared to total current
            liabilities of $17,318 as at July 31, 2006. Operating expenses for the three months ended July 31, 2007 were
            $696,828 compared to $28,639 as at July 31, 2006, an increase of $668,189. The
            principal components for the increase of our operating expenses for the three months
            ended July 31, 2007 compared to the three months ended July 31, 2006 were consulting
            expenses, general and administrative expenses and professional fees. At
            July 31, 2007, we had cash on hand of $420,223 compared to $191,774 as at July 31,
            2006.  7       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 $3,000,000. 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 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
            July 31, 2007, we had working capital of $191,099. We have no income from operations.
            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 July 31, 2007 have incurred losses of
            $2,759,284 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 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 $1,500,000 during the period ended July 31, 2007, 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.  8       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. Pursuant to SFAS No. 141 and SFAS No. 142, as amended by EITF 04-02,
            “Whether Mineral Rights Are Tangible or Intangible Assets”, mineral
            interests associated with other than owned properties are classified as tangible
            assets. Mineral property interest will be amortized using the units-of-production
            method when production at each project commences. If mineral properties are
            subsequently abandoned or impaired, any capitalized costs will be charged to
            operations. Our
            company utilizes 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 July 31, 2007, our
            property 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 our company will assess annually whether
            impairment has occurred, and includes in the amortization base drilling exploratory dry
            holes associated with unproved properties. Our
            company applies a ceiling test to the capitalized cost in the full cost pool. The
            ceiling test limits such cost to the estimated present value, using a ten percent
            discount rate, of the future net revenue from proved reserves, based on current
            economic and operating conditions. Specifically, 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. For
            unproven properties, our company excludes from capitalized costs subject to depletion,
            all costs directly associated with the acquisition and evaluation of the unproved
            property until it is determined whether or not proved reserves can be assigned to the
            property. Until such a determination is made, our company assesses 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. Our company adds the amount of impairment assessed to the cost to be
            amortized subject to the ceiling test. As at July 31, 2007, we had no properties with
            proven reserves.  9       Recent Accounting Pronouncements In
            February 2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid Financial
            Instruments-an amendment of FASB Statements No. 133 and 140", to simplify and make more
            consistent the accounting for certain financial instruments. SFAS No. 155 amends SFAS
            No. 133, "Accounting for Derivative Instruments and Hedging Activities", to permit fair
            value re-measurement for any hybrid financial instrument with an embedded derivative
            that otherwise would require bifurcation, provided that the whole instrument is
            accounted for on a fair value basis. SFAS No. 155 amends SFAS No. 140, "Accounting for
            the Impairment or Disposal of Long-Lived Assets", to allow a qualifying special-purpose
            entity to hold a derivative financial instrument that pertains to a beneficial interest
            other than another derivative financial instrument. SFAS No. 155 applies to all
            financial instruments acquired or issued after the beginning of an entity's first
            fiscal year that begins after September 15, 2006, with earlier application allowed. The
            adoption of this statement is not expected to have a material effect on the Company's
            future reported financial position or results of operations. In
            March 2006, the FASB issued SFAS No. 156, "Accounting for Servicing of Financial
            Assets, an amendment of FASB Statement No. 140, Accounting for Transfers and Servicing
            of Financial Assets and Extinguishments of Liabilities". This statement requires all
            separately recognized servicing assets and servicing liabilities be initially measured
            at fair value, if practicable, and permits for subsequent measurement using either fair
            value measurement with changes in fair value reflected in earnings or the amortization
            and impairment requirements of Statement No. 140. The subsequent measurement of
            separately recognized servicing assets and servicing liabilities at fair value
            eliminates the necessity for entities that manage the risks inherent in servicing
            assets and servicing liabilities with derivatives to qualify for hedge accounting
            treatment and eliminates the characterization of declines in fair value as impairments
            or direct write-downs. SFAS No. 156 is effective for an entity's first fiscal year
            beginning after September 15, 2006. The adoption of this statement is not expected to
            have a material effect on the Company's future reported financial position or results
            of operations. In
            June 2006, the FASB issued FASB Interpretation No. 48, “Accounting for
            Uncertainty in Income Taxes, an interpretation of FASB Statements No. 109”. FIN
            48 clarifies the accounting for uncertainty in income taxes by prescribing a two-step
            method of first evaluating whether a tax position has met a more likely than not
            recognition threshold and second, measuring that tax position to determine the amount
            of benefit to be recognized in the financial statements. FIN 48 provides guidance on
            the presentation of such positions within a classified statement of financial position
            as well as on derecognition, interest and penalties, accounting in interim periods,
            disclosure, and transition. FIN 48 is effective for fiscal years beginning after
            December 15, 2006. The adoption of this statement is not expected to have a material
            effect on the Company's future reported financial position or results of
            operations. In
            September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”.
            The objective of SFAS 157 is to increase consistency and comparability in fair value
            measurements and to expand disclosures about fair value measurements. SFAS 157 defines
            fair value, establishes a framework for measuring fair value in generally accepted
            accounting principles, and expands disclosures about fair value measurements. SFAS 157
            applies under other accounting pronouncements that require or permit fair value
            measurements and does not require any new fair value measurements. The provisions of
            SFAS No. 157 are effective for fair value measurements made in fiscal years beginning
            after November 15, 2007. The adoption of this statement is not expected to have a
            material effect on the Company's future reported financial position or results of
            operations. In
            September 2006, the FASB issued SFAS No. 158, “Employers’ Accounting for
            Defined Benefit Pension and Other Postretirement Plans – an amendment of FASB
            Statements No. 87, 88, 106, and 132(R)”. This statement requires employers to
            recognize the over-funded or under-funded status of a defined benefit postretirement
            plan (other than a multiemployer plan) as an asset or liability in its statement of
            financial position and to recognize changes in that funded status in the year in which
            the changes occur through comprehensive income of a business entity or changes in
            unrestricted net assets of a not-for-profit organization. This statement also requires
            an employer to measure the funded status of a plan as of the date of its year-end
            statement of financial position, with limited exceptions. The provisions of SFAS No.
            158 are effective for employers with publicly traded equity securities as of the end of
            the fiscal year ending after December 15, 2006. The adoption of this statement did not
            have a material effect on the Company's financial statements.  10       In
            September 2006, the SEC issued Staff Accounting Bulletin (“SAB”) No. 108,
            “Considering the Effects of Prior Year Misstatements when Quantifying
            Misstatements in Current Year Financial Statements.” SAB No. 108 addresses how
            the effects of prior year uncorrected misstatements should be considered when
            quantifying misstatements in current year financial statements. SAB No. 108 requires
            companies to quantify misstatements using a balance sheet and income statement approach
            and to evaluate whether either approach results in quantifying an error that is
            material in light of relevant quantitative an qualitative factors. SAB No. 108 is
            effective for periods ending after November 15, 2006. The adoption of SAB No. 108 did
            not have a material effect on the Company’s financial statements. In
            February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No. 159,
            “The Fair Value Option for Financial Assets and Financial Liabilities –
            Including an Amendment of FASB Statement No. 115”. This statement permits
            entities to choose to measure many financial instruments and certain other items at
            fair value. Most of the provisions of SFAS No. 159 apply only to entities that elect
            the fair value option. However, the amendment to SFAS No. 115 “Accounting for
            Certain Investments in Debt and Equity Securities” applies to all entities with
            available-for-sale and trading securities. SFAS No. 159 is effective as of the
            beginning of an entity’s first fiscal year that begins after November 15, 2007.
            Early adoption is permitted as of the beginning of a fiscal year that begins on or
            before November 15, 2007, provided the entity also elects to apply the provision of
            SFAS No. 157, “Fair Value Measurements”. The adoption of this statement is
            not expected to have a material effect on the Company's financial
            statements. 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. 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
            have a limited operating history and as a result there is no assurance we can operate
            on a profitable basis. We
            have a limited operating history and must be considered in the exploration stage. Our
            company's operations will be subject to all the risks inherent in the establishment of
            an exploration stage enterprise and the uncertainties arising from the absence of a
            significant operating history. Potential investors should be aware of the difficulties
            normally encountered by resource exploration companies and the high rate of failure of
            such enterprises. The likelihood of success must be considered in light of the
            problems, expenses, difficulties, complications and delays encountered in connection
            with the exploration of the properties that we plan to undertake. These potential
            problems include, but are not limited to, unanticipated problems relating to
            exploration, and additional costs and expenses that may exceed current estimates. The
            expenditures to be made by us in the exploration of our properties may not result in
            the discovery of mineral deposits or reserves. Problems such as unusual or unexpected
            formations of rock or land and other conditions are involved in resource exploration
            and often result in unsuccessful exploration efforts. If the results of our exploration
            do not reveal viable commercial mineral deposits or reserves, we may decide to abandon
            our claims and acquire new claims for new exploration or cease operations. The
            acquisition of additional claims will be dependent upon us possessing capital resources
            at the time in order to purchase such claims. If no funding is  11      available, we may be forced to abandon our operations. There can be no
            assurance that we will be able to operate on a profitable basis. If
            we do not obtain additional financing, our business will fail and our investors could
            lose their investment. We had
            cash in the amount of $420,223 and working capital of $301,717 as at July 31, 2007. We
            currently do not generate revenues from our operations. Our business plan calls for
            substantial investment and cost in connection with the acquisition and exploration of
            our properties currently under lease and option. Any direct acquisition of the claim
            under lease or option is subject to our ability to obtain the financing necessary for
            us to fund and carry out exploration programs on the properties. The requirements are
            substantial. While we have arranged for advances of up to $5,000,000 from E&P
            Investments GmbH by way of a share issuance agreement entered into on December 15,
            2006, and while we have received advances for $1,500,000 during the quarter ended July
            31, 2007 and $3,000,000 from December 15, 2006 to July 31, 2007, there can be no
            assurances that we will receive any further funds from E&P Investments. Obtaining
            additional financing would be subject to a number of factors, including market prices
            for resources, investor acceptance of our properties and investor sentiment. These
            factors may negatively affect the timing, amount, terms or conditions of any additional
            financing available to us. The most likely source of future funds presently available
            to us is through the sale of equity capital and loans. Any sale of share capital will
            result in dilution to existing shareholders. Because there is no assurance that we will generate revenues, we face
            a high risk of business failure. We
            have not earned any revenues as of the date of this annual report and have never been
            profitable. We do not have an interest in any revenue generating properties. We were
            incorporated in December 2004 and to date have been involved primarily in
            organizational activities and limited exploration activities. Before we are able to
            generate revenue, we will incur substantial operating and exploration expenditures. We
            therefore expect to incur significant losses into the foreseeable future. We have
            limited operating history upon which an evaluation of our future success or failure can
            be made. Our net loss from inception to July 31, 2007 is $2,759,284. We recognize that
            if we are unable to generate significant revenues from our activities, we will not be
            able to earn profits or continue operations. We cannot guarantee that we will be
            successful in raising capital to fund these operating losses or generate revenues in
            the future. We can provide investors with no assurance that we will generate any
            operating revenues or ever achieve profitable operations. If we are unsuccessful in
            addressing these risks, our business will most likely fail and our investors could lose
            their investment. Because of the speculative nature of the exploration of natural
            resource properties, there is substantial risk that this business will
            fail. There
            is no assurance that any of the claims we explore or acquire will contain commercially
            exploitable mineral deposits or reserves. Exploration for natural resources is a
            speculative venture involving substantial risk. Hazards such as unusual or unexpected
            geological formations and other conditions often result in unsuccessful exploration
            efforts. We may also become subject to significant liability for pollution, cave-ins,
            blow-outs, leakage, fires or hazards, which we cannot insure or which we may elect not
            to insure. The payment of such liabilities may have a material adverse effect on our
            financial position. If
            we cannot compete successfully for financing and for qualified managerial and technical
            employees, our exploration program may suffer. Our
            competition in the resource industry includes large established companies with
            substantial capabilities and with greater financial and technical resources than we
            have. As a result of this competition, we may be unable to acquire additional financing
            on terms we consider acceptable. We also compete with other mining companies in the
            recruitment and retention of qualified managerial and technical employees. If we are
            unable to successfully compete for financing or for qualified employees, our
            exploration program may be slowed down or suspended.  12       We
            cannot guarantee that we will find any commercial quantities of mineral deposits or
            reserves. There
            can be no assurance that any of the properties we are exploring contain commercial
            quantities of any mineral deposits or reserves. Even if we identify commercial
            quantities of mineral deposits or reserves in any of our properties, there can be no
            assurance that we will be able to exploit such mineral deposits or reserves or, if we
            are able to exploit them, that we will do so on a profitable basis. If
            we are unable to hire and retain key personnel, we may not be able to implement our
            business plan. Our
            success is largely dependent on our ability to hire highly qualified personnel. This is
            particularly true in highly technical businesses such as resource exploration. These
            individuals are in high demand and we may not be able to attract the personnel we need.
            In addition, we may not be able to afford the high salaries and fees demanded by
            qualified personnel, or may lose such employees after they are hired. Failure to hire
            key personnel when needed, or on acceptable terms, would have a significant negative
            effect on our business. Our
            independent certified public accounting firm, in the Notes to the audited financial
            statements for the year ended April 30, 2007 states that there is a substantial doubt
            that we will be able to continue as a going concern. Our
            independent certified public accounting firm, Webb & Company P.A., state in the
            Notes to the audited financial statements for the year ended April 30, 2007 that we
            have experienced significant losses since inception. Failure to arrange adequate
            financing on acceptable terms and to achieve profitability would have an adverse effect
            on our financial position, results of operations, cash flows and prospects.
            Accordingly, there is substantial doubt that we will be able to continue as a going
            concern. Because the probability of a property ever having reserves is
            extremely remote, any funds spent on exploration will probably be lost. The
            probability of a property ever having reserves is extremely remote. It is very likely
            that our properties do not contain any reserves. As such, any funds spent on
            exploration will probably be lost which will result in a loss of your
            investment. We
            are subject to various government regulations and environmental
            concerns. We are
            subject to various government and environmental regulations. Permits from a variety of
            regulatory authorities are required for many aspects of exploration, mining and
            drilling operations and reclamation. We cannot predict the extent to which future
            legislation and regulation could cause additional expense, capital expenditures,
            restrictions and delays in the development of our properties, including those with
            respect to unpatented mining claims and oil and gas wells. Our
            activities are not only subject to extensive federal, state and local regulations
            controlling the exploration and mining and drilling operations with respect to our
            properties, but also the possible effects of such activities upon the environment.
            Future environmental legislation and regulations could cause additional expense,
            capital expenditures, restrictions and delays in the development of our properties, the
            extent of which cannot be predicted. Also, as discussed above, permits from a variety
            of regulatory authorities are required for many aspects of mining and drilling
            operations and reclamation. In connection with environmental permitting, including the
            approval of reclamation plans, we must comply with known standards, existing laws and
            regulations that may entail greater or lesser costs and delays, depending on the nature
            of the activity to be permitted and how stringently the regulations are implemented by
            the permitting authority. We are not presently aware of any specific material
            environmental constraint affecting our properties that would preclude the economic
            development or operation of any specific property. If we
            become more active on our properties, it is reasonable to expect that compliance with
            environmental regulations will increase our costs. Such compliance may include
            feasibility studies on the surface impact of the our proposed operations, costs
            associated with minimizing surface impact, water treatment and protection, reclamation
            activities, including rehabilitation of various sites, on-going efforts at alleviating
            the impact of exploration activities  13      on
            wildlife, and permits or bonds as may be required to ensure our compliance with
            applicable regulations. It is possible that the costs and delays associated with such
            compliance could become so prohibitive that we may decide to not proceed with
            exploration, development, mining and/or drilling operations on any of our
            properties. Risks Associated with Our Common Stock Trading on the OTC Bulletin Board may be volatile and sporadic, which
            could depress the market price of our common stock and make it difficult for our
            stockholders to resell their shares. Our
            common stock is quoted on the OTC Bulletin Board service of the National Association of
            Securities Dealers. Trading in stock quoted on the OTC Bulletin Board is often thin and
            characterized by wide fluctuations in trading prices, due to many factors that may have
            little to do with our operations or business prospects. This volatility could depress
            the market price of our common stock for reasons unrelated to operating performance.
            Moreover, the OTC Bulletin Board is not a stock exchange, and trading of securities on
            the OTC Bulletin Board is often more sporadic than the trading of securities listed on
            a quotation system like Nasdaq or a stock exchange like Amex. Accordingly, shareholders
            may have difficulty reselling any of the shares. Our
            stock is a penny stock. Trading of our stock may be restricted by the SEC’s penny
            stock regulations and the NADSD’s sales practice requirements, which may limit a
            stockholder’s ability to buy and sell our stock. Our
            stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9
            which generally defines “penny stock” to be any equity security that has a
            market price (as defined) less than $5.00 per share or an exercise price of less than
            $5.00 per share, subject to certain exceptions. Our securities are covered by the penny
            stock rules, which impose additional sales practice requirements on broker-dealers who
            sell to persons other than established customers and “accredited
            investors”. The term “accredited investor” refers generally to
            institutions with assets in excess of $5,000,000 or individuals with a net worth in
            excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their
            spouse. The penny stock rules require a broker-dealer, prior to a transaction in a
            penny stock not otherwise exempt from the rules, to deliver a standardized risk
            disclosure document in a form prepared by the SEC which provides information about
            penny stocks and the nature and level of risks in the penny stock market. The
            broker-dealer also must provide the customer with current bid and offer quotations for
            the penny stock, the compensation of the broker-dealer and its salesperson in the
            transaction and monthly account statements showing the market value of each penny stock
            held in the customer’s account. The bid and offer quotations, and the
            broker-dealer and salesperson compensation information, must be given to the customer
            orally or in writing prior to effecting the transaction and must be given to the
            customer in writing before or with the customer’s confirmation. In addition, the
            penny stock rules require that prior to a transaction in a penny stock not otherwise
            exempt from these rules, the broker-dealer must make a special written determination
            that the penny stock is a suitable investment for the purchaser and receive the
            purchaser’s written agreement to the transaction. These disclosure requirements
            may have the effect of reducing the level of trading activity in the secondary market
            for the stock that is subject to these penny stock rules. Consequently, these penny
            stock rules may affect the ability of broker-dealers to trade our securities. We
            believe that the penny stock rules discourage investor interest in and limit the
            marketability of our common stock. In
            addition to the “penny stock” rules promulgated by the Securities and
            Exchange Commission, the NASD has adopted rules that require that in recommending an
            investment to a customer, a broker-dealer must have reasonable grounds for believing
            that the investment is suitable for that customer. Prior to recommending speculative
            low priced securities to their non-institutional customers, broker-dealers must make
            reasonable efforts to obtain information about the customer’s financial status,
            tax status, investment objectives and other information. Under interpretations of these
            rules, the NASD believes that there is a high probability that speculative low priced
            securities will not be suitable for at least some customers. The NASD requirements make
            it more difficult for broker-dealers to recommend that their customers buy our common
            stock, which may limit your ability to buy and sell our stock.  14       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 We
            maintain disclosure controls and procedures that are designed to ensure that
            information required to be disclosed in our Securities Exchange Act of 1934 reports is
            recorded, processed, summarized and reported within the time periods specified in the
            SEC's rules and forms, and that such information is accumulated and communicated to our
            management, including our President, to allow timely decisions regarding required
            disclosure. Our
            management carried out an evaluation, under the supervision and with the participation
            of management, including our President, of the effectiveness of the design and
            operation of our disclosure controls and procedures pursuant to Exchange Act Rule
            13a-15(e). Based upon the foregoing, our President concluded that our disclosure
            controls and procedures are effective in connection with the filing of this Quarterly
            Report on Form 10-QSB for the quarter ended July 31, 2007. There
            were no changes in our internal controls or in other factors that could significantly
            affect these controls subsequent to the date of their evaluation, including any
            significant deficiencies or material weaknesses of internal controls that would require
            corrective action. Part II.

                    OTHER INFORMATIONItem 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. On May
            24, 2007, we entered into an agreement to appoint an individual as a member of our
            Advisory Board. The Individual 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 of our company
            in which the individual serves as a member of our Advisory Board. As of the date of
            this Quarterly Report on Form 10-QSB, the common shares have not yet been
            issued. On
            June 1, 2007, we entered into an agreement to appoint an individual as a member of our
            Advisory Board. The Individual 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 of our company
            in which the individual serves as a member of our Advisory Board. As of the date of
            this Quarterly Report on Form 10-QSB, the common shares have not yet been
            issued. On
            July 2, 2007, we gave notice to E&P Investments GmbH, for an advance of $500,000,
            pursuant to a share issuance agreement with E&P Investments GmbH, dated December
            15, 2006. As consideration for the cash advance, we issued to E&P Investments GmbH
            961,538 units at a deemed price of $0.52 per unit. Each unit consists of one common
            share and one common shares purchase warrant. We issued all of the 961,538 common
            shares to a non U.S. person (as that term is defined in Regulation S of the Securities
            Act of 1933) in an offshore transaction relying on  15      Regulation S and/or Section 4(2) of the Securities Act of 1933. As of
            the date of this Quarterly Report on Form 10-QSB, the common shares have not yet been
            issued. On
            July 16, 2007, we gave notice to E&P Investments GmbH, for an advance of
            $1,000,000, pursuant to a share issuance agreement with E&P Investments GmbH, dated
            December 15, 2006. As consideration for the cash advance, we issued to E&P
            Investments GmbH 1,785,714 units at a deemed price of $0.56 per unit. Each unit
            consists of one common share and one common shares purchase warrant. We issued all of
            the 1,785,714 common shares to a non U.S. person (as that term is defined in Regulation
            S of the Securities Act of 1933) in an offshore transaction relying on Regulation S
            and/or Section 4(2) of the Securities Act of 1933. As of the date of this Quarterly
            Report on Form 10-QSB, the common shares have not yet been issued. Item 3.

                    Defaults Upon Senior Securities. None. 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) Bylaws3.1

                    Articles of
                        Incorporation (incorporated by reference from our Form SB-2 Registration
                        Statement, filed on July 8, 2005).3.2

                    Bylaws
                        (incorporated by reference from our Form SB-2 Registration Statement, filed
                        on July 8, 2005).(10)

                    Material
                        Contracts10.1

                    Purchase and Sale
                        Agreement dated April 10, 2005 between our company and Multi Metal Mining
                        Corp. (incorporated by reference from our Form SB-2 Registration Statement,
                        filed on July 8, 2005).10.2

                    Asset Purchase
                        Agreement dated June 15, 2006 between our company and Site Drilling Force
                        Limited (BVI) (incorporated by reference from our Current Report on Form
                        8-K, filed on June 20, 2006).10.3

                    Assignment dated
                        August 10, 2006 (incorporated by reference from our Current Report on Form
                        8-K, filed on August 17, 2006).10.4

                    Executive
                        Employment Agreement with James B. Hersch (incorporated by reference from
                        our Current Report on Form 8-K, filed on October 5, 2006).   16        10.5

                    Amendment Agreement
                        with James B. Hersch (incorporated by reference from our Current Report on
                        Form 8-K, filed on January 17, 2007).10.6

                    Share Issuance
                        Agreement dated the 15th day of December 2006 (incorporated by reference
                        from our Current Report on Form 8-K, filed on December 19,
                        2006).10.7

                    Letter of Intent
                        with Houston Energy, Inc. and Red Willow Offshore, LLC dated February 16,
                        2007 (incorporated by reference from our Current Report on Form 8-K, filed
                        on February 26, 2007).10.8

                    Purchase and sale agreement with CTC Minerals, Inc.
                        (incorporated by reference from our Current Report on Form 8-K, filed on
                        July 25, 2007).(31)

                    302
                        Certification31.1*

                    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
                        Certification32.1*

                    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       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:
            September 14, 2007.  By: /s/ Johannes T.
            Petersen Johannes T. Petersen Chief
            Financial Officer and Secretary Principal Accounting Officer Date:
            September 14, 2007.   18