Central European Petroleum Ltd. Provides Drilling Update on the Barth-11 Exploration Well in Germany

CALGARY, ALBERTA--(Marketwire - June 3, 2011) - The following is an update provided by Central European Petroleum Ltd. ("CEP") with respect to the Barth-11 well located in the German state of Mecklenberg-Vorpommern.

The Barth-11 exploration well has drilled over 3,400 metres of hole to date and continues to drill a horizontal section within the targeted Zechstein Stassfurt carbonate formation. To date, approximately 530 meters of the formation has been horizontally drilled and the presence of hydrocarbons in the reservoir has been confirmed. Upon entering the target formation, continuous shows of C1 (methane) – C5 (pentane), suggestive of an oil charged system, have been detected in the mud logs with gas readings of up to 2800 units. Measurements while drilling and drill cuttings analysis have also revealed that, in addition to natural fractures, a portion of the reservoir has porosity values above pre-drill expectations.

CEP is encouraged by these early drilling results, however, at this time it is too early to determine whether or not a commercial oil and gas reservoir has been found. Once drilling is completed in early June, a well testing unit is planned to be brought to determine potential commerciality of the reservoir. While the results to date are positive, much more time and investment will be required before the significance of the Barth-11 findings can be fully understood.

Central European Petroleum Ltd. is a private Canadian petroleum company headquartered in Calgary, Alberta, Canada with a subsidiary office in Berlin. To date, the company has invested more than $42mm (30mm euros) exploring for hydrocarbons within its leases covering 1.4 million acres (547,000 hectares) in eastern Germany. For more information on the company, please contact Mr. Paul McDougall.

Forward Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of CEP) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain drilling rigs and other services; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, skilled personnel and supplies; risks associated with the uncertainty of resource estimates; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical, drilling and processing problems; the uncertainty of estimates and projections of production; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and natural gas operations; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things: the timing and costs of drilling and completion expenditures; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; the ability of the Company to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; and the general stability of the economic and political environment in which the Company operates. Readers are cautioned that the foregoing list of factors is not exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. CEP does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Additional disclosure

CEP is not a reporting issuer and CEP's securities are not traded on any stock exchange in any jurisdiction, including without limitation, in Canada or the United States, and thus, is not subject to regulation by any stock exchange.