GeoPetro Resources Company Announces Second Rig Contract Awarded on Bengara-II Block, East Kalimantan, Indonesia

GeoPetro Resources Company today announced that its 12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has awarded a second, turn-key, integrated drilling services contract to drill wells planned for 2007 on the 900,000 acre Bengara-II Production Sharing Contract, onshore East Kalimantan, Indonesia. Indonesian drilling contractor PT Indo Sichuan Petroleum was awarded the contract and will deploy a land drilling rig capable of drilling to a depth of 9,800 feet. Mobilization of the rig and equipment from Sumatra to the Bengara-II Block is underway, with arrival expected in July/August.

The addition of the second rig will enable CGB2 to accelerate its exploration drilling program in Bengara-II and will also facilitate rapid appraisal of any discoveries. P.T. Indo Sichuan also supplied the drilling rig for the Seberaba-1 well.

CGB2 has a four well exploration drilling program planned for 2007.

GeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. GeoPetro currently has projects in the United States, Canada, and Indonesia. GeoPetro has developed a producing property in its Madisonville Project in Texas. Elsewhere, GeoPetro has assembled a geographically diversified portfolio of exploratory and appraisal prospects.

Cautionary Statements

This news release contains forward-looking information. Statements contained in this news release relating to future results, events and expectations are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties, scheduling, re-scheduling and other factors which may cause the actual results, performance, schedules or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's Form S-1 on file with the U.S. Securities and Exchange Commission.

No stock exchange or regulatory authority has approved or disapproved of the information contained herein. GeoPetro's common shares which trade on the Toronto Stock Exchange contain the ".S" suffix in the trading symbol indicating that the common shares are subject to trading restrictions imposed pursuant to Regulation S under the 1933 Act. In particular, the common shares which trade on the Toronto Stock Exchange may not, for a period of two years from the date of issuance, be offered or sold to persons in the United States or U.S. persons except in transactions exempt from registration under the 1933 Act. Hedging transactions involving the common shares must not be conducted unless in accordance with the 1933 Act.


Contact:

GeoPetro Resources Company
Stuart J. Doshi, President & CEO, 415-398-8186
sdoshi@geopetro.com

Source: GeoPetro Resources Company