SAN FRANCISCO, September 26 /CNW/ - Please replace the release with the
following corrected version due to multiple revisions.
The corrected release reads:
SOURCES COMPANY SPUDS SECOND SEBERABA APPRAISAL WELL IN ITS
BENGARA-II BLOCK DRILLING PROGRAM
GeoPetro Resources Company ("GeoPetro" or the "Company") (AMEX: GPR)
(TSX: GEP.S) today announced a correction of its press release issued earlier
today clarifying that its 12% owned Indonesian subsidiary Continental-GeoPetro
(Bengara-II) Ltd. ("CGB2") has commenced drilling on the second appraisal well
in its Bengara-II Block drilling program, the Seberaba No.3 appraisal well. It
was previously announced that this was the first appraisal well.
The Seberaba No.3 is the second of 3 planned appraisal wells to further
evaluate the Seberaba structure in the Bengara-II Block, onshore East
Kalimantan, Indonesia. This well is planned to be drilled to a total depth of
2,800 meters (9,186 feet).
The Seberaba No.3 will test an updip structural culmination of the large
Seberaba structure at a position on the same structure approximately 2.3
kilometers northwest of the Seberaba No.1 exploration well location, and
approximately 5.0 kilometers northwest of the Seberaba No.4 appraisal well
The Seberaba No.3 appraisal well is being drilled with the same drilling
rig used to drill the Seberaba No.1 wildcat exploration well.
Drilling on Seberaba No.1 was terminated short of the planned 4,000
meters total depth after having reached a total depth of 2,946 meters. A 7"
liner was set at 2,917 meters in the third sidetrack after the original hole
and first two sidetrack holes were compromised due to encountering a zone of
overpressure below 2,930 meters.
A smaller workover rig has been moved onto the Seberaba No.1 to conduct a
series of drill stem tests.
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 and is conducting a drilling program in East
Kalimantan, Indonesia. Elsewhere, GeoPetro has assembled a geographically
diversified portfolio of exploratory and appraisal prospects.
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 Annual Report on Form 10K on file with the U.S. Securities and
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.
For further information:
For further information: GeoPetro Resources Company Stuart J. Doshi,
415-398-8186 (President & CEO) firstname.lastname@example.org www.geopetro.com