GeoPetro Resources Company Plans 3D Seismic to Further Appraise Bengara-II



    SAN FRANCISCO, December 13 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX:  GPR) (TSX:GEP.S) today advised of plans to conduct a
large onshore 3D seismic survey to evaluate recent oil finds by its 12% owned
Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") in the
Bengara-II block East Kalimantan, Indonesia.

    The recent completion of the drilling of 4 wells in the Bengara-II Block
comes at the recently ended initial 10-year exploration period of the PSC on
December 4, 2007 and thereby satisfies the entire work program and expenditure
obligations of CGB2 under its Bengara-II production sharing contract (PSC).

    The technical information provided by drilling and testing results to
date confirm the presence of an oil accumulation. However the data is not yet
adequate to conclusively demonstrate the extent of the oil accumulation or
that it has sufficient size of oil reserves to economically justify a full
commercial development. Further technical information is required prior to
commencing development.

    CGB2 has prepared a preliminary plan of development for the Seberaba
discovery based upon drilling and testing results from the Seberaba-1 and 4
wells. Testing of the Punga-1 well and further testing on the Seberaba-3 well
is still in progress and is expected to be completed in early 2008. In
addition to these well test results, CGB2 feels additional technical
information is needed prior to finalizing the formal plan of development and
submitting it for approval to Indonesian oil and gas authorities. Approval of
the formal plan of development will automatically invoke the final 20-year
production period of the Bengara-II PSC through December 4, 2027.

    CGB2 has submitted the preliminary plan to the Indonesian authorities
together with a request for additional time of up to three years to implement
the plan and thereby obtain the additional data needed to further appraise and
prove up the Seberaba discovery prior to completing and submitting the formal
plan of development. The centerpiece of the preliminary plan is the
acquisition of a 3D seismic survey over a 400 square kilometer area of the
Bengara-II block completely covering the Seberaba-Punga structure and also
covering the adjacent prospective areas. CGB2 feels the 3D seismic survey is
needed to more accurately delineate the extent of the field and to confirm
CGB2's initial opinion that there are sufficient oil reserves to justify a
commercial development.

    The 3D seismic survey will also aid in development planning and enable
more precise well placement to maximize ultimate oil recovery. The 3D seismic
is planned to commence in 2008 soon after its approval and is expected to take
approximately 18 to 24 months to prepare, shoot, process, and interpret at an
estimated cost of about US $12 million.

    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.

    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 Annual Report on Form 10K 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.




For further information:

For further information: GeoPetro Resources Company Stuart J. Doshi,
415-398-8186 President & CEO sdoshi@geopetro.com www.geopetro.com

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GEOPETRO RESOURCES COMPANY

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