GeoPetro Resources Company Spuds Punga #1 Exploration Well in Its Bengara-II Block (Indonesia) Drilling Program



    SAN FRANCISCO, October 15 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX:  GPR) (TSX:GEP.S) today announced that its 12% owned
Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has
commenced drilling on the Punga #1 exploration well.

    The Punga #1 is the fourth well to be drilled as part of the 2007
drilling program for the Bengara-II Block, onshore East Kalimantan, Indonesia.
Drilling of the Punga #1 is planned to a total depth of 2,800 meters (9,186
feet).

    The Punga #1 will test a large, seismically mapped structural culmination
at a location approximately 16 miles southeast of the Seberaba #1 exploration
well location, and approximately 12 miles southeast of the Seberaba #4
appraisal well location.

    Meanwhile, drilling continues on the Seberaba #3 and Seberaba #4
appraisal wells and testing continues on the Seberaba #1 wildcat.

    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 E-Mail: sdoshi@geopetro.com Company Website:
www.geopetro.com

Organization Profile

GEOPETRO RESOURCES COMPANY

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890