SAN FRANCISCO, December 14 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX: GPR) (TSX:GEP.S) today provided an update regarding
the operational start-up of the expanded gas treatment facilities at its
Madisonville Project located in East Texas.
Madisonville Gas Processing LP ("MGP") has informed the Company that it
has temporarily suspended the operations of the expanded portion of the plant,
(the "new plant"), for modifications to more effectively deal with the
presence of diamondoids in the gas stream produced from the Rodessa Formation.
A diamondoid is a rare, naturally occurring compound that can segregate out of
the gas stream upon a decrease in temperature and pressure and as such, could
cause operational problems for the nitrogen rejection portion of the new
MGP has located a laboratory to provide a detailed analysis of the
composition of the diamondoids and once this analysis has been obtained, will
evaluate modifications to the operating system. The implementation of these
system modifications is expected to be completed by MGP as soon as possible.
In the meantime, the old plant continues to treat approximately 15 million
cubic feet per day of inlet gas.
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