CORRECTING and REPLACING GeoPetro Resources Company Spuds Second Seberaba Appraisal Well in Its Bengara-II Block Drilling Program

    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 location. 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. 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)

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