GeoPetro Resources Company Accelerates 2007 Bengara-II Block Drilling Program

    SAN FRANCISCO, August 23 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX:   GPR) (TSX: GEP.S) announced today that its 12% owned
Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. has revised and
accelerated its 2007 drilling program for the Bengara-II Block, onshore East
Kalimantan, Indonesia.

    The revised plan filed with Indonesian authorities increases the drilling
program for 2007 from a total of four new exploration wells to a total of six
new wells, two of which are classified as wildcat exploration wells and four
of which are classified as appraisal wells.

    A second drilling rig contracted by the company has arrived in the
Bengara-II Block last week and will spud the second well of the six well
program on the Bengara-II Block later this month.

    Drilling on the company's first 2007 Bengara-II Block well, the
Seberaba-#1 wildcat, is nearing completion and once drilling is completed the
drilling rig will be released and moved to spud the third well of the 2007
program. A workover rig has arrived on location and will be deployed on the
Seberaba-#1 to conduct a planned extensive formation flow testing program.

    A third rig is underway to the Bengara-II Block and is expected to arrive
in September to expedite the completion of the 2007 drilling program.

    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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