GeoPetro Resources Company Acquires Acreage on High Impact Project and Announces Year End Drilling Activity in Alberta, Canada

    SAN FRANCISCO, November 30 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX:  GPR) (TSX:GEP.S) is pleased to announce the recent
acquisition of 4,480 acres (1,493 net) of undeveloped land on a high-impact
oil and gas prospect in the Swan Hills-Whitecourt area of northwestern
Alberta. The South Whitecourt prospect was initially identified as a result of
an airborne survey conducted in 2006 by Energy Exploration Technologies Inc.
("NXT"), utilizing NXT's proprietary stress-field detection ("SFD")
technology. The prospect is supported with 3-D seismic and the first well will
target the oil and gas potential of the Swan Hills and Gilwood formations at a
depth of approximately 2,800 meters (9,184 feet). Preliminary site assessment
has commenced for the drilling of this high-impact prospect in the first
quarter of 2008, subject to surface access and regulatory approval.

    The Company also announces that it plans to commence the drilling of a
high-impact prospect at Goodwin in the Swan Hills-Whitecourt area within the
next thirty days, subject to surface access. This prospect was also initially
identified utilizing SFD technology and has been geophysically confirmed with
3-D seismic data. The Company will be participating for a 50% working interest
on a farm-in basis. The well has been licensed and will be directionally
drilled to evaluate the oil and gas potential of the Nordegg and Pekisko
formations at a planned depth of 2,100 meters (6,888 feet).

    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,
President & CEO, 415-398-8186

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