GeoPetro Resources Company Announces 2nd Rig Tendered for Bengara-II 2007 Drilling Program

    SAN FRANCISCO, April 20 /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
called for tenders to provide a second drilling rig to drill the third and
fourth wells of the four planned wildcat exploration wells for this year on
the Bengara-II PSC, onshore East Kalimantan, Indonesia. Bid submission closes
on the 18th of May and CGB2 expects to award the drilling contract shortly

    The second rig is being sought to accelerate the planned exploration
program and ensure GeoPetro's objective of completing the drilling and testing
of four new exploration wells this year. The second rig will be a smaller,
lighter and more compact unit than the first rig deployed. It will not be
capable of drilling as deep as the first rig but will be sufficient to drill
two of the four planned 2007 wildcats and allow CGB2 to drill two wells at the
same time.

    The first rig is set to drill the first planned exploration well, the
Seberaba-1, to a programmed total depth of 13,200 feet. That rig is now on
location and rigging up and is expected to commence drilling shortly. The
Seberaba-1 will take 75 to 90 days to drill and test. Upon completion of
drilling and testing operations on the Seberaba-1, the rig will be moved to
drill the Punga-1 prospect to 12,500 feet.

    The second rig is expected to be on location in the third quarter of 2007
to spud the first of two other exploration wells, planned for the Apung-1 and
Bekawas-1 prospects, each programmed to a total depth of about 6,900 feet.

    GeoPetro is an independent oil and natural gas company headquartered in
San Francisco, California. GeoPetro currently has projects in the United
States, Canada, Indonesia and Australia. GeoPetro has developed a producing
property in its Madisonville Project in Texas. Elsewhere, GeoPetro has
assembled a geographically diversified portfolio of exploratory and appraisal

    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 Form S-1 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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