GeoPetro Resources Company Announces Common Stock Financing



    SAN FRANCISCO, August 14 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX:  GPR) (TSX:GEP.S) announced today that it has entered
into agreements to sell, pursuant to a private placement, 2,002,599 units in
the securities of the Company at a subscription price of $3.85 per Unit for
total gross proceeds of $7.71 million. Each unit consists of one share of
common stock of the Company and three-tenths common share purchase warrant of
the Company. Each one whole warrant shall entitle the holder to acquire one
share of common stock at a price of $4.50 per share for a period of five years
from the closing date. The units have been purchased by a group of private
investors, subject to customary closing conditions on August 13, 2007. The
Company will file a registration statement covering the common shares. Energy
Capital Solutions, LP acted as the placement agent for this private placement.

    The Company's outstanding common shares after this transaction will be
31,583,007. The gross proceeds of the sale of common shares will be used to
fund the Company's exploration and development program and for general working
capital purposes.

    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 sdoshi@geopetro.com

Organization Profile

GEOPETRO RESOURCES COMPANY

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