GeoPetro Resources Company Announces Second Rig Contract Awarded on Bengara-II Block, East Kalimantan, Indonesia

    SAN FRANCISCO, June 28 /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
awarded a second, turn-key, integrated drilling services contract to drill
wells planned for 2007 on the 900,000 acre Bengara-II Production Sharing
Contract, onshore East Kalimantan, Indonesia. Indonesian drilling contractor
PT Indo Sichuan Petroleum was awarded the contract and will deploy a land
drilling rig capable of drilling to a depth of 9,800 feet. Mobilization of the
rig and equipment from Sumatra to the Bengara-II Block is underway, with
arrival expected in July/August.

    The addition of the second rig will enable CGB2 to accelerate its
exploration drilling program in Bengara-II and will also facilitate rapid
appraisal of any discoveries. P.T. Indo Sichuan also supplied the drilling rig
for the Seberaba-1 well.

    CGB2 has a four well exploration drilling program planned for 2007.

    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. 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 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,
President & CEO, 415-398-8186

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