GeoPetro Resources Company Completes Bengara-II 2007 Drilling

    SAN FRANCISCO, December 12 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX:  GPR) (TSX:GEP.S) today advised that its 12% owned
Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has
completed its 2007 drilling program in the Bengara-II block East Kalimantan,

    Drilling of the Seberaba-3 has been completed to a total depth of 2,594
meters (8,508 feet). An open hole drill stem test successfully flowed oil and
minor gas at surface from one zone. The open hole test confirms lateral
continuity of the Seberaba reservoir with at least one of the three zones from
which oil was recovered during testing of the Seberaba-1 discovery well. The
Seberaba-3 has been logged and casing has been set and a more comprehensive
production testing program is planned.

    Drilling of the Punga-1 has been completed at a total depth of 2,500
meters (8,200 feet). The well has been logged and casing has been set. A
testing program is also now planned for Punga-1 to evaluate zones with oil and
gas shows.

    The company's previous production testing of several zones in the
Seberaba-1 was hampered by formation damage caused by invasive drilling
fluids. The company is evaluating techniques and options for mitigating the
effects of similar formation damage in the testing programs planned for
Seberaba-3 and Punga-1. Production testing of Seberaba-3 and Punga-1 will
commence later this month upon arrival of additional testing and stimulation
equipment and materials ordered for this purpose and should be completed in
early 2008.

    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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