GeoPetro Resources Company Spuds First Seberaba Appraisal Well in Its Bengara-II Block Drilling Program

    SAN FRANCISCO, September 26 /CNW/ - GeoPetro Resources Company
("GeoPetro" or the "Company") (AMEX:  GPR) (TSX:GEP.S) announced today that its
12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd.
("CGB2") has commenced drilling on the Seberaba #3 appraisal well.

    The Seberaba #3 is the second of 3 planned appraisal wells to further
evaluate the Seberaba structure in the Bengara-II Block, onshore East
Kalimantan, Indonesia. This well is planned to be drilled to a total depth of
2,800 meters (9,186 feet).

    The Seberaba #3 will test an updip structural culmination of the large
Seberaba structure at a position on the same structure approximately 2.3
kilometers northwest of the Seberaba #1 exploration well location, and
approximately 5.0 kilometers northwest of the Seberaba #4 appraisal well

    The Seberaba #3 appraisal well is being drilled with the same drilling
rig used to drill the Seberaba #1 wildcat exploration well.

    Drilling on Seberaba #1 was terminated short of the planned 4,000 meters
total depth after having reached a total depth of 2,946 meters. A 7" liner was
set at 2,917 meters in the third sidetrack after the original hole and first
two sidetrack holes were lost due to encountering a zone of overpressure below
2,930 meters.

    A smaller workover rig has been moved onto the Seberaba #1 to conduct a
series of drill stem tests.

    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,
415-398-8186 (President & CEO)

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