GeoPetro Resources Company Spuds Seberaba #1 Well in Bengara-II Block, East Kalimantan, Indonesia

    SAN FRANCISCO, April 26 /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
spudded the first well of its four well exploration drilling campaign planned
for this year in the Bengara-II Block, onshore East Kalimantan, Indonesia.

    Drilling of the 13,200 feet deep Seberaba #1 is expected to take 75 to 90
days at a cost of over $6,000,000. The Seberaba #1 will test a large faulted
structure ideally located to receive a hydrocarbon charge and trap
hydrocarbons. It will test the oil production potential of four separate
stratigraphic zones at depths between 4,900 to 13,100 feet.

    The Company's Chairman, President and CEO, Stuart J. Doshi, stated, "The
GeoPetro team and its joint venture partners have worked long and hard to get
these exciting prospects to the drilling stage. Having been personally
involved with Natomas Company for sixteen years, a company that enjoyed
substantial success in the oil and gas business in Indonesia, I'm glad that
the drilling operations have commenced and look forward to evaluating the
commercial potential of the Bengara-II Block. I would like to complement and
thank our partners, management, staff, shareholders and supporters for their

    "Since we acquired the Bengara-II PSC in 2000, we have had to overcome
certain challenges in addition to the routine technical and operational ones
we originally expected. Arranging the necessary financial commitments to drill
these wells required a concerted effort over the past several years.
Throughout this process, the principal driver has been our confidence in the
geological merits of the Bengara-II Block. For GeoPetro, a commercial
discovery on any one of this year's four exploration wells could represent a
significant addition to shareholder value."

    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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