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

    SAN FRANCISCO, June 13 /CNW/ - GeoPetro Resources Company ("GeoPetro" or
the "Company") (AMEX:  GPR) (TSX: GEP.S) today issued an update on the progress
of the drilling of its Seberaba #1 exploration well in the Bengara-II Block,
onshore East Kalimantan, Indonesia. GeoPetro owns 12% of Continental-GeoPetro
(Bengara-II) Ltd. ("CGB2") which in turn owns the rights to explore for and
develop oil and gas in the Bengara-II Block under a production sharing

    Drilling operations have reached the halfway mark and the well is
currently drilling below 2,000 meters on its way to a planned total depth of
4,000 meters. Some promising oil shows in the drill cuttings have been noted
above the first of four reservoir target horizons in the Meliat, Tabalar,
Tempilan, and Sujau formations, all of which are expected to be encountered
below 2,400 meters.

    The well is expected to encounter and test sandstones of the Meliat
Formation first. The Seberaba #1 well is positioned to test this reservoir
interval on a 4-way dip closed dome on the northern end of a large growth
fault structure. Meliat sandstones produce oil in fields 25 miles north of the
Seberaba #1 well location. They also flowed 19 million cubic feet per day of
high BTU content gas and 600 barrels per day of condensate at the Muara
Makapan-1 discovery well, which was drilled in 1988 and is located in our
Bengara-II Block some 9 miles north of Seberaba #1.

    The well's second target is porous limestone reefs of the Tabalar
Formation which can be observed on seismic and are located in an ideal
position to receive and trap oil generated from a nearby hydrocarbon
generating "kitchen area."

    Lastly, the Seberaba #1 will test for sandstone reservoirs in the
Tempilan Formation and again in the Sujau Formation near total planned well
depth. CGB2 geologists have observed both formations in outcrop to the west of
the Bengara-II Block where each exhibits both organic rich shales conducive to
hydrocarbon generation, and porous sandstones ideal as reservoirs. At the
Seberaba #1 location seismic data indicates these formations will be
penetrated in a fault closed rollover which should serve as an effective trap.

    The Tempilan and Sujau Formations prospects that will be tested at
Seberaba #1 are of a very similar, look-alike geology to the recent and nearby
Tulip oil discovery and to the Aster Field. The Aster Field is located
offshore about 40 miles northeast of the Seberaba #1. ENI reported last month
that its Aster #4 appraisal well flowed 5,000 barrels of oil per day of 28 API
gravity oil. ENI also reported last month a new oil discovery of "significant
size" 10 miles north of Aster Field at their Tulip-1 wildcat. ENI holds 4
production sharing contract blocks adjacent to and east of CGB2's Bengara-II
Block. Exploration activity in the Tarakan Basin is heating up, driven by
these successes and it is hoped the Seberaba #1 will continue the trend. In
the event of a successful test of the Seberaba #1, CGB2 has already selected 3
appraisal drilling locations on the Seberaba structure to further delineate
the discovery.

    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,
President & CEO, 415-398-8186

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