GeoPetro Resources Company Updates Progress on Madisonville Plant Expansion

    SAN FRANCISCO, September 4 /CNW/ - GeoPetro Resources Company ("GeoPetro"
or the "Company") (AMEX:  GPR) (TSX:GEP.S) announced today a progress update on
its Madisonville Project located in East Texas.

    GeoPetro has been advised by representatives of Madisonville Gas
Processing, LP ("MGP") that construction of the expanded portion of the
natural gas treatment plant at its Madisonville Project is now complete. As
previously announced, the additional facilities are designed to be capable of
treating 50 million cubic feet of gas per day ("MMcf/d"), which combined with
the capacity of the current in-service treating facilities will represent a
total designed treating capacity of 68 MMcf/d for the Madisonville plant.

    MGP further advises that the major contractor involved in the
construction of the new plant is presently conducting a full "walk-through"
inspection of the completed facility to identify physical changes made during
construction, prepare a complete revised set of "as-built" process and
instrument flow diagrams, confirm that all changes were in compliance with all
safety, process safety management and operational policies, make physical
changes needed at the plant before it can be deemed safe and mechanically
sound and allow start up with full warranty.

    Pre-startup safety reviews with all plant personnel will commence this
week and will be completed by next week. Several additional days will be
required to reduce the temperature in the "cold box" of the facility to the
required temperature level to begin treating GeoPetro's gas. Based on this
schedule, the expanded plant should begin treating GeoPetro's gas by the end
of September.

    About GeoPetro Resources Company

    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,
President & CEO, 415-398-8186

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