GeoPetro Resources Company Updates Progress on Seberaba #1 Exploration Well

    SAN FRANCISCO, August 21 /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") is
continuing to drill the Company's Seberaba #1 exploration well.

    As previously announced in the Company's press release dated June 13,
2007, promising oil shows in the drill cuttings have been encountered in
sandstones below 2,000 meters depth. Shows were encountered in several zones.
Nine and five eights inch casing was set at 2,778 meters, and these promising
zones will be tested upon completion of drilling.

    Drilling on Seberaba #1 resumed, but was delayed due to a stuck drill
pipe below 2,940 meters depth. Attempts to free the drill pipe were
unsuccessful and the drill string was intentionally parted leaving
approximately 100 meters of drill pipe "fish" in the hole. Prior to the drill
pipe becoming stuck, a new zone with oil shows was encountered. An attempt to
conduct an open hole drill stem test on this zone failed to achieve any
results due to apparent collapse of the hole and plugging of the test tool.

    A cement plug has been set on top of the fish and the well was
successfully sidetracked on the second attempt at a depth of approximately
2,800 meters, and drilling has resumed. The company plans to re-drill the lost
section of hole to approximately 3,000 meters and revaluate at that time as to
whether to continue this wellbore to original target total depth of 4,000
meters or whether to set liner and conduct drill stem tests on zones already

    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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