News Release

SAN FRANCISCO--(BUSINESS WIRE)--Jul. 7, 2009-- GeoPetro Resources Company (“GeoPetro”, “we” or the “Company”) (NYSE Amex: GPR) today announced that its 12% owned subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has awarded a contract to a local seismic acquisition contractor to conduct a seismic acquisition program in the Bengara-II Block located on the island of Borneo in East Kalimantan, Indonesia.

CGB2 intends to acquire a total of 120 square kilometers of 3D seismic and 844 line kilometers of 2D seismic at an estimated acquisition cost of US$ 28,500,000. The primary objective of the 3D seismic program is to further define and delineate the Seberaba oil discovery and the Makapan gas/condensate discovery. CGB2 is considering a joint development of Makapan gas with Seberaba oil to achieve economies of scale and provide a gas source for fuel, pressure maintenance, and artificial lift of oil.

A large part of the 2D seismic program is also intended to provide additional definition of other exploration prospects in the Bengara-II Block to firm up new exploration drilling targets for the 2010/2011 drilling program. These prospects include the Galiadap structure underneath the "oil lake" seep in the southern region of the block.

A significant portion of the seismic acquisition program is expected to be conducted in the logistically difficult and higher cost "transition zone" between a shallow marine offshore and onshore terrain. The eastern portion of the Block is situated mostly onshore but partially offshore in the shallow waters of the Sulawesi Sea and the Bulungan River Delta.

An advance party has been mobilized to the site to make arrangements for necessary permits and prepare for the arrival of survey, line-cutting, and shot-hole drilling crews. CGB2 hopes to complete the entire acquisition program in 2010 and commence appraisal and additional exploratory drilling in late 2010/2011.

About GeoPetro

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. 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 may involve known and unknown risks involving market prices for natural gas and oil, economic and competitive conditions, regulatory changes, estimates of proved and probable reserves, production forecasts, geological and engineering uncertainties, potential failure to achieve production from development drilling projects, capital expenditures and other risks and uncertainties, which may cause the actual results to be materially different from those expressed or implied by such statements. Additional risk factors include, among others, those described in the Company's Annual Report on Form 10-K on file with the U.S. Securities and Exchange Commission. We do not have any intention or obligation to update forward-looking statements included in this press release after the date of this press release, except as required by law.

No stock exchange or regulatory authority has approved or disapproved of the information contained herein.

Source: GeoPetro Resources Company

GeoPetro Resources Company
Stuart J. Doshi, President & CEO, 415-398-8186
sdoshi@geopetro.com