HOUSTON--(BUSINESS WIRE)--Petrosearch Energy Corporation (OTCBB: PTSG.OB) filed its quarterly Form 10-Q for the quarter ending March 31, 2008 yesterday. While we encourage you to read the entire filed document, this release is intended to summarize some of the significant information disclosed in our filing.

Barnett Shale Project - The Company has a 5.54% limited partnership interest in the DDJET exploration entity (“DDJET”) which has drilled 14 producing wells on its Barnett Shale project with one well awaiting completion and one well being drilled. Current daily production exceeds 20,000 Mcfd (gross) through the privately held pipeline. Meanwhile, the Company continues to evaluate the strategic alternatives available as a result of a sales marketing program by DDJET to interested potential purchasing parties (as previously announced).

North Texas Panhandle Water Flood – The Company has recently commenced the first phase of the water flood project which entails the conversion of four existing wells to water injection wells. These conversions will allow for the Company to begin enhanced oil recovery and to satisfy its water injection obligations (as previously announced). Two of the first four injection wells for the initial flood pattern have successfully been converted for water injection, with the third in process of being converted and the fourth to follow shortly. The producing oil well needed for the first phase of the water flood is already in place in the center of the pattern.

The construction of the water treatment facility continues and it is estimated that the facility will be operational at approximately the same time the wells will be ready for water injection.

Revolving Credit Facility - In April 2008 our revolving credit facility with Fortuna Energy, LP matured and was paid in full to the lender through a payment of $1,602,500. The Company no longer has an outstanding debt related to the revolving credit facility.

Colorado County, Texas - Project Financing - In May 2008 the Company received a full release of all the liens, security interests, rights, claims and benefits of every kind in, on and under the November 2006 Secured Term Note related to the Kallina 46#1. Being that the financing was specifically recourse to the Kallina 46#1 well and the associated lease acreage, the debt related to this financing will be extinguished on the financial statements of the Company in May 2008 as well as the Company will record approximately $1 million in ordinary income in the second quarter as a result of derecognizing the interest expense associated with the financing. Also, as a part of this transaction, the Company has conveyed their interest in the Kallina 46#1 well and the associated lease acreage to a third party who will be responsible for the plugging of the well.

By making the final payment on the revolving credit facility and securing the release as to the non-recourse project financing, the Company’s only remaining long term indebtedness relates to the February 2007 and the November 2007 convertible note transactions previously announced.

President and CEO of Petrosearch, Richard Dole stated, “We continue to have discussions with various financial and strategic partners to work with the Company in order to maximize the value of our core assets. We are pursuing all the options related to our Barnett Shale and Water Flood projects in order to maximize shareholder value.”

The following is a summary of certain historical financial information for the three months ended March 31, 2008 and 2007:

Summary Financial Results**:
						Three Months ended March 31				Three Months ended March 31
						2008				2007
				Gross Revenues		$	554,433			$	362,976
				Operating Loss			(783,182	)			(632,054	)
				Net Operating Loss Per Share			(.02	)			(.02	)
				Working Capital			81,360				2,238,922
				Shares O/S			41,238,926				40,941,841
** For more detailed information see our March 31, 2008 Form 10-Q

About Petrosearch

Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, is a resource based energy company with activities focused on two major projects: the Barnett Shale trend, and the Anadarko basin of the North Texas Panhandle. For more information please visit www.petrosearch.com.

Forward Looking Statements

The content and information in this letter is for informational purposes only and is intended for use by persons resident in jurisdictions where such use is permitted by law (including applicable securities laws) and is not to be construed as a prospectus or a public offering or advertisement of securities of Petrosearch. Statements contained herein and the information incorporated by reference herein may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements can be identified by the use of forward-looking terminology such as, but not limited to, "may," "will," "expect," "anticipate," "estimate," "would be," "believe," or "continue" or the negative or other variations of comparable terminology. We intend such forward-looking statements to be covered by the safe harbor provisions applicable to forward-looking statements contained in Section 21E of the Exchange Act. Such statements (none of which is intended as a guarantee of performance) are subject to certain assumptions, risks and uncertainties, which could cause our actual future results, achievements or transactions to differ materially from those projected or anticipated. Some of such risks and uncertainties are set forth below.

Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demands and acceptance, changes in technology, economic conditions, the impact of competition and pricing, and government regulation and approvals. Petrosearch cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those Petrosearch expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the credit and capital markets generally, as well as our ability, and the ability of prospective purchasers of the DDJET partnership interests, to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business.

Our expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, including without limitation, our examination of historical operating trends, data contained in our records and other data available from third parties. There can be no assurance, however, that our expectations, beliefs or projections will result, be achieved, or be accomplished.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no duty to update these forward-looking statements.

Petrosearch Energy Corporation, Houston
Investor Relations, 713-334-5123
investor.relations@petrosearch.com
or
Piedmont IR, LLC
Keith Fetter or Darren Bankston, 678-455-3696
info@piedmontir.com