GeoPetro Resources Company Updates the Madisonville Plant Expansion in East Texas Field Pilot Project Successful

SAN FRANCISCO--(BUSINESS WIRE)--GeoPetro Resources Company ("GeoPetro" or the "Company") (AMEX: GPR) (TSX: GEP.TO) today provided a further update regarding the operational start-up of the expanded gas treatment facilities at its Madisonville Project located in East Texas.

In December 2007, Madisonville Gas Processing LP (“MGP”) informed the Company that operations were suspended in the new plant in order to make modifications to more effectively deal with the presence of diamondoids in the gas stream produced from the Rodessa Formation.

MGP has completed a pilot project in the field utilizing a prototype diesel contactor at the plant site. Results of the gas samples taken confirm that utilizing diesel as the diamondoid absorbing agent solves the diamondoid issue by removing the diamondoids from the inlet gas stream to allow for continuous operations in the new plant. MGP is awaiting results from similar tests performed using crude oil as the diamondoid absorbing agent. This data is expected shortly. Once these results are obtained, MGP will finalize cost estimates and proceed with constructing a contactor at the plant site utilizing either diesel or crude oil to absorb the diamondoids. MGP expects that operations at the additional treating facilities can commence during the third quarter of 2008.

In the meantime, the original plant continues to treat approximately 15 million cubic feet per day of inlet gas.

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, 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.

GeoPetro Resources Company
Stuart J. Doshi, 415-398-8186
President & CEO
E-Mail: sdoshi@geopetro.com
Company Website: www.geopetro.com