GeoPetro Resources Company

GeoPetro Resources Company

March 30, 2007 22:14 ET

GeoPetro Resources Company Announces Year End 2006 Financial Results and Oil & Gas Reserves

SAN FRANCISCO, CALIFORNIA--(CCNMatthews - March 30, 2007) - GeoPetro Resources Company ("GeoPetro" or the "Company") (TSX:GEP.S)(AMEX:GPR) today reported audited financial results for the year ended December 31, 2006. All currency amounts in this release are stated in U.S. dollars.

Revenue for the year ended December 31, 2006 was $6,716,360 compared to $7,975,990 in 2005, representing a 16% decrease from the prior year. The Company increased its 2006 natural gas production by 12% compared to 2005. The increase in production was offset by an approximate 25% decrease in net realized prices for natural gas sales. The Company reported a net loss available to common shareholders for the year ended 2006 of $1,011,806 ($0.04 per basic and diluted share), compared to a net income available to common shareholders of $2,111,074 ($0.10 and $0.09 per basic and diluted share, respectively) in the previous year.

GeoPetro has filed its 2006 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (the "SEC"). GeoPetro's Form 10-K may be accessed on the SEC's website at and is also available on the SEDAR website at The Company has also filed its management's discussion and analysis and its audited annual financial statements for the years ended December 31, 2006, 2005 and 2004 with the Canadian securities regulatory authorities. Reference is made to the text of these documents for a complete description of GeoPetro's financial position and results as at and for the year ended December 31, 2006. These documents may be accessed under GeoPetro's profile on the SEDAR website at

GeoPetro Reserve Update

The Company also announced that it has filed its Statement of Reserves and Other Oil And Gas Information (Forms 51-101 F1, F2 & F3) as at December 31, 2006, in compliance with National Instrument 51-101 of the Canadian Securities Regulators. For a complete description of the Company's natural gas reserve estimates and other oil and gas information, see the Company's Statement of Reserves and Other Oil And Gas Information, which is filed on the SEDAR website at The Company notes that the SEC does not permit the inclusion of probable reserve estimates in the Company's filings with the SEC.

GeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. GeoPetro currently has projects in the United States, Canada, Indonesia and Australia. 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 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 Form S-1 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.

Contact Information

  • GeoPetro Resources Company
    Stuart J. Doshi
    President & CEO
    (415) 398-8186