GeoPetro Resources Company
TSX : GEP.S

GeoPetro Resources Company

April 10, 2006 19:31 ET

GeoPetro Resources Company Corrects Statement in April 4, 2006 News Release

SAN FRANCISCO, CALIFORNIA--(CCNMatthews - April 10, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GeoPetro Resources Company ("GeoPetro") (TSX:GEP.S) announced on April 4, 2006 its 2005 net income available to common shareholders for the year of $2,111,074 ($0.10 and $0.09 per basic and diluted share, respectively). In comparing its correctly stated 2005 results to the previous year, GeoPetro noted today that a statement regarding its 2004 results in its April 4, 2006 news release contained an error. The April 4 news release contained a typographical error wherein it stated that the net loss available to common shareholders for the fiscal year ended December 31, 2004 was $529,363. The actual net loss available to common shareholders for that year was $2,606,978. The $0.14 loss per basic and diluted share for 2004 as stated in the April 4 news release was correct, as was the financial information for the year ended December 31, 2005 in which the Company reported net income available to common shareholders for the year of $2,111,074 ($0.10 and $0.09 per basic and diluted share, respectively). The consolidated financial statements and management's discussion and analysis filed by GeoPetro on April 4, 2006 correctly stated GeoPetro's financial results for 2004.

GeoPetro's common shares have not been registered under the United States Securities Act of 1933 (the "1933 Act") or the securities laws of any state and may not be offered or sold in the United States or to U.S. persons, except pursuant to registration under the 1933 Act or pursuant to an available exemption from such registration requirements. The ".S" suffix in the trading symbol indicates that the common shares are subject to trading restrictions imposed pursuant to Regulation S under the 1933 Act. In particular, the common shares 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.

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

Contact Information

  • GeoPetro Resources Company
    Stuart Doshi
    President & Chief Executive Officer
    (415) 398-8186
    sdoshi@geopetro.com