GeoPetro Resources Company Updates the Madisonville Plant Expansion in East Texas

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

Madisonville Gas Processing LP ("MGP") has informed the Company
that it has temporarily suspended the operations of the expanded
portion of the plant, (the "new plant"), for modifications to more
effectively deal with the presence of diamondoids in the gas stream
produced from the Rodessa Formation. A diamondoid is a rare, naturally
occurring compound that can segregate out of the gas stream upon a
decrease in temperature and pressure and as such, could cause
operational problems for the nitrogen rejection portion of the new
plant.

MGP has located a laboratory to provide a detailed analysis of the
composition of the diamondoids and once this analysis has been
obtained, will evaluate modifications to the operating system. The
implementation of these system modifications is expected to be
completed by MGP as soon as possible. In the meantime, the old 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
and is conducting a drilling program in East Kalimantan, Indonesia.
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 Annual Report on Form 10K 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.

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

Copyright Business Wire 2007