GeoPetro Resources Company Updates Progress on Madisonville Plant Expansion.

SAN FRANCISCO -- GeoPetro Resources Company ("GeoPetro" or the "Company") (AMEX:GPR) (TSX:GEP.S) announced today a progress update on its Madisonville Project located in East Texas.

GeoPetro has been advised by representatives of Madisonville Gas Processing, LP ("MGP") that construction of the expanded portion of the natural gas treatment plant at its Madisonville Project is now complete. As previously announced, the additional facilities are designed to be capable of treating 50 million cubic feet of gas per day ("MMcf/d"), which combined with the capacity of the current in-service treating facilities will represent a total designed treating capacity of 68 MMcf/d for the Madisonville plant.

MGP further advises that the major contractor involved in the construction of the new plant is presently conducting a full "walk-through" inspection of the completed facility to identify physical changes made during construction, prepare a complete revised set of "as-built" process and instrument flow diagrams, confirm that all changes were in compliance with all safety, process safety management and operational policies, make physical changes needed at the plant before it can be deemed safe and mechanically sound and allow start up with full warranty.

Pre-startup safety reviews with all plant personnel will commence this week and will be completed by next week. Several additional days will be required to reduce the temperature in the "cold box" of the facility to the required temperature level to begin treating GeoPetro's gas. Based on this schedule, the expanded plant should begin treating GeoPetro's gas by the end of September.

About GeoPetro Resources Company

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.