Bengara-II Production Sharing Contract Negotiations Terminated

Bengara-II Production Sharing Contract Negotiations Terminated

SAN FRANCISCO, Oct. 16, 2012 (GLOBE NEWSWIRE) -- GeoPetro Resources Company
(NYSE MKT:GPR) ("GeoPetro" or the "Company") today announced that Kunlun
Energy Ltd. ("Kunlun"), acting in its capacity as operator of the Bengara-II
Production Sharing Contract ("PSC"), has terminated negotiations with the
Indonesian government for an extension of the PSC's term. Consequently the PSC
shall be relinquished and allowed to expire in accordance with its terms.

The Company is disappointed that Kunlun could not work out agreeable terms for
an extension with the Indonesian government. However, Kunlun's decision in
this regard does provide the Company with an opportunity to potentially
re-acquire a participation in the same block under new PSC terms and with a
renewed time period when the block comes out for public tender in 2013. The
Company will evaluate its options in this regard.

About GeoPetro

GeoPetro is an independent oil and natural gas company headquartered in San
Francisco, California. GeoPetro currently has projects in the United States
and Canada. GeoPetro has developed an oil and gas property in its Madisonville
Field Project in Texas. Elsewhere, GeoPetro has assembled a
geographically-diversified portfolio of exploratory and appraisal prospects.

The GeoPetro Resources Company logo is available at

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, resource estimates, estimates of
proved and probable reserves, production forecasts, 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

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

CONTACT: GeoPetro Resources Company
         Stuart J. Doshi, President & CEO
         Telephone:  (415) 398-8186

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