Breaking News

Tweet TWEET

GeoPetro Announces Intent to Appeal NYSE MKT Determination to Initiate Delisting Proceedings

GeoPetro Announces Intent to Appeal NYSE MKT Determination to Initiate
Delisting Proceedings

SAN FRANCISCO, April 16, 2013 (GLOBE NEWSWIRE) -- GeoPetro Resources Company
(NYSE MKT:GPR) ("GeoPetro" or the "Company") today announced that on April 10,
2013, the Company received notice from the NYSE MKT LLC (the "Exchange")
indicating that after a review of the plan previously submitted by the Company
to regain compliance with the Exchange's continued listing standards (the
"Plan"), the Exchange determined that the Company has not made sufficient
progress consistent with the Plan in order to regain compliance with Section
1003(a)(iv) of the NYSE MKT LLC Company Guide (the "Company Guide") by July
31, 2013 and that its securities are, therefore, subject to being delisted
from the Exchange. In the notice, the Exchange also informed the Company that
in accordance with Sections 1203 and 1009(d) of the Company Guide, the Company
has a right to appeal the Exchange's determination by requesting an oral
hearing or a hearing based on a written submission before the Exchange's
Listing Qualifications Panel (the "Panel").

The Company intends to appeal the Exchange's determination by requesting an
oral hearing before the Panel, which request will stay the delisting
determination until at least such time as the Panel renders a determination
following the hearing. The Company anticipates that the hearing will take
place in approximately six (6) to eight (8) weeks time.The Company is
undertaking steps to address the deficiencies raised by the Exchange.However,
there can be no assurance that the Company will be successful in its appeal
and that the Company's request for continued listing will be granted. Receipt
of the aforementioned notice from the Exchange, and the delisting or potential
delisting of the Company's securities by the Exchange, will not affect the
proposed merger of the Company with a wholly owned subsidiary of MCW Energy
Group Limited (previously announced), though no assurance can be given that
the conditions to the merger will be either satisfied or waived.

As previously announced on July 5, 2012, GeoPetro Resources Company received
notice from the Exchange on June 28, 2012, indicating that the Company did not
satisfy the continued listing standards of the Exchange set forth in Section
1003(a)(iv) of the Company Guide, which applies if a listed company has
sustained losses which are so substantial in relation to its overall
operations or its existing financial resources, or its financial condition has
become so impaired that it appears questionable, in the opinion of the
Exchange, as to whether the Company will be able to continue operations and/or
meet its obligations as they mature.In order to maintain its listing, the
Company was required to submit a plan addressing how it intended to regain
compliance with Section 1003(a)(iv) of the Company Guide by July 30, 2012.The
Company provided the Exchange with the Plan on July 30, 2012.On August 27,
2012, the Exchange notified the Company that it accepted the Plan and granted
the Company until September 28, 2012 to regain compliance with the continued
listing standards (the "Plan Period").Furthermore, on October 9, 2012, the
Exchange notified the Company that it had determined that, in accordance with
Section 1009 of the Company Guide, the Company made a reasonable demonstration
of its ability to regain compliance with Section 1003(a)(iv) of the Company
Guide by December 31, 2012, through which date the Exchange extended the Plan
Period.

Further, as previously disclosed in a Current Report on Form 8-K filed
November 28, 2012, the Company received notice from the Exchange on November
21, 2012, indicating that the Company did not satisfy the continued listing
standards of the Exchange set forth in Section 1003(f)(v) of the Company Guide
because the Company's common stock had traded at a low price per share for a
substantial period of time.In the notice, the Exchange predicated the
Company's continued listing on the Exchange on the Company effecting a reverse
stock split of its common stock by May 21, 2013.

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.

Additional Information and Where to Find It

This communication is being made partly in respect of the proposed transaction
involving the Company and MCW Energy Group Limited. The proposed transaction
will be submitted to the shareholders of the Company for their consideration.
In connection with the proposed transaction, the Company will prepare a proxy
statement to be filed with the SEC. The Company plans to file with the SEC
other documents regarding the proposed transaction. SHAREHOLDERS ARE URGED TO
READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER
RELEVANT DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. The definitive proxy statement will be mailed to the Company's
shareholders. You may obtain copies of all documents filed with the SEC
concerning the proposed transaction, free of charge, at the SEC's website at
www.sec.gov. In addition, shareholders may obtain free copies of the documents
filed with the SEC by the Company by going to the Company's Investor Relations
website page by clicking the "Investor Relations" link at www.geopetro.com or
by sending a written request to the Company's Secretary at 150 California
Street, Suite 600, San Francisco, CA 94111, or by calling the President of the
Company at (415) 398-8186.

The Company, its directors, and certain of its executive officers may be
considered participants in the solicitation of proxies in connection with the
proposed transaction. Information about the directors and executive officers
of the Company and their ownership of Company stock is set forth in the
Company's Annual Report on Form 10-K for the year ended December 31, 2012.

Cautionary Note Regarding Forward-Looking Statements

Certain items in this press release and other information GeoPetro provides
from time to time may constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 including, but not
necessarily limited to, statements relating to future events and financial
performance. You can identify these forward-looking statements by the use of
forward-looking words such as "outlook," "believes," "expects," "potential,"
"continues," "may," "will," "should," "could," "seeks," "approximately,"
"predicts," "intends," "plans," "estimates," "anticipates," "target,"
"projects," "contemplates" or the negative version of those words or other
comparable words. Any forward-looking statements contained in this press
release are based upon GeoPetro's historical performance and on GeoPetro's
current plans, estimates, and expectations in light of information currently
available to GeoPetro. Such forward-looking statements are subject to various
risks and uncertainties and assumptions relating to GeoPetro's operations,
financial results, financial condition, business, prospects, growth strategy,
and liquidity. For a discussion of such risks and uncertainties, see "Risk
Factors" included in GeoPetro's Annual Report on Form 10-K. Furthermore,
GeoPetro is under no obligation to update or alter any of the forward-looking
statements contained in this press release as a result of new information,
future events or otherwise, unless required by law.

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
         E-Mail:  sdoshi@geopetro.com
         Website: www.geopetro.com

GeoPetro Resources Company Logo