Geopacific Resources Ltd GPR

Accelerates 2007 Bengara-II Block Drilling Pr

[Diesel44]

Things must be going well with their drilling! GeoPetro Resources Company Accelerates 2007 Bengara-II Block Drilling Program 2007-08-23 15:00 ET - News Release SAN FRANCISCO, August 23 /CNW/ - GeoPetro Resources Company ("GeoPetro" or the "Company") (AMEX: GPR) (TSX: GEP.S) announced today that its 12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. has revised and accelerated its 2007 drilling program for the Bengara-II Block, onshore East Kalimantan, Indonesia. The revised plan filed with Indonesian authorities increases the drilling program for 2007 from a total of four new exploration wells to a total of six new wells, two of which are classified as wildcat exploration wells and four of which are classified as appraisal wells. A second drilling rig contracted by the company has arrived in the Bengara-II Block last week and will spud the second well of the six well program on the Bengara-II Block later this month. Drilling on the company's first 2007 Bengara-II Block well, the Seberaba-#1 wildcat, is nearing completion and once drilling is completed the drilling rig will be released and moved to spud the third well of the 2007 program. A workover rig has arrived on location and will be deployed on the Seberaba-#1 to conduct a planned extensive formation flow testing program. A third rig is underway to the Bengara-II Block and is expected to arrive in September to expedite the completion of the 2007 drilling program. 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.