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GeoPetro Resources Announces Second Rig Contract Awarded on Bengara-II Block, Indonesia

Source: www.gulfoilandgas.com 6/28/2007, Location: Asia

GeoPetro Resources Company announced that its 12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has awarded a second, turn-key, integrated drilling services contract to drill wells planned for 2007 on the 900,000 acre Bengara-II Production Sharing Contract, onshore East Kalimantan, Indonesia. Indonesian drilling contractor PT Indo Sichuan Petroleum was awarded the contract and will deploy a land drilling rig capable of drilling to a depth of 9,800 feet. Mobilization of the rig and equipment from Sumatra to the Bengara-II Block is underway, with arrival expected in July/August.

The addition of the second rig will enable CGB2 to accelerate its exploration drilling program in Bengara-II and will also facilitate rapid appraisal of any discoveries. P.T. Indo Sichuan also supplied the drilling rig for the Seberaba-1 well.

CGB2 has a four well exploration drilling program planned for 2007.

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