SAN FRANCISCO, June 27, 2012 (GLOBE NEWSWIRE) -- GeoPetro Resources Company (NYSE Amex:GPR) ("GeoPetro", "we", "our" or the "Company") is pleased to announce that it now owns 100% working interest in the Swan Hills Project, Central Alberta, Canada through its wholly owned subsidiary GeoPetro Canada Ltd. The successful acquisition of the remaining two-thirds (2/3) working interest from PetroBakken Energy Ltd. and Mosaic Energy Ltd. is in exchange for an overriding royalty interest, thus not requiring any upfront cash payment from GeoPetro.
The Swan Hills Project covers 4,480 acres. The acreage is shot with high quality 3D seismic which has identified a large and attractive reefal complex with a potential for 50 million barrels of recoverable oil reserves or a potential for 250 billion cubic feet of recoverable natural gas reserves with significant associated oil. The project is located in the prolific Swan Hills area of Alberta and is in the general vicinity of major oil discoveries to the north (Judy Creek Field and Carson Creek Field) and major natural gas discoveries with significant associated oil to the south and to the west (Rosevear Field and Kaybob South Field). A well is planned for the 4th quarter of 2012 or 1st half of 2013, subject to permitting and other regulatory approvals, and securing a farmout partner.
About GeoPetro
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 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 http://www.globenewswire.com/newsroom/prs/?pkgid=11051
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 law.
No stock exchange or regulatory authority has approved or disapproved of the information contained herein.