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GeoPetro Resources Company Provides Update On The Cook Inlet Project In Alaska

Initial Exploration Well

The initial target in the Cook Inlet Project was identified by GeoPetro after the Company reprocessed certain 2-D seismic data which it acquired from AMOCO on the Point MacKenzie Block.  GeoPetro has identified a sizeable initial target with an estimated resource potential of up to one trillion cubic feet of natural gas.  The prospect covers approximately eighteen (18) sections (11,500 acres) under structural closure, and the LEA #1 well will target conventional gas in the Middle and Lower Tyonek Formations as well as the Hemlock Formation.  A striking feature of this prospect is the presence of a DHI overlying the target formations that is visible on the seismic data.  A DHI is a seismic anomaly that is indicative of a natural gas accumulation.  The North Cook Inlet and Beluga River Gas Fields, both located approximately forty (40) miles southwest of the Point MacKenzie Block, are estimated to have had original ultimate recoverable reserves of 2.3 and 1.2 trillion cubic feet of gas, respectively, before substantial production commenced in the 1970s.

The well will be located less than two miles from the Enstar 20" natural gas pipeline which has abundant spare capacity.  This proximity to a major pipeline provides rapid and relatively inexpensive access to the lucrative Anchorage gas market where the 2010 natural gas price approximates $7.00 per thousand cubic feet (Mcf), significantly higher than the current gas prices in the lower forty eight states of the United States.

Additional Prospects Targeted in the Cook Inlet Project

Preliminary log analysis and seismic data indicate the Point MacKenzie and Trading Bay Blocks may contain conventional accumulations of natural gas reserves in Tertiary sandstones in addition to the prospect identified at the LEA #1 location.  Structural anticlines and/or domes within the Alaska Leases may contain large undrilled gas reservoirs.  Sandstone units also pinch-out toward the margins of the basin and may have formed stratigraphic traps within the Alaska Leases.  In the past, oil and gas exploration has focused on oil production and anticlinal gas traps, but stratigraphic accumulations have been largely unexplored in the Cook Inlet.

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