SAN FRANCISCO, Sept. 27, 2011 /PRNewswire/ -- GeoPetro Resources Company (NYSE Amex: GPR) ("GeoPetro", "we", "our" or the "Company") is pleased to announce that the 3D seismic acquisition and processing operations on its Bengara-II Block, Indonesia have been completed. The Bengara-II Block production sharing contract ("Bengara-II PSC") is owned and operated by the Company's 12% owned subsidiary, Continental-GeoPetro (Bengara-II) Ltd. ("CGB2").
Surface damage claims disputes with prawn farm operators in the area of the seismic data acquisition program arose in 2009. These disputes have resulted in accumulated delays of two years to the original estimated date for completion of seismic recording operations. CGB2 has applied for lost time compensation to extend the exploration period of the Bengara-II PSC for an additional two years due to these delays. CGB2 has also revised its 2011 budget and increased its estimate of the total cost of the combined 3D and 2D seismic program by an additional $11.6 million, bringing the total estimated completion cost for the 2009 Bengara-II seismic program to $35 million.
Field shooting and recording operations on the 3D portion of the seismic acquisition program are now completed. The full original 3D program of 178 square kilometers (120 km2 full fold) has been recorded. Computer processing of the entire 3D program is also now completed. Interpretation of the 3D dataset has begun and is expected to be completed by end of November, 2011.
Original 2009 plans also called for a total of 920 line kilometers of new 2D seismic data to be shot and recorded. Repositioning of some lines and abandonment of others due to the prawn farm issues has resulted in a reduction of the planned 2D program. CGB2 now expects to complete a total of 685 line kilometers of new 2D seismic recording.
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