GeoPetro Resources Company Applies to Cease to Be A Reporting Issuer in Canada

SAN FRANCISCO, Jan. 22 /PRNewswire-FirstCall/ -- GeoPetro Resources Company ("GeoPetro" or the "Company") (NYSE Amex: GPR) today announced that, further to its voluntary delisting from the Toronto Stock Exchange in March 2009, it has applied to the Alberta Securities Commission for a decision deeming it to have ceased to be a reporting issuer in all of the provinces of Canada. As a reporting issuer under applicable Canadian securities laws, GeoPetro is subject to Canadian filing and continuous disclosure requirements in addition to those applicable under the U.S. Securities Exchange Act of 1934 and the requirements of the NYSE Amex exchange.  A decision by the Alberta Securities Commission that GeoPetro has ceased to be a reporting issuer in Canada will not affect GeoPetro's listing on the NYSE Amex exchange or its reporting obligations under U.S. securities laws. If the decision is granted, GeoPetro will no longer be a reporting issuer in any jurisdiction in Canada and will no longer be subject to Canadian continuous disclosure requirements.

GeoPetro has undertaken to continue to send or provide to its security holders in Canada all disclosure material that it is required to send or provide to U.S. resident holders of GeoPetro's securities of the same class, in the same manner and at the same time that such material is required to be sent or provided to U.S. resident security holders under applicable United States federal securities laws and stock exchange requirements. This information is also available to GeoPetro security holders through the U.S. Securities and Exchange Commission website at www.sec.gov.

Stuart J. Doshi, GeoPetro's Chairman, President and CEO, stated that "we remain committed to transparency with our listing on the NYSE Amex exchange and our reporting obligations under U.S. securities laws.  Our application to the Alberta Securities Commission will eliminate costs associated with reporting requirements in Canada, most of which were duplicative given our U.S. listing and the information we already file with the U.S. Securities and Exchange Commission."

Cautionary Statements

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. Elsewhere, GeoPetro has assembled a geographically diversified portfolio of exploratory and appraisal prospects.

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 and other factors 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. The Company does 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.

SOURCE GeoPetro Resources Company