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GeoPetro Resources, Co. (GEOR)

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Last Post: 11/29/2018 3:48:33 PM - Followers: 7 - Board type: Free - Posts Today: 0

We are an oil and gas company in the business of exploring and developing oil and natural gas reserves on a worldwide basis. Since inception, we have conducted leasehold acquisition, exploration and drilling activities on our North American, Australian and Indonesian prospects. These projects currently encompass approximately 255,506 gross (40,540 net) acres, consisting of mineral leases, production sharing contracts and exploration permits that give us the right to explore for, develop and produce oil and natural gas. Most of these properties are in the exploration, appraisal or development drilling phase and have not begun to produce revenue from the sale of oil and natural gas. Excluding minor interest and dividend income, our only significant cash inflows until 2003 were the recovery of capital invested in projects through sale or other divestiture of interests in oil and gas prospects to industry partners.

Since 2003, substantially all of our revenue has been generated from natural gas sales derived from the Magness #1, the Fannin #1, and the Mitchell #1 wells in the Madisonville Field in East Texas under spot gas purchase contracts at market prices. Natural gas sales from the Madisonville Field are expected to account for substantially all of our revenues for the remainder of 2010. We expect the majority of our capital expenditures for the remainder of 2010 and in 2011 will be for the Madisonville Project and gas processing plant.





News Release
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GeoPetro Resources Company Secures Loan Extensions with Bank of Oklahoma and Certain Private Parties

SAN FRANCISCO, March 23, 2011 /PRNewswire via COMTEX/ --

GeoPetro Resources Company (NYSE Amex: GPR) ("GeoPetro", "we", "our" or the "Company") is pleased to announce that its wholly-owned, indirect subsidiary, Madisonville Midstream LLC ("MML"), has entered into an amendment with Bank ofOklahoma, National Association whereby the maturity date on its Term Loan has been extended by one (1) year, from December 31, 2011 to December 31, 2012. The Term Loan, which had an initial principal balance of approximately $7.7 million, has been paid down by MML to its current principal balance of approximately $4.6 million. In addition to the extension of the maturity date, the amendment reduced the per annum interest rate by three-quarters of one per cent (3/4%) to LIBOR plus four and three-quarters percentage points (4 3/4%) per annum. Based on the current LIBOR rate, this rate of interest is approximately five per cent (5%) per annum. MML also renegotiated the option to elect a Prime Interest Rate calculation (instead of the "LIBOR plus" election) which has also been reduced by three quarters of one per cent (3/4%) per annum to Prime Rate plus three and one-quarter percentage points (3 1/4%) per annum.


In addition to the above extension with Bank of Oklahoma, National Association, the Company has also successfully negotiated the extension of certain promissory notes with private parties totaling approximately $1.5 million by one (1) year, with maturity dates extending into 2012 and 2013.

Addressing the loan extensions, GeoPetro's President and CEO, Stuart J. Doshi commented "We are particularly pleased with the extension of the Term Loan facility with Bank of Oklahoma, National Association and the promissory notes with certain private parties. The loan extensions significantly improve the Company's balance sheet and liquidity. These modifications also position the Company to continue its strategic goals of enhancing production and securing a farm-out partner in the drilling of a deep well to test six (6) highly prospective zones in the Madisonville Project. The 3D seismic shows a very attractive structural closure with a high potential for a major discovery."

The Madisonville structure has been a prolific producer of oil and natural gas. The Rodessa and shallower zones have to date produced in excess of 30 million barrels of oil and 100 billion cubic feet of natural gas. The six (6) zones below the Rodessa Formation have potential recoverable reserves of approximately one (1) trillion cubic feet of natural gas.

About GeoPetro

GeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. GeoPetro currently has projects in the United StatesCanada and Indonesia. GeoPetro has developed a producing oil and gas property in its Madisonville Field 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 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.


SOURCE GeoPetro Resources Company




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#27   Fallen off https://www.rdgir.com/geopetro-resources-company/news lots of news & make it happen 11/29/18 03:48:33 PM
#26   fallen off https://www.rdgir.com/geopetro-resources-company/news lots of news & make it happen 11/29/18 03:47:45 PM
#25   GPR delisted from AMEX to OTCQB. New ticker GEOR: Renee 08/20/13 05:37:42 PM
#24   This too, popped-up, on or near 52-low. interesting Pythia 08/02/13 07:04:19 AM
#23   yeah, if buy out goes through soon it Penny Roger$ 03/05/13 01:09:27 AM
#22   @Fa$t - Do you think it will have Timothy Smith 03/04/13 11:50:01 PM
#21   Looks great at these levels here. http://stockcharts.com/c-sc/sc?s=G Penny Roger$ 03/04/13 11:47:50 PM
#20   MCW Energy Group to Acquire GeoPetro Resources Company Timothy Smith 03/04/13 08:23:35 PM
#19   ~ Monday! $GPR ~ Earnings posted, pending or Penny Roger$ 03/24/12 11:41:00 PM
#18   http://stockcharts.com/c-sc/sc?s=JMBA&p=D&b=5&g=0&i=p20985022753&r=5925 kittycattttt 01/24/12 12:26:54 AM
#17   U have L2 on this stock kittycattttt 01/20/12 01:37:30 PM
#16   Any1 has L2 kittycattttt 01/20/12 01:02:42 PM
#15   market interest is sitting on the sidelines, RonnieD 12/20/11 12:01:17 PM
#14   Some pretty important new info RonnieD 12/15/11 12:03:24 PM
#13   GeoPetro CEO to present Dec 1st with live qtarget 11/29/11 08:27:22 PM
#12   Volume beach_trades 11/16/11 03:06:13 PM
#11   Looks like they are doing a promotion with RealMarketPro 07/25/11 10:07:19 PM
#10   Tim in 2008 NG was at 13 bucks catdaddyrt 04/16/11 09:15:17 AM
#9   Probably important to note: BurrTim 03/30/11 12:26:56 PM
#8   Help and advice is both appreciated and listened BurrTim 03/28/11 07:45:26 PM
#7   Constructive or other criticism is welcome and sought after. BurrTim 03/28/11 07:40:04 PM
#6   Anyone who knows me or my postings will BurrTim 03/28/11 07:36:52 PM
#5   I am appointing myself as moderator as a BurrTim 03/28/11 07:35:26 PM
#4   trading at book value here RonnieD 03/02/11 11:08:25 AM
#3   It is AMEX listed but has had its OilStockReport 11/28/10 11:16:28 PM
#2   I just saw that this board was started jsthefacts 11/28/10 09:28:35 PM
#1   This company is an example of a great OilStockReport 11/28/10 05:02:48 AM