Petrosearch Energy Corp. (PTSG)

[Golden Cross]

Petrosearch Announces One Week Extension of Deadline for Barnett Shale Agreement
Tuesday May 2, 2:55 pm ET


HOUSTON--(BUSINESS WIRE)--May 2, 2006--On April 28, 2006, Petrosearch Energy Corporation signed an Extension Agreement Amendment with ExxonMobil Corporation, Harding Company ("Harding"), Eagle Oil & Gas Co., PS Gas Partners, LLC, and Gas Partners, L.P. which extended the deadline of the original Extension Agreement from May 2 to May 9, 2006. The original Extension Agreement extended ExxonMobil's preferential purchase rights related to the separate sale agreements between Harding Company and each of the other parties relating to the Barnett Shale project. This extension allows the parties additional time to continue the negotiations for the purpose of creating an integrated venture whereby both upstream and pipeline activities are integrated into a single venture so as to ensure availability of adequate pipeline capacity to move natural gas to the market.
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An update of the project activity will be provided upon completion of the restructuring of the agreements.

About Petrosearch

Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, was created by a team of seasoned and successful oil and gas professionals for the purpose of finding and developing oil and gas reserves across the United States. Petrosearch is currently active in Texas, Oklahoma, North Dakota, Louisiana, and Mississippi. For more information please visit www.petrosearch.com.