As previously announced in the Company's press release dated June 13, 2007, promising oil shows in the drill cuttings have been encountered in sandstones below 2,000 meters depth. Shows were encountered in several zones. Nine and five eights inch casing was set at 2,778 meters, and these promising zones will be tested upon completion of drilling.
Drilling on Seberaba #1 resumed, but was delayed due to a stuck drill pipe below 2,940 meters depth. Attempts to free the drill pipe were unsuccessful and the drill string was intentionally parted leaving approximately 100 meters of drill pipe "fish" in the hole. Prior to the drill pipe becoming stuck, a new zone with oil shows was encountered. An attempt to conduct an open hole drill stem test on this zone failed to achieve any results due to apparent collapse of the hole and plugging of the test tool.
A cement plug has been set on top of the fish and the well was successfully sidetracked on the second attempt at a depth of approximately 2,800 meters, and drilling has resumed. The company plans to re-drill the lost section of hole to approximately 3,000 meters and revaluate at that time as to whether to continue this wellbore to original target total depth of 4,000 meters or whether to set liner and conduct drill stem tests on zones already penetrated.
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 and is conducting a drilling program in East Kalimantan, Indonesia. Elsewhere, GeoPetro has assembled a geographically diversified portfolio of exploratory and appraisal prospects.
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