Petrosearch Gets Green Light for Barnett Participation

Petrosearch Energy says that Exxon Mobil Corporation has provided notice of its decision to decline to exercise its preferential purchase right and has given notice of its consent regarding the assignment of certain rights by Harding Company to Petrosearch under the February 2006 agreement covering the Barnett Shale project previously announced. President and CEO Richard Dole stated "The receipt of the waiver and consent removes the uncertainty regarding Petrosearch’s participation in the project. We look forward to the project continuing to move forward as planned."

The parties continue to work toward definitive agreements which will restructure the project pursuant to a non-binding "Heads of Agreement" executed on May 9, 2006. The goal of the restructuring of the project is to form an integrated venture including both upstream and pipeline assets.

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.