Petrosearch Offers Corporate Update Following Hurricane Ike

Petrosearch Energy Corp. announced that due to severe power outages in the Houston area as a result of Hurricane Ike, the Company's Houston corporate office was without electricity, water and phone service from September 13 to September 25, 2008. The Company is pleased to have all those necessary services restored and the Houston office is now working at full capacity as of today. We thank everyone for their support, patience and cooperation throughout this event.

During this time and at present, the Company continues to pursue the most advantageous corporate strategic alternative for the shareholders given the Company's current financial position and portfolio of assets.

The Company also announced that it has met its obligation pursuant to the agreement with Complete Production Services Inc. related to its North Texas Panhandle water flood project. This obligation required the Company to inject a minimum of 2,000 barrels of treated water per day derived from third party production water within 30 days of the water treatment facility being opened. The Company is currently injecting approximately 2,100 barrels of treated water on a 24 hour basis into the formation and expects to see a response from the water flood over the next several months.