SAN FRANCISCO, Oct. 16, 2012 (GLOBE NEWSWIRE) -- GeoPetro Resources Company (NYSE MKT:GPR) ("GeoPetro" or the "Company") today announced that Kunlun Energy Ltd. ("Kunlun"), acting in its capacity as operator of the Bengara-II Production Sharing Contract ("PSC"), has terminated negotiations with the Indonesian government for an extension of the PSC's term. Consequently the PSC shall be relinquished and allowed to expire in accordance with its terms.
The Company is disappointed that Kunlun could not work out agreeable terms for an extension with the Indonesian government. However, Kunlun's decision in this regard does provide the Company with an opportunity to potentially re-acquire a participation in the same block under new PSC terms and with a renewed time period when the block comes out for public tender in 2013. The Company will evaluate its options in this regard.
GeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. GeoPetro currently has projects in the United States and Canada. GeoPetro has developed an oil and gas property in its Madisonville Field Project in Texas. Elsewhere, GeoPetro has assembled a geographically-diversified portfolio of exploratory and appraisal prospects.
The GeoPetro Resources Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11051
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