GeoPetro Resources Company is an oil and gas exploration, development drilling and production company. The Company has conducted leasehold acquisition, exploration and drilling activities on its North American, Australian and Indonesian prospects. As of December 31, 2008, these projects encompassed approximately 379,547 gross (161,171 net) acres, consisting of mineral leases, production sharing contracts and exploration permits. The Company’s oil and natural gas exploration, appraisal and development drilling activities are focused in four project areas: United States—Texas (onshore South and East Texas regions), Alaska (onshore Cook Inlet area) and California (onshore San Joaquin basin); Canada—Alberta (central Alberta basin); Indonesia—onshore East Kalimantan Province, and Australia—onshore in two permit areas located in the South Perth basin. On June 20, 2007, the Company agreed to sell and transfer all of its remaining property interests in Australia to an unrelated party.