Cook Inlet Alaska, United States
On March 1, 2010, the Company announced the sale of its Cook Inlet Project to Linc Energy (Alaska) Inc. The Company has received as consideration U.S. $1.0 million upon approval of the assignments of the Alaska leases to Linc. In addition, the company will receive a U.S. $4.0 million payment from the proceeds from any oil and gas production from the Alaska leases. GeoPetro will also receive 10% 8/8ths overriding royalty interest on the Alaska leases. This acreage is believed to be prospective for conventional gas production.