GEOPETRO RESOURCES COMPANY
SHAREHOLDER UPDATE
SAN FRANCISCO, CALIFORNIA, U.S.A., December 5, 2025 – GeoPetro Resources Company (“GeoPetro” or the “Company”) hereby provides this Shareholder Update in order to respond to incorrect statements made by an individual named Martin Hellkamp (“Hellkamp”) to certain shareholders of GeoPetro. Please be advised of the following:
1. Stuart Doshi remains the Chief Executive Officer of GeoPetro. Hellkamp’s claim that Stuart Doshi and GeoPetro’s board were removed at an August 16, 2025 special meeting is false. The purported special meeting of the shareholders of GeoPetro that Hellkamp held on August 16, 2025 was invalid and a nullity as Hellkamp did not provide the requisite notice and did not meet the minimum threshold of the votes that are prescribed in the Bylaws of the Company and the California Corporations Code Section 600(d) to call a shareholders meeting
2. Hellkamp’s claim that there was a “duly called Special Meeting of the Shareholders held on November 5, 2025” is incorrect. The November 5, 2025 meeting was not called in accordance with the California Corporations Code or GeoPetro’s Bylaws. Among other things, Hellkamp improperly “fixed the close of business on December 31, 2024 as the record date for determining the shareholders entitled to notice of, and to vote at, the Special Meeting and any adjournments or postponements thereof” in blatant disregard of Section 2.07 of GeoPetro’s Bylaws, which provide: “[f]or purposes of determining which shareholders are entitled to receive notice of any meeting, to vote, or to give consent to corporate action without a meeting, the board of directors may fix a record date in advance of such meeting or corporate action which shall not be less than 10 nor more than 60 days before any such meeting …”
3. Hellkamp’s claim that he was appointed as the Chief Executive Officer and director of GeoPetro is wrong. On November 5, 2025, Stuart Doshi provided Hellkamp with signed shareholder proxies totaling 158,711,944 votes, which all voted against the ratification of Hellkamp’s prior actions on August 16, 2025, and against the election and appointment of directors recommended by Hellkamp. Hellkamp claimed to have a total of 52,827,017 votes ratifying the August 16, 2025 rogue resolutions. Therefore, ratification of the resolutions was soundly defeated by a margin of 158,711,944 to 52,827,017. Even if the December 31, 2024 record date was assumed to be valid for purposes of discussion, the ratification of the resolutions would still have been defeated by a vote of 62,682,018 to 52,827,017.
4. GeoPetro’s address is 580 California Street, Suite 1200, San Francisco, California 94104. The 5300 Peregrine Crest Cir, Roanoke, VA 24018 address listed in Hellkamp’s correspondence is his residential address, and is not affiliated with GeoPetro.
5. GeoPetro has an accurate and complete stock registry. GeoPetro strongly recommends that its shareholders do not provide an Affidavit of Share Ownership or Shareholder Questionnaire to Hellkamp.
6. GeoPetro through its wholly-owned subsidiary continues to own a 20% Net Profits Interest in the Madisonville Project in Texas. See https://geopetro.com/portfolio-item/madisonville-project-madison-county-texas/
7. GeoPetro has not authorized any transfer of its ownership interest in the Madisonville Project to Energy Holdings of Redwood LLC.
About GeoPetro
GeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. The Company’s website is www.geopetro.com
Cautionary Statements
Certain items in this press release and other information GeoPetro provides from time to time may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately, ” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based upon GeoPetro’s historical performance and on GeoPetro’s current plans, estimates, and expectations in light of information currently available to GeoPetro. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to GeoPetro’s operations, financial results, financial condition, business, prospects, growth strategy, and liquidity. Furthermore, GeoPetro is under no obligation to update or alter any of the forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless required by law.
No regulatory authority has approved or disapproved of the information contained herein.
For further information please contact:
GeoPetro Resources Company
Stuart Doshi, President & CEO
Telephone: (415) 398-8186
E-Mail: sdoshi@geopetro.com