Petrosearch Energy Corp.

Petrosearch Energy Corp., Houston, (OTCBB: PTSG) is considering strategic alternatives for all of its assets including the possible sale. Petrosearch recently offered its 5.5% interest with DDjet, a partnership involving ExxonMobil Corp., Irving, Texas, (NYSE: XOM) and Harding Co., Dallas, formed in December 2006 to develop gas in the Barnett shale with assets including leasehold acreage, existing wells, equipment, pipelines and rights of way in the Fort Worth Basin. Additional Petrosearch assets include a 100% working interest in 1,755 acres in the Quinduno Field in Roberts County in the Anadarko Basin in the Texas Panhandle. The project is focused on infill drilling and waterflooding. Ryder Scott has estimated 1.5 million barrels proved reserves extractable by waterflood, with an additional 5 million barrels probable and possible. Potential may exist below the waterflood target. The Southwest Garwood project targeting the Wilcox trend in Colorado County, Texas, involves a 16% working interest in 640 acres; a 16% after-payout working interest in 640 acres; and an 87.5% beforepayout and 75.5% after-payout working interest in 438 acres. Three wells have been drilled with one being completed. North Dakota assets include Gruman Field in Stark County targeting Lodgepole reef. In October production averaged 127 barrels of oil and 394 barrels of water per day. Proved developed reserves as of Dec. 31 were 215,000 barrels of oil and 68 million cubic feet of gas, estimated by McCartney Engineering LLC. Mississippi assets include 725 net acres in five Tuscaloosa oil prospects in the Mississippi Inland Salt Basin in Yazoo County, comprising a maximum of 2,295 acres and up to 18 potential drilling locations. Approximately 55% of the entire prospect acreage has been leased. Petrosearch owns 100% of the prospect before farmout. Total targeted gross reserves are approximately 10 million barrels of oil equivalent. Contact Richard Dole, 713-334-5123.