Petrosearch Energy Announces First Quarter - 2007 Planned Activities

HOUSTON, TX – January 9, 2007 - Petrosearch Energy Corporation (OTCBB:PTSG) announced today its planned activities for the first quarter of 2007. Activities in the Company’s three major resource projects are focused on bringing potentially significant production volumes on-line and increasing reserve additions.

In its Barnett Shale project, a multi-rig program is scheduled for 2007 and 2008. Drilling and leasing activity will focus inside the eight county Contract Area in which Petrosearch has a 5.54% interest in the partnership that owns the leases, wells and pipeline infrastructure. The sixth well is being drilled and three more wells are estimated to be drilled in the first quarter of 2007. Completion operations are expected to begin on the existing six wells within the next two weeks. Each well is expected to take approximately two weeks to stimulate and complete. Initial production from the Barnett Shale project is anticipated in late January. In December 2006, Petrosearch completed an equity raise of $3.2 million to finance its immediate Barnett Shale project obligations. Discussions are underway with various prospective parties to provide additional financing for the project.

In the Company’s Wilcox project, completion operations began at the end of 2006 on the Kallina 46#1 well. Approximately 63 feet of perforations in the Lower Wilcox are being opened up with fracture stimulation work slated to commence prior to January 20. The well is expected to commence production immediately following the stimulation work. Petrosearch holds an 87.5% ownership interest in the Kallina 46#1 (before payout). Three offset locations will be evaluated for additional drilling during the year. Financing for the existing well was provided on a non-recourse basis from an institutional investor, which reserves the right to finance additional development activity in the field.

At the Quinduno waterflood project, discussions are ongoing to finance the next phase of development for this large and underexploited property. Financing for this venture is being pursued in the form of a joint venture with an industry partner that would fund the next round of capital required for the project. Once the waterflood project is underway and initial production response is achieved, management believes the quality of the asset will readily support conventional bank financing for the balance of required expenditures.

Elsewhere, on its Gruman property in North Dakota, water injection is scheduled to commence on January 20, 2007 (weather permitting) as part of the previously announced pressure maintenance program for that field. Production response is expected within ninety days.

Commenting on Petrosearch’s planned activity, Richard Dole, Petrosearch’s CEO stated, “In 2006 we resolved several important issues which allowed us to proceed with the development of our substantial resource base and we added further value in both the Barnett Shale and Wilcox projects. In 2007, our objective is to unlock the value of our resource projects through execution, bringing on line production and reserve additions.” ompleted this important agreement. Given the contribution of both the upstream and downstream assets by all of the partners, we are confident that the overall economics of our new ownership interest is strong. We look forward to a long-term relationship with our partners to develop this significant resource base.”