Petrosearch Energy Provides Update on Core Projects

HOUSTON, TX – May 5, 2008, Petrosearch Energy Corporation (OTCBB: PTSG) announces the following update on its two core projects:

Barnett Shale Project
The Company has 14 producing wells in its Barnett Shale project (“DDJET”) with one well awaiting completion and one well being drilled. Current production is approximately 21,000 Mcfd (gross) through the privately held pipeline. Four of the 14 producing wells were completed in the first quarter of 2008 each with an initial peak rate of 8,800, 6,800, 5,200 and 1,900 Mcfd (gross), respectively. All four wells completed in 2008 were in Tarrant County, Texas. DDJET continues to have one drilling rig running in the Barnett Shale and continues to acquire strategic leasehold acreage in the area of interest. Meanwhile, the Company continues to evaluate the strategic alternatives available as a result of a sales marketing program by DDJET to interested potential purchasing parties (as previously announced).

North Texas Panhandle Water Flood
The Company has recently commenced the first phase of the water flood project which entails the conversion to water injection of four existing wells. These conversions will allow for the Company to begin enhanced oil recovery and to satisfy its water injection obligations pursuant to the agreement signed with the international oilfield service company that is constructing the water treatment and supply facility on the Company’s lease. That agreement requires the Company to be capable of injecting 2,000 barrels of treated water within 30 days of the water treatment facility being completed. The facility is nearing completion.

Richard Dole, the Company’s President and CEO stated that, “We are in discussions with various financial and strategic partners to work with the Company in order to maximize our value. We continue to pursue all the options that our current DDJET situation will afford us, in conjunction with the commencement of our water flood project, and plan to implement the options that will create the most value for our shareholders.”

Note – There can be no assurance that the DDJET partnership sale effort will result in any agreements or transactions. The Company does not intend to disclose developments with respect to the sale effort or its review of related strategic alternatives unless and until its Board of Directors has made a decision regarding a specific course of action.