Petrosearch Energy Announces First Quarter Results and Project Updates

HOUSTON, TX – May 17, 2007, Petrosearch Energy Corporation (OTCBB: PTSG) filed its quarterly Form 10-QSB with the SEC this week. While we encourage you to read the entire filed document, we would like to highlight several events that have occurred in the first quarter and provide a brief update of the Company’s activity since our previous ” Letter to Shareholders” issued on April 2, 2007.

The Company completed a $10,000,000 convertible debt financing during the quarter giving us a strong cash position. There has also been interest by multiple financing sources to provide project and venture financing in an effort to support our projects as they continue to grow. We will continue to assess all financing opportunities as the projects in our portfolio evolve and develop.

Below is a summary of key project highlights which are more fully described in the Form 10-QSB.

Barnett Shale Project - The transition of project operations for the Barnett Shale Project ("Barnett Project") to Metroplex Barnett Shale LLC (a wholly owned entity of Exxon Mobil Corporation) has been completed and the activity level has been ramped up. The Barnett Project is an integrated natural gas venture in the "core" of the Fort Worth Basin. The Barnett Project is unique in that it controls much of its own destiny as a result of owning its own transportation to natural gas markets and having, through the Barnett Project operator, access to drilling rigs, high quality operating methods and leasing capabilities. The Barnett Project has permitted 17 locations; nine wells have been drilled (one abandoned due to drilling problems) and four wells have been completed of which three are producing to sales lines and the fourth is in the process of being hooked up to the gathering system. The average peak daily volume for the first three wells has exceeded our initial expectations. The Company expects to continue an aggressive drilling and leasing program through 2007, 2008 and beyond.

North Texas Panhandle Water Flood - A hearing with the Texas Railroad Commission is currently scheduled in June of this year to review the application for injection operations on our North Texas Panhandle project. We are seeking timely approval so we can complete our development plans and the related financing for the project. Engineering studies have estimated potential gross recoverable reserves from our leases in the field of approximately 9 million barrels of oil equivalent.

SW Garwood Project - In our Kallina 46#1 well in the SW Garwood project we have completed and are testing gas production for commerciality from an upper sand within the Lower Middle Wilcox zone and expect to add zones further up the hole.

President and CEO of Petrosearch, Richard Dole stated, "We are extremely pleased with the initial results in our Barnett Shale project and look forward to the continued development of this important asset. We believe the future growth of this project, along with the development of our other core assets will have a significant positive impact on future revenues and production."

The following is a Summary of Certain Historical Financial Information for the quarters ended March 31, 2007 and 2006:

Summary Financial Results**

** For more detailed information see our March 31, 2007 Form 10-QSB