Petrosearch Energy Provides Financial and Operational Summary on North Texas Panhandle Water Flood Project

HOUSTON, TX – June 27, 2008, Petrosearch Energy Corporation (OTCBB: PTSG)today has provided a detailed financial and operational summary of the North Texas Panhandle Water Flood Project, also known as the Quinduno Field Project (“Quinduno Project”).

The Company acquired 100% of the working interest in 1,755 acres of the Quinduno Field of Roberts County, Texas in November 2005 and for the last two and a half years the Company has spent a significant amount of time and resources to clear the technical and regulatory hurdles to water flooding the Lower Albany Dolomite formation. The Company anticipates initial water injection in the third quarter of 2008.

Financial Summary

The reserve estimates for the Quinduno lease have been made by a third party engineering firm; and those estimates are contained in the table below for the period ending 12/31/07, net to our working interest. The total estimated capital cost as of year-end 2007 to realize the reserves is $22,083,700; however, the Company estimates that only $3-5 million of risk capital is necessary to judge the efficacy of the water flood, after which we expect to be able to attract economic financing. The probable and possible reserves are incremental in nature and therefore, to be realized, do not require additional capital.

Based on this third party forecast of rates and reserves, and assuming product prices of $120/bo and $10/Mcf, our internal estimate of undiscounted and discounted cash flows net of capital cost, net to Petrosearch as of June 1, 2008 is:

* As of December 31, 2007 - estimated by third party engineering firm

Petrosearch also engaged the services of a second independent, third party engineering firm specializing in water floods to provide a single pattern simulation based on the known properties of the rock and fluids. The results of this model agree favorably with the rates and volumes estimated by the Company’s third party engineering firm.

Operational Update

At present, the initial pattern in the project is nearing completion. The producing well needed for the first 5-spot pattern (one producing well surrounded by four injection wells) of the water flood, has been drilled and the conversion or re-entry of four injection wells is almost complete. The surface facilities are expected to be completed within 3-4 weeks. The construction of the third party water treatment facility is also nearing completion, and treated water is expected to start being injected into the formation in the third quarter of 2008. Completion of the first pattern and the commencement of water injection into the formation will begin to allow the Company to determine the level of the response of the water flood and allow for commencement of production in the field. This will also allow for the movement of proved reserves from the undeveloped category to the producing category.

Operational Summary/History

Since acquiring the Quinduno lease on the southeastern flank of this large, hydrocarbon rich structural dome, Petrosearch has:

• Signed an agreement with a large salt water disposal and oil field services company for the construction of a multi-million dollar water treatment facility on the Company’s lease at the sole expense of the service company. The plant will make all of the necessary water available for injection at a very small operating cost to Petrosearch, as well as clean up the Company’s own produced water later in the life of the project. This eliminates the need for capital that we would otherwise require to drill, operate and maintain the Company’s own water source wells over the life of the project.
• Established its right to use fresh water from the Ogallala aquifer as a secondary source for injection.
• Obtained approval from the Texas Railroad Commission for the use of produced salt water made available by other operators in the Panhandle as the primary source of injection water. This unconventional approach to securing our injection fluids required extensive discussion with the TRRC with the added benefit of enhancing oil recovery while disposing of produced waste water.
• Obtained the necessary permits from the TRRC for converting existing wells and re-entering abandoned wells so they can be used for injecting both fresh and salt water.
• Signed an agreement with the mineral/surface owner that allows the Company to rejuvenate the field with reasonable restrictions and damage costs.
• Drilled the first new producer for the initial injection pattern, cleaned out 6 existing wells in preparation for conversion to water injection and converted 2 existing shut-in wells for injection. Re-entered two plugged wells, one of which we are in the process of converting to water injection.

About Petrosearch

Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, is a resource based energy company with activities focused on two major projects: the Barnett Shale trend, and the Anadarko basin of the North Texas Panhandle. For more information please visit www.petrosearch.com..

Forward Looking Statements

Statements contained herein and the information incorporated by reference herein may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements can be identified by the use of forward-looking terminology such as, but not limited to, "may," "will," "expect," "anticipate," "estimate," "would be," "believe," or "continue" or the negative or other variations of comparable terminology. We intend such forward-looking statements to be covered by the safe harbor provisions applicable to forward-looking statements contained in Section 21E of the Exchange Act. Such statements (none of which is intended as a guarantee of performance) are subject to certain assumptions, risks and uncertainties, which could cause our actual future results, achievements or transactions to differ materially from those projected or anticipated. Some of such risks and uncertainties are set forth below.

Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demands and acceptance, changes in technology, economic conditions, the impact of competition and pricing, and government regulation and approvals. Petrosearch cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those Petrosearch expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the credit and capital markets generally, as well as our ability, and the ability of prospective purchasers of the DDJET partnership interests, to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business.

Our expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, including without limitation, our examination of historical operating trends, data contained in our records and other data available from third parties. There can be no assurance, however, that our expectations, beliefs or projections will result, be achieved, or be accomplished.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no duty to update these forward-looking statements.

Investor Relations Contact:
Piedmont IR, LLC
Keith Fetter or Darren Bankston
Phone:  678-455-3696
Email:    info@piedmontir.com