Petrosearch Receives Third Party Consent For Participation In Barnett Shale Project

HOUSTON, TX – July 13, 2006 – Petrosearch Energy Corporation (OTCBB:PTSG) (“Petrosearch”) announced today that Exxon Mobil Corporation has provided notice of its decision to decline to exercise its preferential purchase right and has given notice of its consent regarding the assignment of certain rights by Harding Company to Petrosearch under the February 2006 agreement covering the Barnett Shale project previously announced. President and CEO Richard Dole stated “The receipt of the waiver and consent removes the uncertainty regarding Petrosearch’s participation in the project. We look forward to the project continuing to move forward as planned.”

The parties continue to work toward definitive agreements which will restructure the project pursuant to a non-binding “Heads of Agreement” executed on May 9, 2006. The goal of the restructuring of the project is to form an integrated venture including both upstream and pipeline assets.