Petrosearch Energy Announces Second Quarter Results and Project Updates

HOUSTON, TX – August 15, 2007, Petrosearch Energy Corporation (OTCBB: PTSG) filed its quarterly Form 10-QSB with the SEC yesterday. While we encourage you to read the entire filed document, we would like to highlight several events that have occurred since our last update and provide a few highlights of the Company’s activity.

We have continued to evaluate multiple financing sources to provide project and venture financing in an effort to support our projects as they continue to grow.

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

Barnett Shale Project - The Barnett Shale Project is an integrated natural gas venture in the “core” of the Fort Worth Basin. The Barnett Shale Project is unique because the partnership owns its own transportation to natural gas markets and has, through the Barnett Project operator, access to drilling rigs, high quality operating methods and leasing capabilities. Highlights from the Barnett Shale Project include:

• Production revenues increased 372% from the first to second quarter of 2007
• Two deep drilling rigs are running (one shallow rig is also being used to set surface casing)
• Partnership continues to grow acreage position and currently holds approximately 25,000 net acres in the contract area
• 25 locations have been permitted to date
• 12 wells have been drilled or are being drilled
  • Four wells completed and are selling gas through partnership owned pipeline
  • Five wells drilling or awaiting completion
  • Two wells have been abandoned due to mechanical failures
  • One well is being evaluated
• Average peak daily volume for producing wells has exceeded the Company’s expectations

North Texas Panhandle Water Flood – We are currently negotiating with an international oilfield service company a joint undertaking that would provide an alternative to using fresh water as our primary source of injection fluids. In addition, we are also in negotiations with other potential joint venture partners to provide access to development capital and expertise so we can accelerate the progress of this project.

SW Garwood Project - In our Kallina 46#1 well in the SW Garwood project we have tested and abandoned as non-commercial several zones up to the top of the Lower Wilcox. Testing is in progress on a zone at 13,456’ and consideration is being given to adding zones shallower in the wellbore.

President and CEO of Petrosearch, Richard Dole stated, “We are pleased with the progress made over the last quarter in our Barnett Shale project. We continue to believe that the future growth of this project, along with the development of the North Texas Panhandle Water Flood Project and our other assets will have a significant positive impact on future revenues and production.”

The following is a summary of certain historical financial information for the six months ended June 30, 2007 and 2006:

Summary Financial Results**

** For more detailed information see our June 30, 2007 Form 10-QSB