Petrosearch Energy Provides Corporate Update

HOUSTON, TX – November 6, 2008, Petrosearch Energy Corporation (OTCBB: PTSG) provides a review of recent significant events and the impact of those events on the future operational and corporate strategies of the Company.

Sale of Barnett Shale Project (DDJET partnership interest) - The Company made an extensive effort over the six month period prior to the sale of the DDJET partnership interest ("DDJET") to secure a strategic and/or financial partner. This strategic and/or financial partner would have allowed the Company to continue to finance its participation in DDJET going forward and to acquire a greater interest through the exercise of its contractual rights under the DDJET partnership agreement. However, unable to secure such a partner, the Company chose to maximize the value of DDJET by selling it to one of the other DDJET partners pursuant to the conditions set forth in the partnership agreement. The $36,000,000 received for DDJET (i) equated to a 242% return of the Company's original investment of $14.9 million in less than 18 months from the formation of the DDJET partnership; (ii) implied a value of $650 million for 100% of DDJET (based upon amount paid to the Company); and (iii) enabled the Company to pay off approximately $19 million in convertible debt leaving the Company with no long or short term debt and a cash balance at that time of approximately $16 million. The timing and circumstances surrounding the sale of DDJET resulted in the Company realizing a 44% premium to the alternative high bid received in the marketing process conducted by the general partner. This also allowed the Company to put some of the residual proceeds from the sale of DDJET toward the initial phase in the development of the North Texas Panhandle water flood project.

Within months of closing the aforementioned transaction the overall credit and energy market conditions deteriorated and more specifically there has been a significant decrease in the natural gas price that has resulted in a considerable devaluation of leasehold assets held and prices being paid for leasehold acreage in the Barnett Shale. According to recently published reports, Chesapeake Energy Corporation stated that the maximum price they are now willing to pay for Barnett Shale acreage is $5,000 or less per acre. In summary:

• The Company sold its DDJET partnership interest near the height of natural gas prices;
• The Company realized approximately $29,000 per net acre in the sale, as opposed to market values of approximately $5,000 per acre today; and
• For the Company to have stayed in the DDJET project it would have needed to raise capital, which was unsuccessfully attempted prior to the sale and in this current market would have been extremely difficult, if not impossible. Therefore, a possible scenario may have been that the Company would have defaulted under the DDJET partnership agreement and as a result the Company would have been forced to sell its interest for 70% of the market value (pursuant to the DDJET agreement), which assuming $5,000 per acre market values would have realized an estimated $12.2 million opposed to the $36 million actually realized.

North Texas Panhandle Water Flood - The Company has commenced the first phase of the water flood project and began injecting water into the formation in early September, 2008. To date, there are three wells that have been converted for water injection which are currently injecting water and there is one well that will be a producing well, once production is established through a response from the water flood. Currently there are 2,300 barrels of treated water per day being injected into the formation, which is the total amount of treated water that is being processed by the water treatment facility constructed on our lease by an international oilfield service company. That oilfield service company is currently in the process of ramping up the capacity of the water treatment facility and the barrels of water injected into the formation will increase as the plant increases capacity.

The Company made the decision to commence the project and implement the first phase of the water flood project using a portion of the proceeds from the sale of the DDJET partnership interest. This first phase enables the Company to spend the least amount of capital needed to measure the level of initial response of the water injection. The Company will then be able to make decisions on the future development of the project, and its impact on future potential strategic alternatives. Due to many different factors, a response time for the water flood can not be accurately projected, but the Company is hopeful that the initial level of response will be known in 3-9 months. The Company has spent approximately $2 million on the water flood project since the sale of DDJET.

Strategic Alternatives - The Company continues to seek and evaluate all strategic alternatives. Given the Company's (i) cash balance that gives the Company significant positive working capital; (ii) asset with significant proved, probable and possible reserves; and (iii) having no short term or long term debt, the Company believes it will continue to see multiple opportunities to evaluate, and if appropriate, pursue. Given the current energy asset and company valuations, and financial market conditions where access to capital, both debt and equity, has become limited, companies that have cash or access to capital have a decided advantage to avail themselves of attractive value added transactions.

Richard Dole, the Company's President and CEO stated that, "While we wait for a response from the water flood project, we continue to have discussions with various financial and strategic partners to work with the Company in order to maximize our value. Our strong financial position created through the sale of our DDJET partnership interest, coupled with the current energy and financial market conditions have put us in a fortuitous position. We must take into consideration the quality of any potential strategic option, as well as the affect that the timing of a potential response from the water flood will have on that option."

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