Petrosearch Energy Provides Production Update

HOUSTON, TX – November 30, 2006 - announced today that production from two of its existing properties has increased subsequent to the end of its fiscal third quarter and further production additions are anticipated in early 2007. For the past 60 days, production at the Company’s Gruman property in North Dakota, has increased by 167% to approximately 160 barrels of oil equivalent per day (“boepd”) for the month of October 2006, as compared to 60 boepd for the first nine months of 2006. Production gains are the result of a recent down hole pump reconfiguration. On November 22, the Company’s application for the formation of a water flood unit on the property was approved. Petrosearch owns an 85% working interest. Permits for water injection are expected to be issued in the near term, which will allow the Company to initiate its planned pressure maintenance. Further increases in production are expected from pressure maintenance within 90 days of initiating water injection.

At Petrosearch’s Garwood Field located in Colorado County, Texas, re-completion of the Pintail #1 well in 14 feet of perforations in the Upper Wilcox has resulted in production in excess of 920 Mcf of natural gas and associated condensate equivalent per day, with flowing tubing pressure of 2,875 psi on a 7/64 inch choke. Petrosearch holds a 16% working interest in the Pintail #1 well.

Also in the Garwood field, Petrosearch is re-completing its Pintail Flats #1 and undertaking completion of its Kallina 46 #1 wells. Results from these operations should to be announced in early 2007.

Commenting on the recent gains in production, Richard Dole, Petrosearch’s Chief Executive Officer stated, “In addition to the production gains from our SW Garwood and Gruman projects, we are expecting to commence production from our Barnett Shale project in the first quarter of 2007. We believe we are building a strong base for sequential growth in production from our resource project inventory.”