PetroSearch Announces Effective Date of Merger and Reverse Stock Split

HOUSTON, (Business Wire) December 22, 2004. PetroSearch Corporation (OTC:PSCP) announced today that pursuant to approval by the Board of Directors and Shareholder consent, the Company will complete a merger with PetroSearch Energy Corporation effective December 30, 2004. Upon the completion of the merger, the Company will assume the name “PetroSearch Energy Corporation” and will redomicile to the state of Nevada. The Company will also effect a 6.5-to-1 reverse stock split of its common shares effective December 30, 2004, reducing the total number of shares issued from approximately 120 million to approximately 18 million. The merger and reverse stock split was previously announced in a letter to Shareholders dated October 28, 2004 which was also posted on the Company’s website (www.petrosearch.com).

The Company has provided the required notice to The NASDAQ Stock Market, Inc. (which administers pink sheet companies) and has also received a new CUSIP number. The Company will announce its new trading symbol upon issuance and intends to commence trading under the new symbol on December 31, 2004. Registered holders of PetroSearch Corporation stock will receive written instructions from Corporate Stock Transfer, Inc., the Company’s transfer agent, giving the procedure for exchanging their PetroSearch Corporation certificates for PetroSearch Energy Corporation certificates reflecting the post-reverse adjusted number of shares. The Company will also post these instructions on the Company’s website when they become available.

Management Comments:
Richard D. Dole, a member of the Board of Directors, has agreed to serve as CEO of PetroSearch Energy Corporation. Commenting on the change, Mr. Dole said, “The shareholders have approved the Board’s recommendations for the redomicile to Nevada and the reverse split of the equity. This repositioning is an important step in making the Company attractive to institutional markets, and is part of a strategic plan to allow us to take advantage of a wider range of oil and gas development opportunities and maximize shareholder value.”

Further information on the Company can be found on our website (www.petrosearch.com).