Gujarat State Petroleum Corporation Seeks Payment From GeoGlobal

Market Wire, August, 2007

The first phase of the exploration period relating to the production sharing contract for the Company's KG Offshore Block has expired, as extended on August 29, 2005 through March 11, 2006, without the required minimum of at least fourteen wells being drilled during the first phase. On February 24, 2006, the management committee for the KG Offshore Block recommended a further extension of the first phase of twelve months to March 11, 2007. The operator under the production sharing contract is seeking from the Government of India an extension of the exploration period and also its consent to proceeding with the second phase of the exploration period under the production sharing contract. As at August 14, 2007, this approval and consent is still outstanding. Unless this further extension is granted, the Company may be liable for consequences of non-fulfillment of the minimum work commitment in a given time frame under the production sharing contract. The production sharing contract has provisions for termination of the production sharing contract on account of various reasons specified therein including a material breach of the contract. Termination rights can be exercised after giving ninety days written notice. This failure to timely complete the minimum work commitment, though there is no precedent, may be deemed by the Government of India to be a failure to comply with the provisions of the contract in a material particular. The termination of the production sharing contract by the Government of India would result in the loss of the Company's interest in the KG Offshore Block other than areas determined to encompass "commercial discoveries". The production sharing contract sets forth procedures whereby the operator can obtain the review of the management committee under the production sharing contract as to whether a discovery on the exploration block should be declared a commercial discovery under the production sharing contract. Those procedures have not been completed at present with respect to the discovery on the KG Offshore Block and, accordingly, as of August 14, 2007, no areas on the KG Offshore Block have been determined formally to encompass "commercial discoveries" as that term is defined under the production sharing contract.

Additional important risk factors are described in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's annual report on Form 10-KSB and quarterly reports on Form 10-QSB. The filings may be viewed at http://www.sec.gov . and www.sedar.com .

Contacts: GeoGlobal Resources Inc. Allan J. Kent Executive VP and CFO (403) 777-9253 GeoGlobal Resources Inc. Carla Boland Investor Relations and Corporate Affairs (403) 777-9253 (403) 777-9199 (FAX) Email: info@geoglobal.com Website: www.geoglobal.com