EXHIBIT 10.34

 

PROMISSORY NOTE

 

Amount:  $100,000

 

Date:  March 20, 2012

 

For value received, the undersigned, GeoPetro Resources Company (“Payor”),
hereby promises to pay on demand to Stuart J. Doshi (“Holder”) the principal sum
of One Hundred Thousand ($100,000.00) with interest from March 20, 2012 at a
rate of ten percent (10%) per annum, payable quarterly, or upon repayment of the
loan in the event that the loan is repaid earlier. Additionally, the Company
will issue 20,000 warrants to purchase 20,000 shares of GeoPetro Resources
Company’s common stock to the Holder or his designee(s) at an exercise price of
$0.50 per share, good for three (3) years.

 

 

Signed by:

 

GeoPetro Resources Company

 

 

 

 

 

/s/ David V. Creel

 

David V. Creel

 

Vice President 

 

 

 

 

 

/s/ Dale W. Dvoracek

 

Dale W. Dvoracek

 

Controller

 

 

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