STEALTHGAS INC ANNOUNCES ACQUISITION OF TWO NEW RESALE PRODUCT CARRIERS AND THEIR DEPLOYMENT ON SEVEN YEAR BARE BOAT CHARTERS AS WELL AS CHARTER RENEWAL FOR THE GAS CHIOS December 6, 2007 ATHENS, GREECE, STEALTHGAS INC. (NASDAQ: GASS) (the "Company"), a ship owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that is has entered into contracts to acquire, from an unaffiliated party, two new 47,000 deadweight M.R. type product tankers ex yard for delivery in February and April 2008 respectively. Upon their delivery to the Company they will be deployed on seven year bare boat charters to an international oil trader. The total purchase price of the two vessels is $115 million and this will be funded by a combination of equity from the Company's successful follow on offering completed in July 2007 and bank debt. The aggregate monthly income for the two vessels is $932,672 per calendar month. Commenting on the purchases CEO Harry Vafias said "Since our successful follow on offering in July of this year we have been very active in trying to acquire further tonnage in our core sector, Handy Size LPG carriers. However due to the continued improved market conditions within this sector asset prices are still rising and existing owners have become much more reluctant to sell, therefore we took the decision to look for a secure opportunistic investment in order for us to be able to deploy some of the funds that we raised in the summer of this year in an accretive manner. As such we believe that the investment in two brand new high tech product tankers fixed on long term bare boat charters to a first class name gives us that opportunity. The LPG sector will continue to be the core of our ongoing strategy as we believe the outlook for the transportation of these gases is very positive over the coming years given, as I have discussed before, the likely increase of supply of product at a time of declining fleet growth in the Handy Size sector." The Company also announced that the existing time charter for the Gas Chios has been extended from March 2008 for a further two years with its existing charterer at a 40% increase over the current charter rate. CEO Harry Vafias commented "We are very pleased to announce this very attractive increase in the charter rate for the Gas Chios which we believe further underlines our belief that the fundamentals for our particular sector are very positive going into the next two to three years. The fact that a prime charterer has also sought to secure the vessel for their use for a further two years also in our opinion reiterates that view." StealthGas Inc. Press Release