STEALTHGAS INC. REPORTS FOURTH QUARTER AND FULL-YEAR 2007 RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.1875 PER COMMON SHARE ATHENS, GREECE, February 20, 2008. STEALTHGAS INC. (NASDAQ: GASS), a shipowning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the three and twelve months ended December 31, 2007. Fourth Quarter 2007 Results: For the fourth quarter of 2007, voyage revenues amounted to $26.1 million and net income was $6.2 million, an increase of $5.7 million, or 27.9%, and an increase of $1.4 million, or 29.2%, respectively, from voyage revenues of $20.4 million and net income of $4.8 million for the fourth quarter of 2006. Basic and diluted earnings per share calculated on 22,114,105 basic weighted average number of shares and 22,169,235 diluted weighted average number of shares were $0.28 for the fourth quarter of 2007 as compared to basic and diluted earnings per share of $0.33, calculated on 14,400,000 basic and diluted weighted average number of shares for the fourth quarter of 2006. Adjusted EBITDA for the fourth quarter of 2007 was $12.0 million, an increase of $1.8 million, or 17.6%, from $10.2 million for the same period of 2006. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below. For the fourth quarter of 2007, the Company reported a non-cash expense of $1.5 million, which includes an unrealized, non-cash loss of approximately $1.2 million on four previously disclosed interest rate swap arrangements and a provision of approximately $0.3 million for restricted-stock portion of deferred stock-based compensation for the Company’s employees and directors. This compares to an approximately $0.028 million unrealized non-cash loss on three previously disclosed interest rate swap arrangements for the fourth quarter of 2006. Excluding these noncash items, net income would have been $7.7 million, or $0.35 per share, basic and diluted for the fourth quarter 2007 as compared to $4.8 million, or $0.33 per share, basic and diluted for the fourth quarter of 2006. An average of 37.5 vessels were owned by the Company in the fourth quarter of 2007, earning an average time-charter equivalent rate of approximately $7,214 per day as compared to 28.0 vessels, earning an average time-charter equivalent rate of $7,323 per day for the same period of 2006. Full-Year 2007 Results: For the twelve months ended December 31, 2007, voyage revenues amounted to $90.0 million and net income was $22.5 million, an increase of $16.7 million, or 22.8%, and an increase of $4.0 million, or 21.6%, respectively, from voyage revenues of $73.3 million and net income of $18.5 million for the twelve months ended December 31, 2006. Basic and diluted earnings per share calculated on 17,900,576 basic weighted average number of shares and 17,943,346 diluted weighted average number of shares were $1.26 for the twelve months ended December 31, 2007 as compared to basic and diluted earnings per share of 1-NY/2280242.2 2 $1.31, calculated on 14,161,096 basic and diluted weighted average number of shares for the twelve months ended December 31, 2006. Adjusted EBITDA for the twelve months ended December 31, 2007 was $45.7 million, an increase of $8.9 million, or 24.3%, from $36.7 million for the same period of 2006. A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below. For the twelve months ended December 31, 2007, the Company reported a non-cash expense of $3.9 million, which includes an unrealized, non-cash loss of $2.6 million on four previously disclosed interest rate swap arrangements and approximately $1.3 million of share-based compensation expense related to restricted share awards granted to the Company’s employees and directors during the twelve months ended December 31, 2007 as compared to 2006, where the Company reported a non-cash loss of $0.2 million on four previously disclosed interest rate swap arrangements. Excluding these non-cash items, net income would have been $26.4 million, or $1.47 per share, basic and diluted for the twelve months ended December 31, 2007, as compared to $18.7 million, or $1.32 per share, basic and diluted for the twelve months ended December 31, 2006. An average of 32.8 vessels were owned by the Company in the twelve months ended December 31, 2007, earning an average time-charter equivalent rate of approximately $7,129 per day as compared to 25.9 vessels earning an average time-charter equivalent rate of $7,174 per day for 2006. CEO Harry Vafias commented “We are very pleased to report another very solid quarter in terms of financial performance and to highlight once again the sound financial base upon which the Company is being developed. The fourth quarter saw us continue to expand our fleet of handy size LPG carriers thus continuing our policy of being the market leader in this sector which continues to have extremely strong fundamentals over the next two to three years. We also took the decision to deploy a limited amount of the capital we raised last July in the accretive acquisition of two new product carriers which are being deployed on long term secure bare boat charters thus ensuring their steady contribution to earnings over the next seven years. However as can be evidenced by our ongoing financial structure this limited use of equity in these two vessels in no way hinders our ability to continue to expand our presence in our core sector something I am confident we will continue to achieve during 2008 and beyond. Overall I am pleased to report continued increases in revenue, EBITDA and net income both in the fourth quarter and for 2007 as a whole, where revenues grew by 22.8%, operating profit was up by 28.8% and net income increased from $18.5 million to $22.5 million. Finally with some 90% of our fleet fixed on period charter for the remainder of 2008, several of which vessels we announced during last year would commence or recommence much improved charter rates during this year, we look forward with confidence not only to continuing to expand the business during 2008, but we expect to achieve further attractive growth in our financial performance during this time.” CFO Andrew Simmons commented. We remain well placed financially to continue upon the growth path embarked upon by the Company when it went public in October 2005. With our existing cash resources, as well as the expected improved cash generation by the Company in 2008, along with our low level of gearing, with net debt to capitalization standing at just 23.3% at the end of last year, we are well positioned to facilitate the expansion of the business we expect to achieve during 2008 and beyond, something to date we have more than adequately demonstrated we are able to achieve while at the same time maintaining a very sound financial structure, backed up by a secure and transparent earnings stream. Quarterly Dividend: At a Board of Directors meeting held on November 19,2008, the Company’s Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on March 6, 2008 to shareholders of record on February 29, 2008. This is the ninth consecutive quarterly dividend since the company went public in October 2005. Since then, the Company has declared quarterly dividends aggregating $1.6875 per common share. Fleet Developments: During the fourth quarter of 2007, the Company took delivery of two LPG Carriers it had previously agreed to acquire, the M/V “Gas Sophie” on October 15, 2007, and the M/V “Gas Haralambos” on October 30, 2007, expanding its fleet to 38 vessels, with an aggregate carrying capacity of 164,429 cubic meters (cbm). The M/V “Gas Sophie” is a 1995 built, 3,500 cbm Fully Pressurized (“F.P.”) LPG carrier. Upon its delivery, it was deployed on time charter for 12 months to an international gas trader. The M/V “Gas Haralambos” is a 2007 built, 7,000 cbm Fully Pressurized (“F.P.”) LPG carrier. Upon its delivery, it was deployed on a 2 year time charter to a major international commodity trader. As previously announced, the Company has an agreement to acquire an additional LPG carrier, the M/V “Gas Premiership”, a 2001 built, 7,200 cbm, Fully Pressurized (“F.P”) vessel with expected delivery in February 2008. Once this acquisition is complete, and following the sales of the three vessels described below, the Company’s fleet will be composed of 36 LPG carriers with an aggregate carrying capacity of 160,286 cbm. On November 19, 2007, the Company announced that it reached an agreement to sell to an unaffiliated entity on an en bloc basis the M/V “Gas Oracle”, the M/V Gas “Renovatio” and the M/V Gas “Nemesis”. The aggregate sale price of these vessels was $27.3 million. On January 28, 2008 the Gas “Oracle” was delivered to her new owners and on January 29, 2008, the Gas “Nemesis” was delivered to her new owners. Delivery of the Gas “Renovatio” to her new owners is expected by the end of February 2008. On December 6, 2007, the Company announced that it had agreed to acquire from an unaffiliated entity two new 47,000 deadweight M.R. type product tankers ex- yard for delivery in 2008. The first of these vessels the Navig8 Fidelity was delivered to the Company on January 9, 2008 while the second the Navig8 Faith is scheduled for delivery on February 21, 2008. About STEALTHGAS INC. Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company principally serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 36 LPG carriers with a total capacity of 156,399 cubic meters (cbm). Upon the completion of one scheduled disposal by the end of February 2008 and the acquisition and the acquisition of an additional second-hand LPG carrier expected to be delivered in February 2008, STEALTHGAS INC.’s fleet will be composed of 36 LPG carriers with a total capacity of 160,286 cbm. In addition, STEALTHGAS INC has entered into agreements to acquire two new M.R. type Product Carrier vessels of 47,000 tons deadweight each. One of these has already been delivered to the Company on January 2008 while the other is to be delivered to the Company at the end of February 2008. STEALTHGAS Inc.’s shares are listed on NASDAQ and trade under the symbol “GASS.” StealthGas Inc. Press Release