The problem is that postgresql driver cannot be found in classpath at runtime.
In orde to solve it:
a) if you use Maven add the following to pom.xml
<dependency>
<groupId>postgresql</groupId>
<artifactId>postgresql</artifactId>
<version>9.1-901.jdbc4</version>
</dependency>
b) Otherwise just download the driver from link and place it into WEB-INF/lib
folder