GP Energy to drill two oil prospects in Argentina

Gold Point Energy has contracted a drill rig to drill two exploratory wells on the Capricorn License in Salta Province of Northern Argentina during October 2007. The Capricorn License is strategically located along an oil producing trend of five fields that have estimated ultimate reserves of 22.0 million barrels of oil (”MMBO”).

Key Energy Services S.A. Rig #106 has been contracted and scheduled to drill two wells on the Capricorn License in Salta Province, Argentina during October, 2007. GP Energy, Antrim Argentina S.A. (”Antrim”) and APCO Argentina Inc. (”APCO”), the Project Operator, have agreed to drill the Lomas de Guayacán x-1 well on the Martinez del Tineo Oueste Prospect (”MDTO Prospect”) and the Peña Azul x-1 well on the Estacion Pizarro Oueste Prospect (”EPO Prospect”).

The Capricorn License is located adjacent to the Puesto Guardian Block which has five oil fields that produce from the upper Cretaceous Yacoraite formation. These fields have produced 14.7 MMBO and have estimated ultimate recoverable reserves of 22.0 MMBO according to the Instituto Argentino del Petróleo y del Gas.

The Company entered into a farm-in agreement dated October 4, 2006 with APCO and Antrim to earn a 25% interest in the MDTO Prospect within the Yacimiento Norte 1/B Block, also known as the Capricorn License, in Salta Province, Argentina.