GP Energy updates Argentina drilling

Gold Point Energy announces that the Peña Azul x-1 well on the Estacion Pizarro Oeste Prospect has been plugged and abandoned based upon the recommendation of the Project Operator. Drilling operations are expected to commence on the Lomas de Guayacán x-1 well on the Martinez del Tineo Oeste Prospect by early December.

The Lomas de Guayacán x-1 well is the second of two exploratory wells to be drilled on the Capricorn License in Salta Province of Northern Argentina. Results of the second well are expected by late December.

The two exploration wells are part of the farm-in obligations associated with an agreement dated October 4, 2006 that GP Energy executed with Antrim Argentina S.A. (”Antrim”) and APCO Argentina Inc. (”APCO”), the Project Operator.