GP Energy to drill second well in Argentina

Gold Point Energy reported today that drilling operations on the Lomas de Guayacán x-1 well of the Martinez del Tineo Oeste Prospect are underway. 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 Lomas de Guayacán x-1 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.

Antrim Argentina is a wholly-owned subsidiary of Antrim Energy Inc. APCO Argentina Inc. is majority-owned by The Williams Companies, Inc. and listed and trade on the NASDAQ stock exchange under the symbol APAGF.