GP Energy Abandons Pena Azul Well

Gold Point Energy says that the Pena 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 Guayacan x-1 well on the Martinez del Tineo Oeste Prospect by early December. The Lomas de Guayacan 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. and APCO Argentina Inc., 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.

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