GP Energy Commences Second Argentine Well

Gold Point Energy reported Tuesday that drilling operations on the Lomas de Guayacan x-1 well of the Martinez del Tineo Oeste Prospect are under way.

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 Lomas de Guayacan 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. and APCO Argentina Inc., the Project Operator.

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