Gold Point Energy says that the Peña Azul x-1 well on the Estacion Pizarro Oeste Prospect has been drilled to total depth of 2139 meters.

Drilling samples from the Yacorite formation contained minor shows of hydrocarbons. Preparations are currently being made to log the well which will provide a more definitive evaluation of the Yacorite pay zone.

Once the logs are evaluated and a decision made to case or plug the well, the rig will be moved to the second of two exploratory wells on the Capricorn License in Salta Province of Northern Argentina. Results of the second well are expected by mid-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.

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