Gold Point Energy Corp.

Gold Point Energy Corp.

October 18, 2007 09:20 ET

GP Energy Reports Sale of South Dakota Assets for $2.75 mil

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2007) - Gold Point Energy ("the Company") (TSX VENTURE:GPE)(FRANKFURT WKN # A0HGQ1) is pleased to report that it has completed the sale of all of its working interest assets in Harding County, South Dakota to Spyglass Cedar Creek, LP ("Spyglass") for net proceeds of US$2.75 million.

"This sale represents a sharpening of our strategic focus in South America. We believe that we will find better opportunities for high-impact projects that can generate strong returns for our shareholders in the less mature oil and gas regions of South America than the South Dakota projects would otherwise provide. We are currently looking at many opportunities in Argentina and Colombia and plan to redirect the proceeds of this sale into a high potential project in one of these two areas." Jack Steinhauser, President & CEO.

GP Energy held working interests in three projects in Harding County, South Dakota: a 47.5% working interest in the South Cedar Creek Anticline Prospect, a 70% working interest in the North Short Pine Hills Prospect, and a 37.5% working interest in the Saddle Butte Prospect. GP Energy and partners have previously drilled ten wells on the South Cedar Creek Anticline Prospect, seven of which tested gas from the Shannon sandstone, and two wells in the North Short Pine Hills Prospect. Spyglass is a Texas limited partnership with offices in New Braunfels, Texas.

GP Energy, a member of the Grosso Group, is engaged in the development of oil and gas projects in North and South America. The Company has experienced technical and management teams which, when combined with the business development and financial acumen of the Grosso Group, provides a high level of expertise and access to industry contacts and quality projects.


Jack S. Steinhauser, President & CEO

Certain statements contained in this press release may be considered as "forward looking". Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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