Gold Point Energy Corp.

Gold Point Energy Corp.

April 28, 2008 17:00 ET

Gold Point Energy Announces Year End Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - Gold Point Energy ("the Company") (TSX VENTURE:GPE)(FRANKFURT WKN # A0HGQ1) announced year end results for the fiscal year ending December 31, 2007. The Company reported a loss of $4.4 million on revenue of $0.4 million. For the previous year the Company reported a loss of $3.5 million on revenue of $0.7 million. GPE has also filed the NI 51-101F1 Report containing oil and gas information as at its fiscal year ended December 31, 2007, as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.

GPE established its first production revenue in 2007 of $165,746 by farming in to a workover program in the Flor de Roca field located in the Neuquen Basin of Argentina. During October 2007, the Company and Spyglass completed an agreement whereby the Company sold all of its working interests in the South Dakota Assets for $2,738,915 (US $2,806,488), recognizing a gain of $228,939.

GPE drilled its first exploratory wells in the Capricorn License in Argentina during 2007. The Company is currently awaiting the completion results of the Lomos de Guayacan x-1 well on the Capricorn license in which GPE has earned a 25% working interest. Results are expected by mid-May.

Years Ended
December 31
2007 2006

Revenues $ 394,685 $ 731,245
Expenses 4,757,120 4,190,974
Loss from Operations (4,362,435) (3,459,729)
Other Items (62,508) (25,415)
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Net Loss $ (4,424,943) $ (3,485,144)
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Loss per Share $ (0.12) $ (0.22)
Weighted Average Shares O/S at End of Year 35,599,667 15,982,128
Cash $ 4,462,692 $ 2,773,678
Assets $ 6,660,279 $ 5,966,525
Liabilities $ 109,556 $ 1,872,665
Shareholder Equity $ 6,550,723 $ 4,093,860
For more information, a copy of the reports may be obtained at or by contacting the Company.

The Company also announces that Kurt Bordian has been appointed as Chief Financial Officer replacing Nick DeMare. The Company has issued 2,150,000 new options exercisable at $0.10 for a period of five years to directors, officers and employees that will become effective on May 27, 2008.

Gold Point Energy is engaged in the development of oil and gas projects in North and South America. The Company has experienced technical and management professionals that provide a high level of expertise to oil and gas project development, as well as good 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. These forward-looking statements are identified by their use of terms and phases such as "believe", "expect", "plan", "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from the Company's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following: the Company's ability to obtain additional financing, geological, mechanical or difficulties affecting the Company's planned geological work programs, uncertainty of estimates of mineralized material and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

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

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