Gold Point Energy Corp.

Gold Point Energy Corp.

January 18, 2007 06:00 ET

Gold Point Energy Corp.: Encouraging Results at Kaycee Dome, Testing to Confirm Discovery

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2007) - Gold Point Energy Corp. ("GP Energy") (TSX VENTURE:GPE)(FWB:WKN # A0HGQ1) is pleased to announce that the first exploration well drilled at its Kaycee Dome oil prospect has intersected 28 feet with live oil shows and positive log readings from a depth of 1720 to 1748 feet. The Kaycee-Federal #15-4 well has been cased and the Company plans to proceed with perforating and testing for oil in the next several weeks to confirm the will economics.

Three miles to the northeast of GP Energy's Kaycee Dome project an oil field of twenty-seven wells has produced cumulative recovery of twenty-seven million barrels from the same horizon, or an average of one million barrels per well, according to statistics maintained by the State of Wyoming Oil and Gas Conservation Commission.

The Kaycee-Federal #15-4 well was drilled to a total depth of 1935 feet and encountered 105 feet of Tensleep sand section, of which the top 28 feet had live oil shows and positive log readings. The Kaycee-Federal #15-4 well is the first test well in the 1,597 acre Kaycee Dome Prospect, which is located three miles west of the town of Kaycee, Wyoming. GP Energy is the operator of the Kaycee Dome Prospect and has a 35% working interest in the well.

GP Energy also reports that the GPE Tribal #27-10 in the Woody Creek Dome Prospect was drilled to total depth, evaluated and plugged. GP Energy is the Operator. No further drilling is planned on this project.

GP Energy, a Grosso Group company, is a Canadian-based company 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 resources of the Grosso Group, provide a high level of expertise and access to an outstanding network of contacts throughout the industry. GP Energy is poised to leverage this expertise and network into early exploration successes.


Mr. Jack Steinhauser, President & CEO

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

2007 Number 1

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

Contact Information