Gold Point Energy Corp.
TSX VENTURE : GPE

Gold Point Energy Corp.

November 16, 2005 16:30 ET

Crow Indian Tribe Chairman Signs GP Energy's Lease on Woody Creek

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2005) - Gold Point Exploration Ltd. (TSX VENTURE:GPE) ("GP Energy") is pleased to announce that Crow Indian Tribe Chairman Carl Venne has signed a lease with GPE Energy Inc on the Woody Creek Prospect. GPE Energy Inc. is the wholly-owned U.S. subsidiary of GP Energy. The Indian Mineral Development Act Oil and Gas Exploration Lease was approved by the Crow Indian Tribal Legislature in October. The lease will now be submitted to the U.S. Bureau of Indian Affairs for review and approval. Upon approval by the BIA, GP Energy will be one of only two companies that have an oil and gas lease on Crow tribal lands.

The Woody Creek Prospect is located in Township 3 South, Range 31 East, Big Horn County, Montana. The Prospect is based on three seismic lines and geological mapping of previously drilled wells. A total of six wells were previously drilled in the vicinity of the Prospect, three of which had oil shows in the Tensleep and Amsden formations. Within a 15-mile radius of the Prospect area, there are three fields (Soap Creek, Soap Creek East, and Marcus Snyder) with total cumulative production of over 4 million barrels of oil to date from the same horizons. The primary objectives in the Tensleep and Amsden are between 2,400 and 2,650 feet in depth. GP Energy plans to retain a 40% working interest in the Woody Creek Prospect and act as operator of the Prospect.

GP Energy is aggressively implementing its business strategy for 2005. Through the Company's alliance with the Grosso Group new opportunities in the oil and gas sector are continuously being presented and reviewed. Other members of the Grosso Group include IMA Exploration Inc., Amera Resources Corporation and Golden Arrow Resources.

On behalf of the Board,

Jack S. Steinhauser, President

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

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