Gold Point Energy Corp.

Gold Point Energy Corp.

July 07, 2008 10:40 ET

Gold Point Energy Announces LOI on North Dakota Oil Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2008) - (TSX VENTURE:GPE)(FRANKFURT WKN#:A0HGQ1) Gold Point Energy Corp. (the "Company" or "GPE") reported today that its US subsidiary, GPE Energy Inc. ("GPEI"), has entered into a Letter of Intent with RTR Energy, LLC of Lone Tree, Colorado ("RTR") to farm-in for a working interest of 37.5% in the redevelopment of the Tepee Butte oil field in Hettinger County, North Dakota.

Tepee Butte is a one-well oil field located in Hettinger County, North Dakota, discovered by Amoco in 1980. The Urlacher #1-24 well produced 227,000 barrels of 40 degrees API oil, 309,000 MCF of gas, and 1,662,000 barrels of water from the C and D zones of the Ordovician Red River Formation at a depth of approximately 10,000 feet. The high water production was attributed to a poor initial cement job and the Urlacher well was abandoned in 2002. Evaluation of existing 2D seismic lines indicates 160 or more acres of structural closure at the Red River horizon which could contain substantial undeveloped oil resources. GPE plans to conduct a five square mile 3D seismic survey to evaluate the potential for remaining undeveloped oil resources and drill a development well.

Under the terms of the Letter of Intent, GPEI has agreed to pay 50% of the cost of the 3D seismic survey which is estimated to cost a total of $300,000. GPEI will manage the acquisition, processing and interpretation of the seismic, expected to take place during Q3-08. GPEI then has the option to earn a 37.5% working interest in the Tepee Butte field by paying 50% of the cost of drilling, completing and equipping a development well. GPEI will be the Operator of the well.

Gold Point Energy is engaged in the development of oil and gas projects in the U.S., South America and Europe. The Company has experienced technical and management professionals, which 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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