Gold Point Energy Corp.
TSX VENTURE : GPE

Gold Point Energy Corp.

October 14, 2005 09:30 ET

Gold Point Energy Corp.: Crow Indian Tribe Executive Branch Approves GP Energy's Lease on Woody Creek

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) - Gold Point Energy Corp. (TSX VENTURE:GPE) ("GP Energy") is pleased to announce that the Executive Branch Chairman, Carl Venne, along with the Oil and Gas Committee of the Crow Indian Tribe has approved a lease on the Woody Creek Prospect with GPE Energy Inc., the wholly-owned U.S. subsidiary of GP Energy. The proposed Indian Mineral Development Act Oil and Gas Exploration Lease will now go to the Crow Legislature for approval. The U.S. Bureau of Indian Affairs must also approve the lease. Upon approval by the Crow Tribe Legislature and BIA, GP Energy will be one of only two companies that has an oil and gas lease on Crow tribal lands.

As required in the lease, GP Energy plans to apply for a drilling permit as soon as possible after issuance of the lease, and then commence drilling operations within 60 days of receiving a drilling permit. "We are very excited to move to the drilling stage on the Woody Creek Project with the support of the Crow Indian Tribe. Woody Creek has the potential for several million barrels of oil at a drilling depth of less than 3,000 feet," stated Jack S. Steinhauser, President of GPE Energy Inc.

The Woody Creek Prospect is located in Township 3 South, Range 31 East, Big Horn County, Montana. A total of six wells were drilled and plugged within the vicinity of the Prospect between 1922 and 1968. Of the six wells drilled, three of the wells 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. The prospect is based on three seismic lines and geological mapping of previously drilled wells. The target formations 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, act as operator of the Prospect, and bring in partners for the balance of the working interest. GP has recently signed an option agreement with Lariat Energy Ltd. of Vancouver, British Columbia whereby Lariat can earn a 35% working interest. GP Energy has other companies interested in the remaining 25% working interest.

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

2005 Number 25

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