Gold Point Energy Corp.

Gold Point Energy Corp.

October 31, 2005 11:39 ET

GP Energy Increases its South Dakota Oil & Gas Lease Holdings

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2005) - Gold Point Energy Corp. (TSX VENTURE:GPE) ("GP Energy") is pleased to announce that it has recently increased its total net acreage in Harding County, South Dakota, to 112,405 acres through the acquisition of 7,934 additional acres in a competitive lease sale held by the State of South Dakota. Jack S. Steinhauser, President, commented: "We now have a leasehold position in Harding County, South Dakota covering 175 square miles, clearly establishing GP Energy as one of the dominant oil & gas leaseholders in the region. A land position of this size allows us to maintain firm control of our exploration strategy as we move into the drilling phase."

The Company's acreage position is strategically located in close proximity to existing oil and gas production. Just to the north of GP Energy's leasehold is the Buffalo Field which has produced 134 BCFG and 29.3 MMBO. To the south and west is the West Short Pine Hills Field which has produced 23 BCFG. The new leases are in three of GP Energy's Projects: the South Cedar Creek Anticline Project (60,800 acres); the North Short Pine Hills Project (50,325 net acres); and the Saddle Butte Project (1,280 acres). The leases acquired are all new 5 year leases issued by the State of South Dakota.

GP Energy is aggressively implementing its business strategy for 2005 - 2006. 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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