Bureau of Indian Affairs Approves GP Energy's Agreement with Crow Tribe

Gold Point Energy ("GP Energy") (TSX VENTURE:GPE)(FRANKFURT WKN #A0HGQ1) is pleased to report that it has received the final signed and approved lease agreement from the Bureau of Indian Affairs between GPE Energy Inc. and the Crow Indian Tribe with respect to the Woody Creek Prospect. The successful completion of this agreement between GPE Energy Inc. and the Crow Indian Tribe makes GP Energy one of only two companies to hold an oil and gas lease on Crow tribal lands.

The Company is proceeding with permitting of the initial test well with drilling planned for the Summer of 2006. The prospect is located within a 15 mile radius of three fields (Soap Creek, Soap Creek East, and Marcus Snyder) with total cumulative production of over four million barrels of oil from the same horizons.

The Woody Creek Prospect is located in Township 3 South, Range 31 East, Big Horn County, Montana. Previous drilling in the vicinity of the prospect uncovered oil shows in the Tensleep and Amsden formations in three of the six wells that were tested. The initial test well will be drilled to a depth of approximately 2,650 feet to further evaluate oil potential in these formations. GP Energy plans to retain a 40% working interest in the Woody Creek prospect and act as operator. Lariat Energy Ltd. has an option agreement to earn a 35% working interest.

GP Energy is aggressively implementing its business strategy for 2006. Through the Company's alliance with The Grosso Group, new opportunities in the oil and gas sector are continuously being presented and reviewed.

ON BEHALF OF THE BOARD

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. 2006

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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