VANCOUVER, Canada, Aug. 21, 2008 (GLOBE NEWSWIRE) -- Gold Point Energy Corp. (TSX-V:GPE) (Frankfurt:A0HGQ1) (the "Company" or "GPE") reported today that it has engaged LO&G Consultants GmbH to perform a study of several Central European basins to identify potential for unconventional gas accumulations.
"Central Europe has multiple source and reservoir rocks that have potential for 'unconventional gas resource' plays. Compared with North America, the level of exploration activity is low and acreage is relatively inexpensive. We believe Central Europe represents a good opportunity to apply technology and know-how developed in the U.S. and Canada to new play areas. Due to the high price of Russian gas imports, the price of gas in Central Europe is already in the $10 to $15 per MMBTU range and expected to go higher. Thus, any resource plays that prove to be commercially successful are likely to have significant reserve value. LO&G Consultants have extensive experience in Central European basins, as well as access to a large geologic database with which to perform their work," said Jack S. Steinhauser, President and CEO of Gold Point Energy Corp.
Gold Point Energy Corp. 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, providing a high level of expertise to oil and gas project development, as well as good access to industry contacts and quality projects. Gold Point Energy Corp. has recently announced three new projects, which include a farm-in with Gas Plus International B.V. to earn a 50% working interest in Block 106 comprising 227,000 acres in Poland, a farm-in with JKX Oil & Gas PLC and Aurelian Oil & Gas PLC to earn a 20% working interest on portions of two licenses comprising 350,000 acres in eastern Bulgaria, and a farm-in with RTR Energy, LLC to earn a 37.5% working interest in the redevelopment of the Tepee Butte oil field in Hettinger County, North Dakota.
ON BEHALF OF THE BOARD "Jack S. Steinhauser" 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.