Gold Point Energy Corp. reports that the Lomas de Guayacán x-1 well of the Martinez del Tineo Oeste Prospect has completed testing. No commercial production of oil and/or gas was found in the well. The Company has now fulfilled its earning requirements for a 25% working interest the 54 square kilometer Martinez del Tineo Oeste Prospect. Management will be meeting with the Project Operator, APCO Argentina, to evaluate further potential for the project based upon oil and gas shows noted during drilling and testing.
The Lomas de Guayacán x-1 well had been drilled to a total depth of 2,264 meters in the Cretaceous Lecho formation. It was the second of two exploratory wells to be drilled on the Capricorn License in Salta Province of Northern Argentina in 2007-08. The two exploration wells are part of a farm-in agreement dated October 4, 2006 between Gold Point Energy, Antrim Argentina S.A. and APCO Argentina Inc.
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