June 1, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Geo Point Technologies, Inc. (OTCBB: GNNC) said that, by its agreement to acquire refiner Sinur Oil LLP, it benefits from an exclusive contract that Sinur Oil has entered into for the supply of crude oil to its refinery in Karatau, Kazakhstan.

According to Geo Point, Turan Barlau oil field, located in southern Kazakhstan, has agreed to sell to Sinur Oil all of its output of crude oil, which is currently about 2,100 tons per month.

The company said that the supply will be sufficient to keep the refinery operating at maximum capacity.

Geo Point added that the crude is of a high quality, higher gravity that yields approximately 50% high grade diesel, 25% gasoline, and 25% mazut, from the refining process.

Jeffrey Jensen, Geo Point's CEO, said, "It is important that we have a reliable uninterrupted supply of crude to ensure that we are operating efficiently at maximum production.”  

Utah-based Geo Point Technologies, through its agreement to acquire Sinur Oil, will own and operate an oil micro-refinery in southern Kazakhstan. Once operations have been fully ramped up, the refinery is expected to process around 2,100 tons of crude oil per month.

In addition, Geo Point provides geological and earth study services related to land surveying for new construction; soil testing and environmental risk and impact assessments; and natural resource assessments with an emphasis on oil and gas deposit discovery.

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