Is 12:00 midnight a specific time or should it be stated as 12:00am or pm or is it at the point between am and pm?

I think its generally referred to as 12am, because thereafter say on the 24 hour clock, it is 1am, 2 am etc... a case of start as you mean to go on I suppose.

The short answer: it is 12:00 AM.

The longer answer: there is no time of day that is "between" AM and PM. It is one or the other. And "12:00 midnight" is redundant, since midnight is always 12:00 AM.

Just an addition to what sdrawkcab said, at midnight, the time, in military time, doesn't get to 24:00. It starts over at 00:00, and at 11:59PM, it runs up to 23:59. Since it's 00:00, it's 12AM for midnight.