Shoal Point Energy Ltd C.SHP

Alternate Symbol(s): SHPNF

Energy Oil & Gas E&P

Shoal Point Energy Ltd. is a Canada-based petroleum exploration and development company. The Company is engaged in the acquisition, exploration and development of oil and natural gas properties. It has partnered with Shelby Resources to explore for oil and gas in Kansas. Its ‘Humber Arm’ oil-in-shale play consists of two Exploration Licenses near offshore of western Newfoundland: EL 1070 and EL 1120. The Company holds an approximately 100% working interest in the Offshore Exploration License (EL) 1070 Shallow Rights and has the right to earn approximately 80% working interest in the Shallow Rights in the approximately 67,298-acres block in the Offshore Exploration License (EL) 1120. The Company also has an exploration license and farm-in rights to a second contiguous exploration license off the west coast of Newfoundland, which covers approximately 220,000 acres, contained in EL 1070 and EL 1120.

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Shoal Point Energy Ltd

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Post by Hearne50on Feb 11, 2020 9:17am

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Post# 30672954

News

2020-02-11 09:00 ET - News Release

Vancouver, British Columbia--(Newsfile Corp. - February 11, 2020) - Mark Jarvis, CEO of Shoal Point Energy Ltd. (CSE: SHP) announced today that a secondary zone in the first Mount Evans well has been completed, put on pump and connected to the on-site storage tanks. Production testing of this secondary zone is expected to last approximately 30 to 60 days, after which the higher, primary zone will be completed and put on production and the two zones' production will be commingled.

"This is the start of commercial production from the Mount Evans project," said Mr. Jarvis. "Initial results from this secondary zone are encouraging enough to justify an extended period of production testing and oil sales from this single zone to help us to understand our secondary reservoir and quantify what level of production will be sustainable. Although we will delay the start of full, commingled production from both zones, the knowledge we gain will allow us to maximize the sustainable production from this well."

Shoal Point Energy: Pump Jack at first Mt. Evans Well

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2213/52304_3f75b82da4901ae9_002full.jpg

Based on the success of the first well in the Mount Evans project, planning is underway for the second well, expected to start drilling in the last week of March.

About Shoal Point Energy Ltd.

Shoal Point Energy Ltd. is a public company listed on the CSE exchange under the symbol "SHP". The company is focused on its Mount Evans project in Kansas and retains its oil and gas interests in the Humber Arm Allochthon play in western Newfoundland.

For further information, please contact:
Mr. Mark Jarvis, Chief Executive Officer
Tel - 416-637-2181 extension 310

The Canadian Securities Exchange (CSE) has neither approved nor disapproved
the contents of this news release.

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