License delayed, news releasedSHOAL POINT ENERGY LTD.
December 23, 2010 For Immediate Distribution
Shoal Point Energy Ltd. Announces Drilling update for 3K-39 Well
Shoal Point Energy Ltd. (“Shoal Point”) (SHP on CNSX) received notification on December 21,
2010 from Dragon Lance Management Corporation (“Dragon Lance”) (the “Operator”) that
there were deficiencies in several of the applications required to be filed and approved by the
regulatory authorities prior to receiving approval to drill. The filing of these applications is the
responsibility of the Operator, Dragon Lance, who was notified of these problems directly by the
regulatory authorities. The delay in receiving the necessary approvals increases the risk that the
drilling of the well will not be initiated by the expiry date of the license, January 15, 2011. The
Operator and senior management from both Shoal Point and their joint venture partner Canadian
Imperial Venture Corp. are now in St. Johns, Nfld. to address the deficiencies in the filings.
Shoal Point has already advanced in excess of three million dollars to the rig contractor, rig
transport contractor and the drill site preparation contractor, such that all necessary work should
be completed and the rig will be rigged up and onsite in anticipation of the award of all necessary
permits to commence operations.
About Shoal Point Energy Ltd.
Shoal Point Energy Ltd is a public company which will have a 80.75% interest in the shallow
rights of Exploration Licence #1070 in the Province of Newfoundland comprising approximately
137,000 acres of Green Point oil-in-shale prospective lands. In addition, Shoal has a 14% interest
in a gas prospect in the Province of New Brunswick. Shoal Point Energy Ltd. currently has
135,958,280 common shares issued and outstanding. The increase in common shares outstanding
from the previous press release on December 20, 2010, has resulted from the conversion of
convertible debentures into common share units.
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