MONTHLY PROGRESS REPORT FOR THE MONTH OF APRIL 2023Report on Business
Management is actively evaluating new opportunities both in Newfoundland and in other jurisdictions, including Kansas
The Company entered into an agreement with Shelby Resources regarding three plays in Pratt County, Kansas. Shoal Point is participating as to a 6.5% working interest and has now drilled 6 wells of which 1 was abandoned. The first well is connected to the gas pipeline and flowing gas with variable amounts of oil. The expectation is that as gas production declines, oil production will increase. The second well has finished production from the lowest zone and is undergoing completion and testing of the next zone up the hole. 1 well will be converted to a water disposal well and the other two wells are being evaluated.