Post by
tickerhit on Dec 09, 2023 11:23am
MONTHLY PROGRESS REPORT for the month of November
Report on Business
Management is actively evaluating new opportunities both in Newfoundland and in other jurisdictions.
The Company has 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. Total production from 3 wells is averaging 30 barrels of oil per day.
No word on the gas production.
Describe and provide details of legal proceedings..
Refer to Note 9, Commitments and Contingencies, on the January 31, 2019 annual condensed audited financial statements.
On November 24, 2023, the Company filed a Statement of Claim in the Supreme Court of Newfoundland and Labrador against His Majesty the King in Right of Newfoundland and Labrador (Newfoundland). The claim seeks damages of at least $483,000,000.00 against Newfoundland for de facto expropriating and constructively taking the Company’s interest in certain exploration lands, among other claims.
Shoal Point is being represented by Randall Block, K.C., and Andrew Pozzobon from the Calgary office of Borden Ladner Gervais LLP (BLG)