2011-04-29-2011-04-13

To acquire 80% WI in area in NL targeting Green Point formation, which will then be divided with Canadian Imperial Venture Corp.

Shoal Point Energy Ltd., Toronto, (CNSX: SHP) has farmed in to Exploration License #1120 in western Newfoundland with St. John's, Newfoundland-based Ptarmigan Energy Inc. for C$1.8 million and drilling a test well.

Shoal Point will have the right to earn into the shallow rights within a certain area of the exploration license covering 67,285 acres by drilling a test well to assess the potential of the Green Point formation by Dec. 31, 2012. Once the company has completed the earning requirements it will earn 80% working interest in the shallow rights.

Also, due to Shoal Point's area of mutual interest agreement with Canadian Imperial Venture Corp., St. John's, Newfoundland, (Toronto Venture: CQV), CIVC has elected to participate to the maximum amount of 40% of the 80% earned interest that SPE will acquire. With full participation, the working interest ownership after the drilling of the test well will be 48% for Shoal Point, 32% for CIVC and 20% for Ptarmigan.

The Shoal Point/CIVC AMI now covers approximately 217,285 acres.

Shoal Point president George Langdon says, "We are delighted to have concluded this agreement with Ptarmigan and look forward to planning the drilling program. Combined with forthcoming results from our recent drilling at Shoal Point 3K39, which is the first well in western Newfoundland designed to evaluate the Green Point shale, we believe west Newfoundland is showing promise to become a significant new oil producing area."