SHP Shoal Point Energy Ltd

Shoal Point Energy Ltd. (CNSX:SHP) (the "Company") is pleased to announce that
effective November 23, 2010, the common shares of the Company have commenced
trading on the Canadian National Stock Exchange ("CNSX") under the symbol "SHP".



About the Company

The Company has spent the last three years developing and securing a significant
interest in two very promising oil and gas properties on the east coast of
Canada in Western Newfoundland and New Brunswick. Recent drilling and
exploration work has shown that both of these properties hold significant
potential.


With a very strong management team our company is poised to become an oil and
gas leader in Eastern Canada.


Oil and Gas Properties

The Company, as 61.5% interest holder and operator along with its joint-venture
partner Canadian Imperial Venture Corp (CIVC) at 38.5%, have discovered a very
extensive oil-in-shale play at Shoal Point in Port au Port Bay (2K39 well), in
the shallow offshore of western Newfoundland (See Map next page). The 137,000
acre (approx. 55,000 hectare) SPE land parcel can be developed almost entirely
by land-based drilling. This play is analogous to other fractured shale liquids
plays which are currently being pursued by majors in North America and
elsewhere. The current move into oil-in-shale exploitation is similar, in
concept and technology, to the revolution in gas shales which has occurred over
the past decade and which has revolutionized the gas market in North America.


Development would entail extensive horizontal drilling and specialized
completion techniques, including possible hydro-frac'ing, which have proven so
successful in other North American basins. 


A recent $6.1 million financing is complemented with a $6.5 million farm out, by
SPE and CIVC, of 50% of their interests in the Shallow Rights in EL1070 to
Dragon Lance Management Corporation. 


Summary of Interests in EL1070 Shallow Rights:



                      SPE        CIVC        DLMC
Current            61.50%      38.50%           -
After Earn-in     30.675%     19.325%      50.00%



Drilling operations will be managed by Dragon Lance Management Company who also
managed the drilling of the 2K-39 well, which was accomplished without any
significant health, safety and environmental incidents.


The 2010 drilling campaign will establish proof of concept and lead to
application for a Significant Discovery Area (long term production license)
which will enable partners to develop and produce the oil in perpetuity. Oil
production can be readily shipped from western Newfoundland with the
installation of transhipment facilities at nearby deepwater ports in
Stephenville. Product is expected to be light, sweet crude of 35-45 degree API
gravity, a premium product. Refineries are easily accessible along the eastern
seaboard of North America.


The CNSX is an innovative new stock exchange for trading the securities of
public companies. CNSX's unique market model matches enhanced disclosure and
streamlined issuer regulation with leading edge technology and comprehensive
regulatory oversight to meet the needs and characteristics of public companies,
their investors and investment dealers.


On Behalf of the Board, SHOAL POINT ENERGY LTD. 

George Langdon, President 

Note Regarding Forward-Looking Statements

This press release and other written or oral communication from Shoal Point
Energy Ltd. (the "Company") may include certain statements that may be
considered "forward-looking statements" within the meaning of that phrase under
Canadian securities laws. Statements other than historical facts that address
possible future events, plans or developments are forward-looking statements.
Such statements may be identified by the use of words such as "will", ""may",
"expects", "estimate", "intend" or the use of the future or conditional tense.
Certain material factors or assumptions were applied in drawing our conclusions
and making those forward-looking statements. Forward-looking statements reflect
management's current views with respect to possible future events and conditions
and, by their nature, are based on management's beliefs and assumptions and
subject to known and unknown risks and uncertainties, both general and specific
to the Company. Although the Company believes the expectations expressed in such
forward-looking statements are reasonable, such statements are not guarantees of
future performance and actual results or developments may differ materially from
those in our forward-looking statements. Readers are cautioned that risks may
change or new risks may emerge. Additional information regarding the material
factors and assumptions that were applied in making these forward looking
statements as well as the various risks and uncertainties we face are described
in greater detail in the "Risk Factors" section of our continuous disclosure
documents and financial statements we file with the Canadian securities
regulatory authorities which are available at www.sedar.com and www.cnq.ca The
Company undertakes no obligation to update this forward-looking information
except as required by applicable law.

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