SHP Shoal Point Energy Ltd

Shoal Point Energy Ltd. ("Shoal Point") (CNSX:SHP) is pleased to announce that
it has concluded a Farmin Agreement with Ptarmigan Energy Inc. ("PEI") of St.
John's, Newfoundland and Labrador, with respect to Exploration License #1120,
western Newfoundland, as originally announced in a Letter of Intent on February
10, 2011. Under the terms of the Farmin Agreement, Shoal Point will have the
right to earn into the "Shallow Rights" within a certain area of Exploration
License #1120 ("Farmout Lands") by paying to PEI a total of $1,800,000, and by
drilling a test well to assess the petroleum potential of the Green Point
Formation on or before December 31, 2012. Once SPE has completed the earning
requirements by making the aforementioned payments, and by drilling the test
well, SPE will earn a 80% working interest in the "Shallow Rights" within the
"Farmout Lands", with PEI retaining a 20% working interest therein.


"Shallow Rights", for the purpose of this agreement, are defined as all strata
lying stratigraphically and structurally above the Ordovician carbonate
platform, and include the Green Point Formation and other organic-rich rocks
lying within the Cow Head Group, and equivalents, within the Humber Arm
Allochthon.


"Farmout Lands" encompasses an area of approximately 67,285 acres (27,230
hectares) which forms a 7 kilometre wide band along the coastline defining the
eastern border of Exploration License #1120 (see attached map).


Furthermore, pursuant to the terms of the Area of Mutual Interest Agreement with
Canadian Imperial Venture Corp. (CIVC) of St. John's, CIVC has advised SPE that
it has elected to participate to the maximum amount of 40% of the 80% earned
interest that SPE will acquire. Therefore, with full participation, the working
interest ownership in "Shallow Rights" after the drilling of the test well on
the Farmout Lands will be SPE 48%, CIVC 32%, and PEI 20%.


The total area of Green Point shale rights held by the SPE/CIVC partnership is
now approximately 217,285 acres, including some 60 km of continuous strike
length along the coast between the south shore of Port au Port Bay and the Bay
of Islands. Initial operations on EL #1120 will benefit from access to the coast
via the community of Littleport, where it is anticipated the test well will be
located.


"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,"
said George Langdon, President of SPE.


Other Business

The Company has cancelled the previously contemplated 1,000,000 options to be
granted to certain consultants that were announced in a press release dated
April 1, 2011.


About Shoal Point Energy Ltd.

Shoal Point Energy Ltd. is a public company earning an 80.75% interest in
Exploration Licence #1070 in the Province of Newfoundland comprising
approximately 150,000 acres of oil-in-shale and the right to earn a net 48%
interest in approximately 67,285 acres in Exploration Licence #1120. 


In addition, Shoal Point has a 6 - 14% interest in a gas prospect in the
Province of New Brunswick. 


Shoal Point currently has 159,826,637 common shares issued and outstanding.

Visit our website at www.shoalpointenergy.com.

Except for historical information contained herein, this news release contains
forward-looking statements that involve risks and uncertainties. Actual results
may differ materially from those currently anticipated due to a number of
factors and risks. The forward looking statements contained in this press
release are made as of the date hereof and Shoal Point Energy Ltd. undertakes no
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.


To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/shp0413map.pdf.

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