Shoal Point Energy Ltd.

Shoal Point Energy Ltd.

January 19, 2015 09:04 ET

Exploration License 1120 Extended For One Year

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 19, 2015) - Shoal Point Energy (CSE:SHP) has been informed by license holders Ptarmigan Energy Inc. and Black Spruce Exploration Corp. that a drilling deposit has been filed with the Canada-Newfoundland Labrador Offshore Petroleum Board (C-NLOPB), and the Board has agreed to extend Period I of EL 1120 by one year, in accordance with the terms and conditions of the license. The C-NLOPB has confirmed that Period I of the license will now expire on January 15, 2016.

Under an amended farmout agreement with Ptarmigan Energy, Shoal Point Energy has the right to earn an 80% working interest in a portion (yellow hatched in map below) of EL 1120 by drilling and testing a target within the Humber Arm Allochthon. This test well must be spudded before January 15, 2016.

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The Canadian Securities Exchange (CSE) has neither approved nor disapproved the contents of this news release.

Contact Information

  • Shoal Point Energy
    Mr. Mark Jarvis
    Chief Executive Officer
    416-637-2181 extension 310