May 03, 2012 at 16:00 PM EDT
Shoal Point Energy Receives Resource Evaluation for Consolidated Land Position, western Newfoundland, and Updates Testing Program for 3K39 Well

Toronto, Ontario, May 3, 2012 - Shoal Point Energy Ltd. (CNSX- SHP)

("The Company") reports that on May 2, 2012 it received a

Resource Evaluation from AJM Deloitte of Calgary for Exploration

Licenses 1070, 1120, and 1097R, offshore western Newfoundland. The

report is dated March 12, 2012 and evaluates resources of the Green

Point Formation within the Humber Arm Allochthon structural unit. The

report utilizes and considers a variety of geological and geophysical

data, including historical and modern wells in the Port au Port and

Parsons Pond areas, a large dataset of offshore 2D seismic data,

regional geological mapping and interpretation, and evidence for

mature hydrocarbons in shallow wells and seeps.

Summary of Results

The Total Undiscovered Petroleum Initially-in-Place (PIIP) for the

combined Exploration Licenses, in barrels of oil, are: 11.2 billion

(low estimate), 22.5 billion (best estimate), and 49.4 billion (high

estimate).

The Total Prospective Oil Resources (defined as potentially

recoverable) for the combined Exploration Licenses, in barrels of oil,

are: 0.475 billion (low), 0.968 billion (best), and 2.172 billion

(high).

Tabulation of Results by Property

------------------------------------------------------------------------------------------------

|Total Undiscovered Petroleum Initially - In - Place | | | |Low |Best |High |

|----------------------------------------------------------------------------------------------|

|EL 1070 |Green Point Shale |Mstb | |693,289 |2,352,512 |7,982,691 |

|----------------------------------------------------------------------------------------------|

|EL 1120 |Green Point Shale |Mstb | |704,329 |2,420,715 |8,319,780 |

|----------------------------------------------------------------------------------------------|

|EL 1097R |Green Point Shale |Mstb | |9,822,002 |17,687,031|33,066,136|

|----------------------------------------------------------------------------------------------|

|Undiscovered PIIP |  |  | |11,219,620|22,460,258|49,368,607|

|----------------------------------------------------------------------------------------------|

|  |  |  | |  |  |  |

|----------------------------------------------------------------------------------------------|

|  |  |  | |  |  |  |

|----------------------------------------------------------------------------------------------|

|Total |  |  | |Low |Best |High |

|Undiscovered | | | | | | |

|Petroleum | | | | | | |

|- In - | | | | | | |

|Place | | | | | | |

|----------------------------------------------------------------------------------------------|

|EL 1070 |Green Point Shale |Mstb | |28,401 |99,809 |350,763 |

|----------------------------------------------------------------------------------------------|

|EL 1120 |Green Point Shale |Mstb | |28,886 |102,702 |365,157 |

|----------------------------------------------------------------------------------------------|

|EL 1097R |Green Point Shale |Mstb | |418,122 |766,044 |1,456,179 |

|----------------------------------------------------------------------------------------------|

|Prospective|  |  | |475,409 |968,555 |2,172,099 |

|Resources | | | | | | |

------------------------------------------------------------------------------------------------

As AJM defines in its report, "Undiscovered Petroleum

Initially-In-Place (equivalent to undiscovered resources) is that

quantity of petroleum that is estimated, on a given date, to be

contained in accumulations yet to be discovered. The recoverable

portion of Undiscovered Petroleum Initially-In-Place is referred to as

Prospective Resources; the remainder as Unrecoverable", and

furthermore, "Prospective Resources are those quantities of

petroleum estimated, as of a given date, to be potentially recoverable

from undiscovered accumulations by application of future development

projects. Prospective Resources have both an associated chance of

discovery and a chance of development". "Low"

(conservative), "Best" and "High" (optimistic)

estimates refer to the range of uncertainty of estimated recoverable

volumes.

It should be noted that these resource estimates apply to the total

distribution of the Green Point Shale in offshore west Newfoundland,

of which the Company's interests currently include approximately 91%

by surface area.

Testing Update

The Company reports that it has finished the first stage of testing,

which involved an injection and extended leak-off test (DST#2). The

test was designed and monitored by the completions group at NuTech,

the Company's consultants in Houston. Data quality is excellent and

provides direct measurements of permeability and pressure within

oil-bearing matrix rock. This data will enable the Company to design

future completion programs, and to compare and contrast the Green

Point shale with unconventional reservoirs in other productive basins.

Further studies on this data will be reported when available.

Shoal Point intends to commence the next cased hole test (DST#3) on

Saturday, May 5, 2012. This test has been designed as a flow test of

unstimulated Green Point formation, and is the first of three planned

flow tests.

About Shoal Point Energy Ltd.

Shoal Point Energy Ltd is a public company with a 100% interest in the

shallow rights in Exploration Licence #1070 in the Province of

Newfoundland comprising approximately 150,000 acres of oil-in-shale.

In addition, Shoal Point has an agreement to earn a net 80% interest

in the 67,298 acres of Green Point Shale (shallow rights) of EL 1120

which is owned by Ptarmigan Energy Inc and also holds a 100% working

interest in in all rights in EL 1097R with a 2% gross overriding

interest. The total potential gross acreage in the Green Point Shale

is approximately 720,000 acres.

Shoal Point currently has 263,976,603 common shares issued and

outstanding.

Visit our website at www.shoalpointenergy.com

For further information, please contact:

David Black - 416-637-2181 ext 308

Hayley Clift- 416-637-2181 ext 306

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.

-

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