Shoal Point Updates Ops

Shoal Point reported that the 3K39 well is currently being logged in advance of potential open hole testing, and a 5 1/2" (140 mm) casing string will be run in anticipation of completion for production. 50 meters of cores collected in the well have been shipped for analysis. The well was deviated to an average angle of 56 degrees and lies within 100 metes of the previously drilled 2K39 well. Further results are expected to be released in May, 2011.

Shoal Point 2K39 and Long Point M-16

Shoal Point has received the results of geological and technical studies carried out by independent consultants on data from its EL 1070 property in western Newfoundland. Principle among these are petrophysical (log analysis) studies on pre-existing wells by NuTech Energy Alliance of Humble, Texas. In these studies, digital data sets from open hole and cased hole logging runs were provided to NuTech, who specialize in the analysis of bypassed pay and unconventional reservoirs. For locations of the 2K-39 and M-16 wells, please refer to the attached map.