Shoal Point Announces Casing of Well 3K-39 and Completion of Financing for $2,035,250

Shoal Point Energy Ltd. ("Shoal Point") (CNSX:SHP) announces that casing has now
been run to a depth of 1711 metres in the 3K-39 well and is being cemented into
place. Once this operation is completed (expected to be in the next few days),
the current rig in use will be released and a service rig will be brought in to
complete the planned testing program.


The next stage of testing, subject to applicable regulatory approvals, will
include a test over the open lower carbonate-rich section of the well to the
total depth of 1745 metres, from which promising hydrocarbons were encountered
during drilling and logging operations. Thereafter it is planned to perforate
the casing and test a series of fractured shale zones (between 1325 and 750
metres) which were identified from log analysis and core data, and which, from a
series of open-hole closed chamber drill stem tests, indicate significant
natural permeability. These planned tests are expected to begin in mid-August
and take up to 3 weeks to complete.


At the same time, the Company is waiting for the results of the core analysis
being undertaken by Ingrain Digital Rock Physics Lab in Houston, Texas. These
results are expected to complement the log analysis carried out by NuTech Energy
Alliance. In addition, discussions have commenced with a major petroleum
consulting company to prepare an initial resource estimate and 51-101 report. 


Financing:

Shoal Point also announces that it has closed the second tranche of a financing
of common share units for the purpose of completion and testing Well 3K-39 on EL
1070. The total amount raised from both tranches of this financing is
$2,035,250. 


The first tranche of the financing for $535,500 was comprised of 1,785,000
common share units at $0.30 where each unit includes a common share at $0.30 and
a 1/2 common share purchase warrant where a full warrant entitles the holder to
acquire an additional common share at a price of $0.40 for 18 months. The second
tranche of financing for $1,499,750 included 4,285,000 flow through units where
each unit is comprised of a flow through common share at $0.35 and a 1/2 common
share purchase warrant where a full warrant entitles the holder to acquire an
additional common share at $0.40 for 18 months.


In connection with the total financing of $2,035,250, the Company is paying cash
fees totalling $122,115 to registered agents and issuing 364,200 broker
warrants. Each broker warrant will entitle the holder to acquire an additional
common share at a price of $0.30 for a period of 18 months. 


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 148,000 acres of oil-in-shale. In addition, Shoal Point has an
agreement to earn a net 48% interest in the 67,825 acres of Green Point Shale
(shallow rights) of EL 1120 which is owned by Ptarmigan Energy Corp. 


Shoal Point Energy Ltd.'s partner in EL 1070 is Canadian Imperial Venture Corp.
("CIVC") (CQV.V on TSX Venture) as to 19.25%. In addition, CIVC has the right to
participate in EL 1120 for up to 40% of Shoal Point's interest pursuant to an
agreement regarding Areas of Mutual Interest. 


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


Shoal Point currently has 175,876,812 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.