Shoal Point Closes Additional Financing For $2,386,150 and Provides Update on Offshore Drilling on EL 1070

Shoal Point Energy Ltd. ("Shoal Point") (CNSX:SHP) announces that it has closed
the second tranche of a financing of common share units for the purpose of
continuing exploration on EL 1070, for the acquisition of an interest in EL
1120, as previously announced by press release on February 10, 2011, and for
general working capital purposes. The total amount raised from both tranches of
this financing is $5,956,150.


This financing for $2,386,150 was comprised of 3,213,570 common share units at
$0.35 where each unit includes a 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 a price of $0.50 for 18 months. The balance of this
tranche of financing included 3,150,000 flow through units where each unit is
comprised of a flow through common share at $0.40 and a 1/2 common share
purchase warrant where a full warrant entitles the holder to acquire an
additional common share at $0.55 for 18 months.


In connection with the total financing of $5,956,150, the Company is paying cash
fees totalling $144,669 to registered agents and issuing 386,554 broker
warrants. Each broker warrant will entitle the holder to acquire an additional
common share at a price of $0.35 for a period of 18 months.


Operations Update:

Shoal Point advises that the 3K-39 well is drilling toward core point #3 at
1,235 metres. The Company's drilling plan calls for six cored intervals
representative of the entire Green Point shale thickness which lies between
approximately 600 metres and 1850 metres measured depth. Each coring operation
will attempt to recover two consecutive 9 metre cores for a total of 18 metres
per interval. Core data will form the cornerstone of our evaluation of this
oil-in-shale resource play and it will allow our technical specialists to
calibrate logs to real rock data. This will further provide updated and more
precise oil-in-place resource estimates for EL 1070. After total depth is
reached, the operation will culminate in a comprehensive logging, testing and
completion program.


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, as disclosed in a
press release dated February 10, 2011, Shoal Point has signed a letter of intent
to earn an 80% interest in the Green Point Shale (shallow rights) of EL 1120
which is owned by Ptarmigan Energy Corp. The agreement with Ptarmigan is subject
to a final definitive agreement which is currently being prepared.


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 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.