Shoal Point Energy Ltd. Announces Interest in EL 1070 to Increase to 80.75% as a Result of Further Amendment to Farm-Out Agreeme

Shoal Point Energy Ltd. ("Shoal Point") (CNSX:SHP) announces that as a result of
the additional funds it has raised, it has now negotiated further changes to the
farm-out agreement originally signed on August 11, 2010 and then amended on
December 6, 2010.


Under the terms of the agreement as amended, Shoal Point is now assuming
responsibility for all of the budgeted costs of the new well, 3K-39, which the
Company expects to commence drilling around the year end. The budgeted cost of
the new well is $4.5 million and Shoal Point will also be responsible for the
abandonment deposit and other costs related to filing the application for an SDL
(significant discovery licence).


The Partners in EL 1070 are now Shoal Point Energy Ltd. and Canadian Imperial
Venture Corp. ("CIVC") (CQV.V).


After the completion of well 3K- 39, the interests in EL 1070 will be as follows:



Shoal Point            80.75% 
CIVC                   19.25% 



In the event that the costs of the well 3K-39 exceed the budget, each partner
will be responsible for their pro-rata share of the excess costs.


About Shoal Point Energy Ltd.

Shoal Point Energy Ltd is a public company with an interest in Exploration
Licence #1070 in the Province of Newfoundland comprising approximately 137,000
acres of oil-in-shale. In addition, Shoal has a 14% interest in a gas prospect
in the Province of New Brunswick. Shoal Point currently has 128,325,428 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.