Shoal Point Energy Ltd. Closes Third Tranche of Financing

Shoal Point Energy Ltd. ("Shoal Point") (CNSX:SHP) announces that it has closed
the third and final 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 all three
tranches of this financing is $5,997,450.


This third tranche of financing for $41,300 was comprised of 118,000 common
share units at $0.35 where each unit includes a common 1/2 common share at share
$0.35 purchase and warrant where a full warrant entitles the holder to acquire
an additional common share at a price of $0.50 for 18 months.


In connection with the third tranche, the Company is paying cash fees totaling
$2,478 to registered agents and issuing 7,080 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.


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 a portion of 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.




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