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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Shoal Point Energy Ltd | CSE:SHP | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.005 | -11.11% | 0.04 | 0.035 | 0.05 | 0.04 | 0.04 | 0.04 | 8,000 | 18:11:13 |
Shoal Point Energy Ltd. (CNSX:SHP) (the "Company") is pleased to announce that effective November 23, 2010, the common shares of the Company have commenced trading on the Canadian National Stock Exchange ("CNSX") under the symbol "SHP". About the Company The Company has spent the last three years developing and securing a significant interest in two very promising oil and gas properties on the east coast of Canada in Western Newfoundland and New Brunswick. Recent drilling and exploration work has shown that both of these properties hold significant potential. With a very strong management team our company is poised to become an oil and gas leader in Eastern Canada. Oil and Gas Properties The Company, as 61.5% interest holder and operator along with its joint-venture partner Canadian Imperial Venture Corp (CIVC) at 38.5%, have discovered a very extensive oil-in-shale play at Shoal Point in Port au Port Bay (2K39 well), in the shallow offshore of western Newfoundland (See Map next page). The 137,000 acre (approx. 55,000 hectare) SPE land parcel can be developed almost entirely by land-based drilling. This play is analogous to other fractured shale liquids plays which are currently being pursued by majors in North America and elsewhere. The current move into oil-in-shale exploitation is similar, in concept and technology, to the revolution in gas shales which has occurred over the past decade and which has revolutionized the gas market in North America. Development would entail extensive horizontal drilling and specialized completion techniques, including possible hydro-frac'ing, which have proven so successful in other North American basins. A recent $6.1 million financing is complemented with a $6.5 million farm out, by SPE and CIVC, of 50% of their interests in the Shallow Rights in EL1070 to Dragon Lance Management Corporation. Summary of Interests in EL1070 Shallow Rights: SPE CIVC DLMC Current 61.50% 38.50% - After Earn-in 30.675% 19.325% 50.00% Drilling operations will be managed by Dragon Lance Management Company who also managed the drilling of the 2K-39 well, which was accomplished without any significant health, safety and environmental incidents. The 2010 drilling campaign will establish proof of concept and lead to application for a Significant Discovery Area (long term production license) which will enable partners to develop and produce the oil in perpetuity. Oil production can be readily shipped from western Newfoundland with the installation of transhipment facilities at nearby deepwater ports in Stephenville. Product is expected to be light, sweet crude of 35-45 degree API gravity, a premium product. Refineries are easily accessible along the eastern seaboard of North America. The CNSX is an innovative new stock exchange for trading the securities of public companies. CNSX's unique market model matches enhanced disclosure and streamlined issuer regulation with leading edge technology and comprehensive regulatory oversight to meet the needs and characteristics of public companies, their investors and investment dealers. On Behalf of the Board, SHOAL POINT ENERGY LTD. George Langdon, President Note Regarding Forward-Looking Statements This press release and other written or oral communication from Shoal Point Energy Ltd. (the "Company") may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. Readers are cautioned that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com and www.cnq.ca The Company undertakes no obligation to update this forward-looking information except as required by applicable law.
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