Shoal Point Signs Letter of Intent to Earn an 80% Interest in the Green Point Shale in Contiguous EL 1120

Shoal Point Energy Ltd. ("Shoal Point") (CNSX:SHP) has signed a Letter of Intent
with Ptarmigan Energy Inc. of St. John's, Newfoundland and Labrador, to acquire
an option to explore the Green Point shale on Ptarmigan's Exploration License
1120, western Newfoundland offshore. The two parties will endeavour to reach a
Definitive Agreement by March 4, 2011 which will allow Shoal Point to earn an
80% interest by drilling a Green Point test well on the property by December 31,
2012.


Under the terms of an Area of Mutual Interest agreement with Canadian Imperial
Venture Corp. (CIVC) of St. John's, CIVC will have the right to participate in
exploration activities in order to earn up to a 40% of Shoal Point's interest in
the subject lands.


Shoal Point Energy and partners are currently drilling a well at Shoal Point,
Port au Port Bay, to evaluate the Green Point shale on Shoal Point's Exploration
License 1070, which lies south of, and contiguous with, Ptarmigan's EL 1120.
Dragon Lance Management Corp., the operator of the 3K-39 well, has reported that
the crew is returning to the site today after a brief break. Once onsite, the
rig crew will be preparing the rig to drill the main section of the well in the
Green Point shale.


"We are very pleased to be partnering with Ptarmigan on the continuing
evaluation of the Green Point potential in western Newfoundland" said George
Langdon, President and CEO of Shoal Point Energy Ltd., "and look forward to an
exploration program that will be highly beneficial and rewarding to both
parties".


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 has a 6 - 14%
interest in a gas prospect in the Province of New Brunswick. Shoal Point
currently has 137,910,330 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.