SHP Shoal Point Energy Ltd

Shoal Point Energy Ltd. ("Shoal Point") (CNSX:SHP) announces that it has signed
an Amending Letter Agreement to the Farmout Agreement covering CNLOPB - PNG
Licence Area EL 1070 (EL 1070) dated August 11, 2010 with Canadian Imperial
Venture Corp. (CIVC) and with Dragon Lance Management Corporation (DLMC) and
also with Fire Horse Energy Limited (Fire Horse).


The amending letter agreement initially acknowledges that DLMC had assigned its
rights and obligations under the original Farmout Agreement to Fire Horse. It
further acknowledges that Shoal Point's interest in EL 1070 is to be set at
51.5% after the completion of the next well (3K-39) which is to be spudded prior
to the end of the year.


Originally Shoal Point's interest was to be reduced from 61.5% to 30.75% and the
entire cost of well 3K-39 was to be borne by DLMC or its assignee (Fire Horse).
Under the terms of the amended agreement, Shoal Point's interest will be reduced
by only 10% to 51.5% and in consideration for retaining this increased interest
in EL 1070, Shoal Point has agreed to pay 41.5% of the drilling costs of the
well (estimated to be $1,867,500 or 41.5% of $4.5 million), to make the
refundable abandonment deposit (estimated not to exceed $1 million) and to pay
50% of the costs of filing reports and making the application for an Significant
Discovery Licence (SDL) on EL 1070. The balance of the costs associated with
drilling with 3K-39 and obtaining the SDL are to be paid for by Fire Horse.


George Langdon, the President of Shoal Point stated: "We are pleased that Shoal
Point was able to negotiate to maintain a larger interest in EL 1070. Our
technical analysis of the area and our interpretation of results from prior work
done on the property lead us to believe the potential for significant oil
production from the Green Point shale formation is great and justifies the
increased cost to Shoal Point".




After the completion of the next well, 3K-39, the interests in EL 1070 will 
be as follows:                                                              
                                                                            
Shoal Point                                 51.50%
CIVC                                        19.25%
Fire Horse                                  29.25%



Other matters: 

Shoal Point announces that it has engaged the services of James Couldrey &
Associates based in Leicestershire, U.K. to assist with marketing the Company's
story to investors in Europe. The Company has agreed to grant James Couldrey
200,000 stock options for a period of 2 years at a price of $0.25 and to pay a
monthly fee of $3,000 Cdn.


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 114,625,428 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.

Shoal Point Energy (CSE:SHP)
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Shoal Point Energy (CSE:SHP)
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