Mr. George Langdon reports

SHOAL POINT GOING PUBLIC ON THE CNSX

Effective Nov. 23, 2010, the common shares of Shoal Point Energy Ltd. commenced trading on the Canadian National Stock Exchange under the symbol SHP.

Oil and gas properties

The company, as 61.5-per-cent-interest holder, as well as operator, along with its joint venture partner Canadian Imperial Venture Corp. at 38.5 per cent, has 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. The 137,000-acre (approximatly 55,000-hectare) Shoal Point 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 fracing, which have proven to be successful in other North American basins.

A recent $6.1-million financing is complemented with a $6.5-million farm-out by Shoal Point and Canadian Imperial Venture of 50 per cent of their interests in the shallow rights in EL1070 to Dragon Lance Management Corp.

 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, which 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 licence), 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 across shipment facilities at nearby deepwater ports in Stephenville. Product is expected to be light, sweet crude of 35-to-45-degree-API gravity, a premium product. Refineries are easily accessible along the eastern seaboard of North America.