Mr. Mark Jarvis reports

SHOAL POINT ANNOUNCES EFFECTIVE DATE FOR CONSOLIDATION

Shoal Point Energy Ltd.'s common shares will begin trading on a postconsolidated basis at the opening of the market on Feb. 29, 2024, under the existing trading symbol SHP.

As previously announced, the company will be consolidating its outstanding common share capital on the basis of one postconsolidation share for two preconsolidation shares. No fractional shares will be issued pursuant to the consolidation and any fractions will be rounded to the nearest whole number. As of the date of this news release, the company has 50,901,583 common shares issued and outstanding. Following completion of the consolidation, it is anticipated that the company will have approximately 25,450,791 common shares issued and outstanding.

A letter of transmittal describing the process by which shareholders may obtain new certificates representing their postconsolidated common shares will be mailed to registered shareholders.

Trading on a consolidated basis:   Feb. 29, 2024

New Cusip number:   82489D406

New ISIN (international securities identification number):   CA82489D4066

About Shoal Point Energy Ltd.

Shoal Point Energy is a public company listed on the Canadian Securities Exchange under the symbol SHP. The company is planning to wind up its oil and gas exploration activities in Kansas and retains its oil and gas interests in the Humber Arm Allochthon play in western Newfoundland. The company has filed a lawsuit against the government of Newfoundland and Labrador claiming at least $483-million for the constructive taking or de facto expropriation of the company's interest in certain exploration lands, among other claims.

We seek Safe Harbor.