Mr. Mark Jarvis reports

CFO RESIGNS

Shoal Point Energy Ltd.'s board has accepted the resignation of Natasha Tsai as chief financial officer of the company, effective at today's date. Mark Jarvis has accepted the position of interim chief financial officer, also effective today.

The board wishes to thank Ms. Tsai for her service over the past six years.

About Shoal Point Energy Ltd.

Shoal Point is a public company listed on the Canadian Securities Exchange under the symbol SHP. The company is suing the government of Newfoundland and Labrador for at least $483-million for de facto expropriation or constructive taking of its rights to develop its oil and gas interests in western Newfoundland.