March 04, 2016
Mark Jarvis, CEO of Shoal Point Energy Ltd., announced today that the Canada – Newfoundland and
Labrador Offshore Petroleum Board (C-NLOPB) had returned the Financial Responsibility Documents that
Shoal Point had deposited with the Board which hypothecated a $1 million Guaranteed Investment
Certificate (GIC) of Shoal Point to the C-NLOPB. The documents were returned because there are no
current Operations Authorizations in place and the new financial responsibility regime came into effect on
February 26, 2016.
“From an accounting perspective, the GIC becomes a current asset,” said Brian Fiddler, CFO of Shoal Point.
“As of today’s date, our working capital is now approximately $1,020,000.”
“We are still in diligent pursuit of our well in Exploration Licence 1070,” said Mark Jarvis. “Operations
there were suspended until such time as we receive regulatory approval to proceed with completion
operations and conduct a flow test in pursuit of a Significant Discovery. At such time as we resume
operations, we will have to file new Financial Responsibility documents with the C-NLOPB under the new
About Shoal Point Energy Ltd.
Shoal Point Energy Ltd. is a public company listed on the CSE under the symbol “SHP”. The core assets of
the Company are its oil and gas interests in the Port au Port area in western Newfoundland.
For further information, please contact:
Mr. Mark Jarvis
Chief Executive Officer 416-637-2181 extension 310
The Canadian Securities Exchange (CSE) has neither approved nor disapproved
the contents of this news release.