Yes!

Shoal Point Energy Ltd. has now run casing to a depth of 1,711 metres in the 3K-39 well and the casing is being cemented into place. Once this operation is completed (expected to be in the next few days), the current rig in use will be released and a service rig will be brought in to complete the planned testing program.

The next stage of testing, subject to applicable regulatory approvals, will include a test over the open lower carbonate-rich section of the well to the total depth of 1,745 metres, from which promising hydrocarbons were encountered during drilling and logging operations. Thereafter it is planned to perforate the casing and test a series of fractured shale zones (between 1,325 and 750 metres), which were identified from log analysis and core data, and which, from a series of open-hole closed chamber drill stem tests, indicate significant natural permeability. These planned tests are expected to begin in mid-August and take up to three weeks to complete.

At the same time, the company is waiting for the results of the core analysis being undertaken by Ingrain Digital Rock Physics Lab in Houston, Tex. These results are expected to complement the log analysis carried out by NuTech Energy Alliance. In addition, discussions have commenced with a major petroleum consulting company to prepare an initial resource estimate and National Instrument 51-101 report.

Financing

Shoal Point also announces that it has closed the second tranche of a financing of common share units for the purpose of completion and testing well 3K-39 on EL 1070. The total amount raised from both tranches of this financing is $2,035,250.

The first tranche of the financing for $535,500 comprised 1,785,000 common share units at 30 cents, where each unit includes a common share at 30 cents and a one-half common share purchase warrant where a full warrant entitles the holder to acquire an additional common share at a price of 40 cents for 18 months. The second tranche of financing for $1,499,750 included 4,285,000 flow-through units, where each unit comprises a flow-through common share at 35 cents and a one-half common share purchase warrant, where a full warrant entitles the holder to acquire an additional common share at 40 cents for 18 months.

In connection with the total financing of $2,035,250, the company is paying cash fees totalling $122,115 to registered agents and issuing 364,200 broker warrants. Each broker warrant will entitle the holder to acquire an additional common share at a price of 30 cents for a period of 18 months.