Shoal Point Energy Ltd (C:SHP)
Shares Issued 272,709,463
Last Close 3/1/2013 $0.075
Monday March 04 2013 - News Release

Mr. David Black reports

SHOAL POINT ANNOUNCES PLANS TO SHIP OIL RIG TO NEWFOUNDLAND

Shoal Point Energy Ltd. has been advised by its farm-in partner, Black Spruce Exploration Corp. (BSE), that it is preparing to ship an oil rig, pipe and other essential drilling supplies to Newfoundland in the month of April.

The oil rig, which was recently acquired by an affiliate of BSE, will be used in drilling 4 wells in 2013 on Shoal Point's acreage in the Green Point Shale pending regulatory approvals. The rig is a Superior 700 UE D/D Drawworks 800 model. To see photographs of the rig type, visit http://www.blspexp.com/newsmedia/photos.htm.

"Along with the oil rig, we are shipping key back-up parts to ensure redundancy--tubing, casing and all of the supplies we will need to drill our four wells in 2013," notes David Murray, President & Chief Executive officer of Black Spruce Exploration. It's quite an extensive inventory--millions of dollars worth."

BSE plans to ship the oil rig and supplies from Houston via a heavy-lift ship vessel in the month of April. It will take approximately one month to arrive at its destination in Stephenville, Newfoundland.

George Langdon, President of Shoal Point sees this activity as an important step towards the evaluation of the Green Point Shale and in the transition to making Black Spruce Exploration the operator of the joint venture

"I'm very excited to see the progress Black Spruce Exploration is making as it becomes the official operator in our partnership. They have an experienced management team and board of directors, who understand the shale play and the methodology needed to extract hydrocarbons in the most economic and environmentally-sensitive way."

About Black Spruce Exploration Corp ('BSE').

BSE, with offices in Calgary, Alberta, and St. John's and Corner Brook, Newfoundland, is an exploration and production company which has the right to earn an interest in Shoal Point's property rights, licenses and interests in the province of Newfoundland and Labrador under terms of a farm-in agreement, entered in to by the parties on 14th January 2013. For more information on Black Spruce Exploration Corp., visit www.blspexp.com .

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