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Shoal Point Energy Ltd. is a petroleum exploration and development company
Message: Shoal Point - Black Gold Letter
Shoal Point Energy (SHP/SHPNF) is barely up 1/3 of that, and it's a micro cap! I believe that SHP will play catch up soon and trade back toward the .20 plus mark. The company is moving forward on completing the upper band of well #1 in Kansas imminently, so we will know our ultimate flow rates on this first well soon enough.
They had filled up 400 barrels on site but have now or will soon sell that off and begin pumping again, is my belief. The well completion of the upper zone will be important to see if we hit that 150 ish barrels per day in total production, when merging the lower and upper zone flows. If so, this deal is a rinse and repeat grand slam! Even at just $40 ish oil, I would support SHP drilling a second well in the near term to test out the Mount Evans theory.
There are some early indications that the reservoir there is bigger than initially assumed, which means more oil. SHP still has potentially massive offshore assets in Newfoundland that could 20X the market cap of the company if/when they can get permitted by a less restriction regime politically, which will happen sooner or later (they need the money!).
I'm adding to my Shoal Point position to .13-.14 CDN, which I think is a steal.
Eric
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Sincerely,
Eric Muschinski
Black Gold Letter
eric@phenom.ventures
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