Vancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - Mark Jarvis, CEO of Shoal Point Energy Ltd. (CSE: SHP), today provided an update on its Pratt County, Kansas operations. Shoal Point has a 6.5% working interest of an 81% net revenue interest in this project, which is operated by Shelby Resources.

"Completion operations and installation of a gas pipeline were hampered by intermittent extreme weather conditions in Kansas from December to February," said Mr. Jarvis. "The gas pipeline is nearing completion and will undergo hookup and pressure testing by pipeline company Superior Pipeline Kansas LLC. One well has been awaiting installation of the gas pipeline and one well has been a good performer, having produced 7700 barrels of oil cumulatively to date from less than 2 feet of net pay. This initial zone has now been isolated and completion operations and testing are currently underway on the next potential pay zone up the hole. One well was plugged and abandoned, and three wells have had disappointing results from completion operations. Evaluation of these three wells is still underway."

Chris Gottschalk, operations manager at Shelby Resources, recently passed away. "Chris passed peacefully in his sleep, but his death was untimely, and we are saddened by it," said Mr. Jarvis.

About Shoal Point Energy Ltd.

Shoal Point Energy Ltd. is a public company listed on the CSE exchange under the symbol "SHP". The company is focused on oil and gas exploration in Kansas and retains its oil and gas interests in the Humber Arm Allochthon play in western Newfoundland. The company is also actively evaluating new opportunities.

For further information, please contact:
Mr. Mark Jarvis - Chief Executive Officer
Tel - 416-637-2181 extension 310

The Canadian Securities Exchange (CSE) has neither approved nor disapproved the contents of this news release.