SHOAL POINT ENERGY CONCLUDES DEFINITIVE FARMOUT AGREEMENT WITH BLACK SPRUCE EXPLORATION FOR ITS GREEN POINT SHALE LICENSES,Concludes Definitive Farmout Agreement • January 14th, 2013
Toronto, Ontario: Shoal Point Energy Ltd. (“Shoal Point” “SPE” or the “Company”) (SHPNF on OTCQX) (SHP on CNSX) has concluded a Farmout Agreement (“Agreement”) with Black Spruce Exploration Corp. (“BSE”), a subsidiary of Foothills Capital Corp. This Agreement follows a Letter of Intent between the two parties as announced on December 17, 2012. The Agreement contemplates the continued exploration and development of SPE’s approximately 720,000 gross acres of Green Point “oil-in-shale” rights in offshore west Newfoundland.
