Shoal Point Energy Ltd. announced that it has been able to successfully extend the time period during which it is allowed to drill exploration wells on each of EL 1120 and EL 1097R. Both of these licenses are offshore exploration licenses located on the west coast of Newfoundland. The company has signed an amending agreement with Ptarmigan Energy Inc. whereby the date by which SPE must drill an exploration well on EL 1120 has been extended from December 31, 2012 to January 15, 2015.

In consideration for this extension, the company has agreed to immediately pay to Ptarmigan the balance of $300,000 which was due to Ptarmigan but originally not payable until the spudding of a well on EL 1120. In addition, Shoal Point has granted to Ptarmigan a warrant which entitles Ptarmigan to purchase up to 500,000 common shares of Shoal Point at a price of $0.06 until January 15, 2015. The company has paid an additional $1 million refundable deposit to the CNLOPB to obtain an extension of the term during which it is allowed to drill exploration wells on EL 1097R by one year until January 15, 2014.