Shoal Point to Drill Third Mount Evans Well

Vancouver, British Columbia--(Newsfile Corp. - June 28, 2021) - Mark Jarvis, CEO of Shoal Point Energy Ltd. (CSE: SHP), announced today that the Company plans to drill a third well at the Mount Evans project in Kansas. The well is expected to commence drilling in early August. Shoal Point has a 65% working interest in the project and privately held Shelby Resources has a 35% working interest.

"Along with our partners, we have done extensive analysis of our first two wells at Mt. Evans," said Mr. Jarvis. "Our conclusion is that this third location, which is on a separate structure, presents an attractive risk/reward profile. We are also actively evaluating other plays in Kansas, which we consider an excellent jurisdiction."

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 its Mount Evans project in Kansas and retains its oil and gas interests in the Humber Arm Allochthon play in western Newfoundland.

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

The Canadian Securities Exchange (CSE) has neither approved nordisapproved the contents of this news release.

#203-700 West Pender Street, Vancouver, BC Canada V6C 1G8Tel - 416 637 2181 www.shoalpointenergy.com^[1]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88884^[2]