Welcome!

News Feed Item

Shoal Point Releases Updated Resource Estimate

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/12/14 -- Mark Jarvis, CEO of Shoal Point Energy Ltd. (CSE:SHP)(OTCQX:SHPNF), announced today that an updated NI 51-101 compliant resource estimate, with an effective date of March 31, 2014, has been released and is available on the Company web site at www.shoalpointenergy.com. The report will also be available on SEDAR at www.sedar.com.

"We wanted to review our Green Point Shale resource in western Newfoundland in light of the rapid increase in understanding of shale plays in recent years," said Mr. Jarvis. "We selected Morning Star Consultants of Austin, Texas, led by Douglas McBride, P.E., to perform the study. Morning Star Consultants has extensive experience in evaluating unconventional resource plays in North America, Argentina, Mexico, Australia and Ukraine on behalf of major and mid-sized oil and gas companies."

"The best (middle) estimate of our prospective resources is 428.4 million barrels of oil," Mr. Jarvis continued. "This is an economic opportunity for Western Newfoundland on a par with the large oilfields offshore of Eastern Newfoundland. We are committed to work with the government and people of Newfoundland and Labrador to responsibly develop this immense resource."

The following table contains estimates of Total Undiscovered Petroleum Initially in Place (PIIP) and estimates of Prospective Resources contained in the Green Point Shale formation within the Exploration Licences that Shoal Point Energy has rights to in western Newfoundland:


                          --------------------------------------------------
                                    Gross               Working Interest    
----------------------------------------------------------------------------
                               Low    Best     High     Low    Best     High
Resource Class               MMstb   MMstb    MMstb   MMstb   MMstb    MMstb
----------------------------------------------------------------------------
   Cumulative Production         0       0        0       0       0        0
   Remaining reserves            0       0        0       0       0        0
   Surface loss/shrinkage        0       0        0       0       0        0
  Total Commercial               0       0        0       0       0        0
  --------------------------------------------------------------------------
   Contingent resources          0       0        0       0       0        0
   Unrecoverable                 0       0        0       0       0        0
  Total sub-commercial           0       0        0       0       0        0
  --------------------------------------------------------------------------
 Total discovered PIIP           0       0        0       0       0        0
 ---------------------------------------------------------------------------
   Prospective resources     177.3   428.4    908.6   177.3   428.4    908.6
   Unrecoverable           2,874.5 6,119.7 10,889.7 2,874.5 6,119.7 10,889.7
  --------------------------------------------------------------------------
 Total undiscovered PIIP   3,051.8 6,548.1 11,798.3 3,051.8 6,548.1 11,798.3
 ---------------------------------------------------------------------------
Total PIIP                 3,051.8 6,548.1 11,798.3 3,051.8 6,548.1 11,798.3
----------------------------------------------------------------------------

Prospective resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity. Prospective resources have both an associated chance of discovery (geological chance of success) and a chance of development (economic, regulatory, market, facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. The Province of Newfoundland and Labrador currently has a moratorium on hydraulic fracturing in place. The prospective resource estimates referred to herein have not been risked for either the chance of discovery or the chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

The Low Estimate represents the P90 values from the probabilistic analysis (i.e. the value is greater than or equal to the P90 value 90% of the time), while the Best Estimate represents the P50 values and the High Estimate represents the P10. Actual resources may be greater or less than those calculated.

About Shoal Point Energy

Shoal Point Energy is a public company listed on the CSE under the symbol "SHP". The core asset of the Company is oil and gas interests in the Green Point Shale area in Western Newfoundland.

Contacts:
Shoal Point Energy Ltd.
Mark Jarvis
416-637-2181, extension 316
www.shoalpointenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at @DevOpsSummit at 20th Cloud Expo, Kelly Looney, director of DevOps consulting for Skytap, showed how an incremental approach to introducing containers into complex, distributed applications results in modernization with less risk and more reward. He also shared the story of how Skytap used Docker to get out of the business of managing infrastructure, and into the business of delivering innovation and business value. Attendees learned how up-front planning allows for a clean sep...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...