Mark Jarvis, CEO of Shoal Point Energy says that, pursuant to Shoal Point's farm-in agreement with Ptarmigan Energy Inc. dated April 13, 2011, Ptarmigan Energy has granted Shoal Point an extension until January 15, 2016 to complete its obligation to drill and test a well in EL 1120.

Shoal Point has the right to earn an 80% interest in that part of the Humber Arm Allochthon within approximately 7 kilometers of the shoreline in EL 1120, located immediately north of Shoal Point's 100% owned EL 1070.

Tags: Shoal Point Energy Ltd.