Newfoundland: Shoal Point to acquire License 1079R

By OGJ editors

Shoal Point Energy Ltd. will gradually acquire 100% working interest from NWest Energy Corp. in 500,000 acres in Exploration License 1079R offshore western Newfoundland.

The NWest-Shoal Point transaction provides NWest shareholders with ongoing exposure to the offshore Green Point tight oil play in western Newfoundland both on EL 1079R and, by virtue of its equity ownership in Shoal Point, on the other projects being operated by Shoal Point in western Newfoundland.

Vulcan Minerals Inc. owns 19.1% of NWest common shares.

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