NEW YORK, Dec. 19, 2012 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced that Shoal Point Energy Ltd. (OTCQX: SHPNF; CNSX: SHP), a Toronto-based petroleum exploration and development company, has chosen to trade on OTCQX®, the qualified OTC marketplace with the highest financial standards and third-party sponsorship.
Shoal Point Energy began trading today on OTCQX International, a segment of the OTCQX marketplace reserved for high-quality non-U.S. companies listed on a qualified stock exchange in their home country. U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"The OTCQX marketplace offers investor-focused companies an efficient and effective way to enhance their visibility with U.S. investors," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "We are pleased Shoal Point Energy has chosen to join the other elite companies trading on OTCQX.""We are proud to join OTCQX, the highest OTC marketplace," said George Langdon, President of Shoal Point Energy. "We are committed to providing our U.S. investors with timely news and information to help them better analyze, value and trade our securities." Soloway Group, P.C. will serve as Shoal Point Energy's Principal American Liaison ("PAL") on OTCQX, responsible for sponsoring qualified companies and providing professional guidance on OTCQX requirements and U.S. securities laws. Shoal Point Energy is a Canadian-listed public company with a large working interest position in a regionally-extensive "tight" oil play within the Cambro-Ordovician Green Point Formation ("Shale") of western Newfoundland. The Green Point is an approximate stratigraphic equivalent, within the northernmost Appalachians, of the well-known Utica Formation currently under development in the United States. The company's technical database, in addition to third-party analysis, indicates that the Green Point contains a very large resource in the oil window, and the company has dedicated itself, in cooperation with its partners, to bringing this resource to production over the next several years. Shoal Point Energy's current holdings in western Newfoundland consist of: (1) a 100% working interest in the Green Point shale rights ("shallow rights") in EL 1070, comprising approximately 150,000 acres of prospective shale area, (2) a right to earn an 80% working interest in the "shallow rights" within a nearshore portion of EL 1120, held by Ptarmigan Energy Inc., comprising approximately 67,000 acres, and (3) a 100% working interest in all rights in EL 1097R, comprising approximately 500,000 acres, for a total exposure of approximately 720,000 gross acres to the Green Point "Shale" play. Shoal Point Energy trades in the U.S. on OTCQX under the symbol "SHPNF."