Full stop on trading for Shoal Point Energy

Ashley Fitzpatrick
Send to a friend

Send this article to a friend.

Company that proposed fracking in Western Newfoundland says announcement coming

Shoal Point Energy, a promoter of fracking for oil in Western Newfoundland, is about to make an important announcement.

Shoal Point drilling site on the Port au Port Penninsula. — TC Media file photo

Leading up to the actual release of the news, expected by the end of the week, the company leadership has asked for a halt on trading of company securities, according to a statement issued this afternoon.

The company is listed on the CNSX exchange under the symbol "SHP."

Shoal Point Energy has been pursuing the idea of onshore and onshore-to-offshore oil and gas projects in Western Newfoundland using hydraulic fracturing, a.k.a. fracking.

The projects the company has suggested have been met with fierce opposition from both individuals living in the region and anti-fracking groups with further reach.

In early November, the Government of Newfoundland and Labrador put a road block in the way of Shoal Point Energy’s stated long-term plans — announcing applications for onshore or onshore-to-offshore oil projects involving fracking would not be accepted.

The moratorium on fracking has no set end date.

Shoal Point Energy’s last filing with securities regulators was Nov. 18.

 

afitzpatrick@thetelegram.com

Geographic location: Newfoundland and Labrador

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page

Comments

Comments

Recent comments

  • andrew harvey
    December 11, 2013 - 08:05

    I hope that the Province will stick to their Guns and see Just how Destructive this way of extracting oil is to the environment.Especially the marine environment.I have a Gut feeling that the Government Will give them the OK.If so, SHAME on the Government.

  • andrew harvey
    December 11, 2013 - 08:00

    I hope that the Province will stick to their Guns and see Just how Destructive this way of extracting oil is to the environment.Especially the marine environment.I have a Gut feeling that the Government Will give them the OK.If so, SHAME on the Government.

  • Roger Maley
    December 10, 2013 - 18:07

    At Stoughton, Saskatchewan where I farm over 300 wells have been fracked around this little town of 450, yes we accepted the added revenue & jobs & had no problems with fracked wells, when 1,00,000 wells have been through this procedure, Newfoundland has their heads buried in the sand! No knowledge, you can wave banners all you want.

  • Roger Maley
    December 10, 2013 - 18:06

    At Stoughton, Saskatchewan where I farm over 300 wells have been fracked around this little town of 450, yes we accepted the added revenue & jobs & had no problems with fracked wells, when 1,00,000 wells have been through this procedure, Newfoundland has their heads buried in the sand! No knowledge, you can wave banners all you want.

  • bill duffenais
    December 10, 2013 - 17:40

    you will hear me all the way from kingston we love our cabin at shoal point and do not want the noise and the aftermath of fracking my worst nightmare

  • Nicholas
    December 10, 2013 - 13:31

    It is always the Newfoundlander who complains that we do not have enough, compared to other provinces like Alberta. It is always the Newfoundlander who complains about having to go away to work. However, when a company actually decides to take a chance on Newfoundland, you still complain!!!! Most of you don't even know what fracking is about, but you just "don't like it" because most of your neighbors also don't like it. Small-town mentality or ignorance. Progress is a must in our province, if not, we will have to keep commuting and saying good-bye as our loved ones head to other provinces, and add to those societies instead. There are laws under which these companies will have to operate. Trust me, I am an engineer. We must trust the system to work!!!!!

  • Joe Wiseman
    December 10, 2013 - 07:29

    It would be a welcome sight to see the end of fossil fuels as a source of energy. Taxpaper dollars spent on the development of renewable, clean air, energy is the future - if we are to have one. There will be permanent jobs and permanent energy without the destruction of our environment. We only need read the science and consult our conscience.

  • Aiden Mahoney
    December 10, 2013 - 02:50

    Long live the resistance against government and corporate greed and the destruction of our planet.

  • Lonewolf
    December 09, 2013 - 21:30

    Well I guess there will be another mass exitess from the province. No development , no jobs, and they wonder why they can't get new Hospitals and other essentials. They don't have the population to warrant it, everyone is leaving. I wish we could have our people back.

  • Jack
    December 09, 2013 - 19:43

    Maybe that announcement might explain why Canadian Imperial Venture's shares are trading at record low price of 1 cent per share even after the stock consolidation earlier this year. Keep in mind that Canadian Imperial Venture owns a large portion of Shoal Point Energy.

  • Charles
    December 09, 2013 - 17:08

    You'll see after the 2015 election, Full speed ahead.

    • John
      December 10, 2013 - 22:29

      yes, let the Liberals deal with it