Shoal Point Energy recently posted an article on its website updating oil resources on its properties in western Newfoundland, but the local fracking awareness group is not impressed.
The company is closely watching where the province is moving with its moratorium on hydraulic fracturing, and the Port au Port-Bay St. George Fracking Awareness Group is doing the same.
Mark Jarvis, chief executive officer of Shoal Point Energy Corp., said in the article the company wanted to review its Green Point Shale resource in western Newfoundland in light of the rapid increase in understanding of shale plays in recent years. The company selected Morning Star Consultants of Austin, Texas, to perform the study.
Jarvis said the best estimate of the prospective resources is 428.4 million barrels of oil.
“This is an economic opportunity for Western Newfoundland on a par with the large oilfields offshore of Eastern Newfoundland,” he said in the article.
“We are committed to work with the government and people of Newfoundland and Labrador to responsibly develop this immense resource.”
Wayne Hounsell, past chairman of the fracking awareness group, said the group would be willing to meet with Shoal Point Energy representatives at any time if they came to this province.
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However, he also says it’s just business talk coming from Jarvis. Hounsell said the company is more interested in its own economic opportunities than that of people in the area.
“The company hasn’t been in the news lately and it’s our feeling this story is to say they’re alive and they have a heartbeat, but we’re not sure how strong it is,” Hounsell said.
In the meantime, the awareness group is still calling on the provincial government to have an
independent study done on fracking.
“We have major concerns and we’re waiting for government to give its reports,” Hounsell said. “(The Department of Natural Resources) promised to go to the public for consultations and an exchange of information before making their final decision on hydraulic fracturing.”
Shoal Point Energy has more than 220,000 acres of oil-in-shale at its Green Point Shale resource in the Bay St. George area.