McLaren Resources Enters into Merger Agreement with Shoal Point Energy

Toronto, Ontario CANADA, March 15, 2010 /FSC/ - McLaren Resources Inc. (MCL - CNSX, 3ML - FWB), ("McLaren" or the "Company") is pleased to announce that it has entered into a letter agreement with Shoal Point Energy Limited ("Shoal Point"), a privately held Alberta corporation, dated March 13, 2010 to acquire all of the outstanding securities in Shoal Point by way of a merger transaction. Prior to giving effect to contemplated financing, upon completion of the transaction, McLaren shareholders will hold approximately 20% and Shoal Point shareholders will hold approximately 80% the outstanding shares of the newly merged company.

The merger transaction will involve McLaren, which has 19,794,281 million common shares, issuing common shares to the shareholders of Shoal Point in exchange for 100% of the issued and outstanding shares of Shoal Point, which has 75,109,129 shares currently outstanding, subject to adjustment.

The transaction is conditional upon, among other things, completion of satisfactory due diligence, completion of a minimum financing of CAD $5.5 million by McLaren (the "Financing"), appointment of a board comprised of three McLaren directors and three Shoal Point directors, shareholder approvals and applicable regulatory approvals.

McLaren will also issue debentures, warrants and options to the security holders of Shoal Point on a one for one exchange basis. Under the regulations of the Canadian National Stock Exchange ("CNSX") and for disclosure purposes, the transaction will be treated as a reverse takeover.

McLaren and Shoal Point are now proceeding with due diligence, preparation of final legal documentation, updated financial statements, a National Instrument 51-101 compliant technical report, and management information circulars for special meetings of the shareholders of McLaren and Shoal Point. The transaction is subject to approval by the CNSX and other regulatory agencies having jurisdiction.

The merged company will continue its primary business focus as an oil and gas exploration and development company. The immediate focus of the Company will be continued exploration of the Green Point Formation project in Newfoundland.

"This is a great opportunity for McLaren shareholders to benefit from the synergies of a combination with Shoal Point and access to the capital markets, which will allow us to realize the full potential of the Green Point Formation on the west coast of Newfoundland. This shale oil resource play represents significant potential for the Company", said Michael Meredith, President of McLaren Resources Inc.

For more information visit our web site at www.mclarenresources.com or contact Michael Meredith, President and CEO of McLaren Resources, at 416-637-2147 x 4750.

McLAREN RESOURCES INC.
65 Queen Street West, Suite 500
Toronto ON, M5H 2M5
Tel.: 416-637-1063 / Fax: 416-368-1539
E-mail: mcln_ir@mclarenresources.ca

Hey all,

I see this as a good move for the play in general. It really has no bearing on our position. It does however combine two company's that by themselves were kind of a mess. The inability of SPE to go public is one of the things that brought about thoughts of money and the fact that they don't have any. Now that they escape the costs associated with going public along with the red tape and paper work....maybe they can focus their efforts on getting the drill turning.

Any Thoughts?