That's "The Shooting", released in US as "Shooter: Space Shot". It's a Thunder Force-clone, basically, though the gameplay is flawed and the graphics are just butt-ugly to the point of making it hard to see what's happening at times. Shame, as it has an interesting scoring idea and the weapons are rather cool.
It's definitely not the best shmup ever, as it's a budget title to begin with, but for the 5 bucks or less you can get it for I'd say it's worth picking up.
I got this game free, as a prize for being the winner of the old-school shmup competition.
I personally like it a lot. It's a simple game, but the scoring system is pretty cool, and the game does everything right. It's not Dodonpachi or something like that, but it's fun.
Most people seem to rate it as crap, but I think most people didn't play it for more than 5 minutes. The graphics indeed aren't too hot, and the cut-scenes are sutpid, but otherwise I don't see nothing wrong with Space Shot, the score system can make for some frantic gameplay, and the later levels are pretty cool. Everytime I fire it up, I have some fun time.