Petro-Reef Resources Ltd.

Petro-Reef Resources Ltd.

November 23, 2009 09:00 ET

Petro-Reef Resources Ltd. Obtains Expanded Credit Facility

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2009) - Petro-Reef Resources Ltd. (TSX VENTURE:PER) is pleased to announce that it has increased its credit facility to a $14.5mm revolving demand credit and a $3.0mm non-revolving demand acquisition / development credit facility with the National Bank of Canada. The increase provides for a review date of June 1, 2010, providing stable financing through the first half of 2010. Petro-Reef had approximately $10.7mm in bank debt as at September 30, 2009, leaving significant liquidity to complete key infrastructure projects which are expected to add approximately 500 boe/d of production from previously announced drilling and well completions by year end.

Petro-Reef Resources Ltd. is a Calgary-based junior oil and gas company focused on petroleum and natural gas lease acquisition and exploration, and development of crude oil and natural gas properties in Alberta, Canada.

The TSX Venture Exchange does not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Petro-Reef Resources Ltd.
    John Pantazopoulos
    Vice-President Finance and CFO
    (403) 265-6444
    (403) 264-1348 (FAX)
    Petro-Reef Resources Ltd.
    970, 10655 Southport Road S.W.
    Calgary, Alberta T2W 4Y1