Reef Resources Ltd.

Reef Resources Ltd.

July 08, 2009 16:17 ET

Reef Resources Ltd. Announces Granting of Options to Officers and Directors

CALGARY, ALBERTA--(Marketwire - July 8, 2009) -


Reef Resources Ltd. ("Reef" or the "Company") (TSX VENTURE:REE) is pleased to announce that it has granted share purchase options to directors and officers pursuant to its stock option plan. Options to acquire 1,450,000 shares were granted to Arnie Hansen (Officer and Director), Larry Olson (Officer and Director), Wally Romanchuk (Officer) and Tariq Malik (Officer). All of the options are for a five year term which expires on July 7, 2014. For each grant, 33% vests immediately, 33% vests on the first anniversary of the grant, and the remaining 34% vests on the second anniversary of the grant. The exercise price is $0.05 per common share.

About Reef Resources Ltd.

Reef was formed to participate in the exploration, development and production of conventional crude oil and natural gas reserves in Ontario, Alberta and Saskatchewan. The Company's strategy is to build shareholder value through internally generated exploration and development drilling as well as through selective acquisitions and mergers.

Forward Looking Statements - This news release contains certain forward-looking statements, which include assumptions with respect to raising funds and future capital expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

Contact Information

  • Reef Resources Ltd.
    Arnie Hansen
    President & CEO
    (403) 251-9447 Ext 224
    (403) 251-9553 (FAX)
    Reef Resources Ltd.
    Larry Olson
    V.P. Finance
    (250) 490-3378
    (403) 251-9553 (FAX)