Petro-Reef Resources Ltd.
TSX VENTURE : PER

Petro-Reef Resources Ltd.

November 09, 2006 17:30 ET

Petro-Reef Resources Ltd. Announces Grant of Options

CALGARY, ALBERTA--(CCNMatthews - Nov. 9, 2006) - Petro-Reef Resources Ltd. (TSX VENTURE:PER) announced today that on November 6, 2006 a director of the corporation was granted options to purchase up to 40,000 shares under the corporation's Incentive Stock Option plan. The exercise price for the grant has been set at $0.90, which was the closing price for Petro-Reef shares on November 6, 2006. The options will fully vest after one year and expire five years from the date of the grant. With this grant, Petro-Reef will have 2,080,000 stock options outstanding with an average exercise price of $0.83 per share.

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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Petro-Reef Resources Ltd.
    Joseph Werner
    President and CEO
    (403) 265-6444
    (403) 264-1348 (FAX)
    or
    Petro-Reef Resources Ltd.
    Theodore M. Donhuysen
    Vice-President Exploration and Production, and COO
    (403) 265-6444
    (403) 264-1348 (FAX)
    Email: info@petro-reef.ca
    Website: www.petro-reef.ca
    or
    Petro-Reef Resources Ltd.
    Suite 970, 10655 Southport Road S.W.
    Calgary, Alberta T2W 4Y1
    or
    Iradesso Communications Corp.
    Geoffrey Vanderburg
    (403) 503-0144 ext. 203
    Email: gvanderburg@iradesso.com