Petro-Reef Resources Ltd. Grants Stock Options

CALGARY, ALBERTA--(Marketwire - Jan. 14, 2011) - Petro-Reef Resources Ltd. (TSX VENTURE:PER) announces that on January 13, 2011 stock options were granted to Petro-Reef Resources Ltd. Officers, Directors and Employees of the Corporation to purchase up to 1,685,000 common shares under its Incentive Stock Option Plan. The options were issued at an exercise price of $0.46 per share. Petro-Reef's shares closed at $0.46 on January 12, 2011. The stock options will vest over one year and expire five years from the date of grant. Immediately prior to this grant, the company had 2,925,000 stock options outstanding with an average exercise price of $0.85 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.