Petro-Reef Resources Ltd. Grants Stock Options

CALGARY, ALBERTA--(Marketwire - May 19, 2011) - Petro-Reef Resources Ltd. (TSX VENTURE:PER) ("Petro-Reef" or the "Company") announces that on May 18, 2011 stock options were granted to certain Officers, Directors, Consultants and Employees of the Corporation to purchase up to 1,360,000 common shares under its Incentive Stock Option Plan. The options were issued at an exercise price of $0.325 per share. Petro-Reef's shares closed at $0.325 on May 18, 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 4,185,000 stock options outstanding with an average exercise price of $0.64 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.