Petro-Reef Resources Ltd.
TSX VENTURE : PER

Petro-Reef Resources Ltd.

October 27, 2005 18:47 ET

Petro-Reef Resources Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - Oct. 27, 2005) - Petro-Reef Resources Ltd. (TSX VENTURE:PER) ("the company") drilled a well in its core area at Alexander, Alberta in October 2005. The well was completed with production casing run and absolute open flow tested at 335.549 e3m3/day (11.910 mmcf/d) or 1985 barrels of oil equivalent per day.

The well will be placed on stream at approximately 3.25mmcf/day (542 BOE/day - 461 BOE/day net to Petro-Reef before BTU adjustment). The company has an eighty-five (85%) percent working interest in the well until 500% of the drilling and completion cost and 200% of the equipping and tie-in cost have been recovered at which time Petro-Reef's working interest will revert to 34%.

Petro-Reef plans to participate in two (2) more wells in the Alexander area within the next month where the company has a forty-four (44%) percent working interest.

Petro-Reef Resources Ltd. is the operator for all aforementioned wells.

Common Shares Outstanding 21,438,924

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
    (403) 265-6444
    (403) 264-1348 (FAX)
    or
    Petro-Reef Resources Ltd.
    Theodore M. Donhuysen
    (403) 265-6444
    (403) 264-1348 (FAX)
    Email: petroreef@shawcable.com
    or
    Petro-Reef Resources Ltd.
    2020, 800 - 5th Avenue S.W.
    Calgary, Alberta T2P 3T6