Petro-Reef Resources Ltd.

Petro-Reef Resources Ltd.

November 09, 2005 17:05 ET

Petro-Reef Resources Ltd.: News Release

CALGARY, ALBERTA--(CCNMatthews - Nov. 9, 2005) -

This news release is not for distribution to United States Newswire Service or for dissemination in the United States.

Petro-Reef Resources Ltd. (TSX VENTURE:PER) announces that it has successfully recompleted a well in its core area at Alexander, Alberta. The well based on a one-day production test, tested at a rate of 300 barrels of 24o API crude oil per day. The company has a forty-four percent (44%) working interest in the well and is the operator. The well will be placed on stream at an anticipated production rate of 150 barrels of crude oil per day (66 barrels of crude oil per day net to Petro-Reef).

The company has three other wells structurally higher with the same oil zone defined on well logs. The company owned 3D seismic indicates the oil reservoir to be potentially 3.5 miles long and 1.0 to 1.5 miles wide with pay thickness ranging from 30 to 60 feet.

Plans are to drill and/or recomplete seven more wells in the next 90 to 100 days in the same area. Petro-Reef has working interest in these wells ranging from thirty-four percent (34%) to forty-four percent (44%).

Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding reservoirs, resources and reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Corporation are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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 news release.

Contact Information

  • Petro-Reef Resources Ltd.
    Joseph Werner
    (403) 265-6444
    Petro-Reef Resources Ltd.
    Theodore M. Donhuysen
    (403) 265-6444
    (403) 264-1348 (FAX)
    Petro-Reef Resources Ltd.
    2020, 800 - 5th Avenue S.W.
    Calgary, Alberta T2P 3T6