Petro-Reef Resources Ltd.

Petro-Reef Resources Ltd.

January 11, 2011 09:19 ET

Petro-Reef Resources Ltd. Officer Resigns

CALGARY, ALBERTA--(Marketwire - Jan. 11, 2011) - Petro-Reef Resources Ltd. (TSX VENTURE:PER),

Petro-Reef Resources Ltd. (the "Corporation") announces that Mr. John Pantazopoulos has resigned as Vice President, Finance and Chief Financial Officer to pursue other career opportunities effective January 31, 2011. He will assist the Corporation in the transition to a new CFO and will remain as a Director of the Corporation. The Corporation is currently interviewing candidates to fill that position.

Management and the Board of Directors would like to thank Mr. Pantazopoulos for his assistance and dedicated service in his 3½ years with the Corporation and wishes him success in his new endeavours.

As a follow-up to the press release of December 6, 2011 the Corporation is pleased to announce that the new follow-up well previously announced was placed on stream December 23rd, 2011. After two weeks of production the well has stabilized at 176 barrels of oil per day with 26 barrrels of oil equivalent of natural gas (139 barrels of oil per day and 21 barrels of oil equivalent of natural gas net to Petro-Reef).

In addition Petro-Reef has one more oil well to tie-in waiting for regulatory approval. Of the additional 2 to 4 locations to be drilled in 2011 targeting this highly prolific oil zone the first of these wells will be drilled in the next two weeks.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Petro-Reef Resources Ltd.
    Theodore M. Donhuysen
    President and C.E.O.
    (403) 265-6444
    (403) 264-1348 (FAX)
    Petro-Reef Resources Ltd.
    #970, 10655 Southport Road S.W.
    Calgary, Alberta T2W 4Y1