Reef Resources Ltd.

Reef Resources Ltd.

November 10, 2008 16:36 ET

Reef Resources Enters Into Freehold Oil & Gas Lease Agreement

CALGARY, ALBERTA--(Marketwire - Nov. 10, 2008) - Reef Resources Ltd. ("Reef") (TSX VENTURE:REE) is pleased to announce that it has entered into a Freehold Lease Agreement with a significant oil and gas producer ("Lessor") in the Onward Area of West Central Saskatchewan. The agreement provides the right to Reef to drill development wells within a 640 acre lease area, with a potential to down space to 40 acres per well. Reef holds an interest of 82.5% with a 17.5% burden applicable to the Lessor. This area provides Reef with the ability to expand into other significant Freehold Lands and into available open Crown Lands.

About Reef Resources Ltd.

Reef was formed to participate in the exploration, development and production of conventional crude oil and natural gas reserves in western Canada and Ontario. The Company's strategy is to build shareholder value through internally generated exploration and development drilling and through selective acquisitions.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to risks inherent in the oil and gas industry, regulatory and economic risks, and risks associated with the company's ability to implement its business plan. Reef undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this release.

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