Reef Resources Ltd.

Reef Resources Ltd.

July 27, 2009 08:51 ET

Reef Resources Ltd. Announces Correction to Shares for Debt Settlement and Investor Relations Press Release

CALGARY, ALBERTA--(Marketwire - July 27, 2009) -


Reef Resources Ltd. (TSX VENTURE:REE) ("Reef" or the "Company") announces a correction to the press release issued on July 24, 2009. Reef has reached agreements with 15 creditors for the settlement of $349,276 in debt. Reef will be filing for approval with the TSX Venture Exchange to issue 5,238,765 in common shares for the settlement of the outstanding debt.

Reef further corrects an error with respect to the investor relations contract with Couronn Capital. In a press release issued on July 13, 2009 it was stated that Couronn's remuneration would include 420,000 options exercisable at $0.15 per share that will vest on a monthly pro rata basis over a thirty six month period. The exercise price was misstated and should read $0.05 per share.

There are no other changes to the previously released press releases.

About Reef Resources Ltd.

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

Forward Looking Statements - This news release contains certain forward-looking statements, which include assumptions with respect to raising funds and future capital expenditures. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

Contact Information

  • Reef Resources Ltd.
    Arnie Hansen
    President & CEO
    (403) 251-9447 Ext 224
    (403) 251-9553 (FAX)
    Reef Resources Ltd.
    Larry Olson
    V.P. Finance
    (250) 490-3378
    (403) 251-9553 (FAX)