Reef Resources Ltd.
TSX VENTURE : REE

Reef Resources Ltd.

July 24, 2009 19:05 ET

Reef Resources Ltd. Announces Shares for Debt Settlements

CALGARY, ALBERTA--(Marketwire - July 24, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Reef Resources Ltd. ("Reef" or the "Company") (TSX VENTURE:REE) is pleased to announce it has reached agreements with 15 creditors for the settlement of $349,276 in debt. Reef will be filing for approval with the TSX to issue 5,238,765,114 in common shares for the settlement of the outstanding debt.

Reef will issue a press release when the approval has been received and when the shares have been issued.

"We appreciate the vote of confidence that these creditors have cast in the future of our company. The debt settlement will have a positive impact on our balance sheet" said Arnie Hansen, President, Reef Resources Ltd.

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)
    or
    Reef Resources Ltd.
    Larry Olson
    V.P. Finance
    (250) 490-3378
    (403) 251-9553 (FAX)