Petro-Reef Resources Ltd. (TSX VENTURE:PER) announces that on January 13, 2011
stock options were granted to Petro-Reef Resources Ltd. Officers, Directors and
Employees of the Corporation to purchase up to 1,685,000 common shares under its
Incentive Stock Option Plan. The options were issued at an exercise price of
$0.46 per share. Petro-Reef's shares closed at $0.46 on January 12, 2011. The
stock options will vest over one year and expire five years from the date of
grant. Immediately prior to this grant, the company had 2,925,000 stock options
outstanding with an average exercise price of $0.85 per share.


Petro-Reef Resources Ltd. is a Calgary-based junior oil and gas company focused
on petroleum and natural gas lease acquisition and exploration, and development
of crude oil and natural gas properties in Alberta, Canada.
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