Petro-Reef Resources Ltd. (TSX VENTURE:PER),

On January 11, 2011 Petro-Reef Resources Ltd. announced that it was drilling the
next oil development location at Alexander. After drilling the well to total
depth identifying three to four hydrocarbon zones the drilling equipment became
stuck in the hole. After several attempts to remove same, Petro-Reef has decided
to abandon the well. Petro-Reef anticipates drilling the same location a short
distance to the southwest before spring break-up.


In addition Petro-Reef is in the process of licensing 4 or 5 additional
locations which it expects to drill before spring break-up depending on weather
conditions and rig availability.
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