Petro-Reef Resources Ltd. (TSX VENTURE:PER),("Petro-Reef" or the "Company")
announces that it has acquired additional lands directly offsetting its
development lands in the Alexanderarea of Alberta. The new section (94% working
interest) is adjacent to Section sevenand management believes that the oil trend
extends into the new land acquisitionproviding Petro-Reef with additional
development locations. 


Based on the Company's drilling success in the fall of 2010 and strong
production from the Detritaloil zone, Petro-Reef is preparing to license and
intends to drill 4 development wellsin Q1 and Q2 of 2011targeting the same,
highly prolific crude oil zone. Petro-Reef holds a 79% working interest in three
of the locations and a 94% working interest in the fourth.


The Company's two development wells drilled in the fall of 2010 on the Alexander
landshave stabilized and are currently producing a combined total of 405 BOE/day
(319 BOE/day net):




             06-07         11-07       
             Gross    Net  Gross    Net
           ----------------------------
Bbl Oil/day    179    141     90     71
Mcf Gas/day    320    253    495    391
BOE/day        232    183    173    136



The 11-07 well came on stream in early October, 2010 and the 06-07 well came on
stream in late December, 2010.


Petro-Reef Resources Ltd. also announces that Mr. Alisdair Leeson, C.A., has
been appointed Vice President Finance and Chief Financial Officer of the
Company. Mr. Leeson brings twenty five(25) years of experience as a Chartered
Accountant in various industries. The appointment of Mr. Leeson is in addition
to the previously announced appointment of Mr. Hugh Thomson as Chief Accountant.


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


Forward-Looking Statements: All statements, other than statements of historical
fact, set forthin this news release, including without limitation, assumptions
and statements regardingreservoirs, resources and reserves, future production
rates, exploration and development results, financial results, and future plans,
operations and objectives of the Corporation are forward-lookingstatements that
involve substantial known and unknown risks and uncertainties. Some ofthese
risks and uncertainties are beyond management's control, including but not
limited to, theimpact of general economic conditions, industry conditions,
fluctuation of commodity prices,fluctuation of foreign exchange rates,
environmental risks, industry competition, availability ofqualified personnel
and management, availability of materials, equipment and third partyservices,
stock market volatility, timely and cost effective access to sufficient capital
frominternal and external sources. The reader is cautioned that assumptions used
in the preparation ofsuch information, although considered reasonable by the
Corporation at the time of preparation,may prove to be incorrect. There can be
no assurance that such statements will prove to beaccurate and actual results
and future events could differ materially from those anticipated insuch
statements.Reference is made to barrels of oil equivalent (BOE). Barrels of oil
equivalent may be misleading,particularly if used in isolation. In accordance
with National Instrument 51-101, a BOEconversion ratio for natural gas of 6 Mcf
: 1 bbl has been used, which is based on an energyequivalency conversion method
primarily applicable at the burner tip and does not represent avalue equivalency
at the wellhead.
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