CALGARY, ALBERTA--(Marketwire - June 9, 2011) - Petro-Reef Resources Ltd. (News - Market indicators) -

The Company announces that it has completed the testing of two wells at Alexander, Alberta.

The 2-1-56-27W4 well was perforated and fractured in the Calahoo zone and on a 30 hour test produced an average of 45 BBl/day of oil and 650 Mcf/day of natural gas. Petro-Reef has a 94% working interest in the 2-1 well.

The previously announced 13-7-56-26W4 well was perforated and fractured in the Detrital zone and on a 40 hour test produced an average of 127 BBl/day of oil and 1,366 mcf/day of natural gas. Petro-Reef has a 79% working interest in the 13-7 well.

For the three months ended March 31, 2011 the Company produced an average of 825 BOE/day comprised of 317 BBl/day of oil and NGL's and 3,048 mcf/day of natural gas. The Company received an average of $75.25 per barrel for oil and $4.08 per mcf for natural gas. Field netbacks averaged $27.25/BOE and corporate netbacks averaged $22.00/BOE. Cash flow for the period is estimated to be $1.6 million.

Petro-Reef will release its Q1 2011 financial statements and MD&A later in June, 2011.

Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without Limitation, assumptions and statements regarding reservoirs, resources and reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Corporation are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such 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 be accurate and actual results and future events could differ materially from those anticipated in such statements.