CALGARY, ALBERTA--(Marketwire - April 8, 2011) - Petro-Reef Resources Ltd. (News - Market indicators), ("Petro-Reef" or the "Company") announces that at Goose River, Alberta, the Company has successfully completed the previously announced exploration well. The well was fracture stimulated and initial production tests indicate inflow of formation and load oil of approximately 30-35bbls per day encountered during sustained swabbing operations. Approximately 375 bbl of load fluid remains to be recovered. Recovery of load oil was suspended due to road bans. The well is currently standing due to spring break-up. When weather permits, Petro-Reef plans on further testing and evaluation of the well. The vertical well was set with seven inch casing which provides the Company with the ability to drill a horizontal well from the same well bore.

At Alexander, Alberta the Company has drilled and cased two new wells targeting oil. These two wells are awaiting tie-in after spring break-up. One other previously drilled well has been tied-in and is expected to be brought on-stream in the next week.