Petro-Reef
Resources Ltd.
TSX-V: PER
October 9,
2008
Petro-Reef Announces Normal
Course Issuer Bid
Calgary, Alberta � Petro-Reef Resources Ltd.
("Petro-Reef" or the "Corporation") announced today that
the TSX Venture Exchange ("TSXV") has accepted Petro-Reef's Notice of
Intention to make a Normal Course Issuer Bid (the "Bid") to purchase
for cancellation, from time to time, as Petro-Reef considers advisable, up to a
maximum of 1,729,452 common shares (the "Common Shares"). The maximum
number of Common Shares to be purchased pursuant to the Bid represents
approximately 5.0% of the Common Shares outstanding on the date hereof,
calculated in accordance with the rules of the TSXV (being approximately
34,589,041 Common Shares). Purchases of Common Shares will be made on the open
market through the facilities of the TSXV. The price which Petro-Reef will pay
for any Common Shares purchased by it will be the prevailing market price of
the Common Shares on the TSXV at the time of such purchase. The actual number
of Common Shares that may be purchased for cancellation and the timing of any
such purchases will be determined by Petro-Reef. The Corporation has retained
Haywood Securities Ltd. as its broker to conduct the Bid on behalf of the
Corporation.
The Bid will commence on October 14, 2008 and will terminate
on October 13, 2009 or such earlier time as the Bid is completed or terminated
at the option of Petro-Reef.
Management of Petro-Reef believes that, from time to time,
the market price of the Common Shares may not fully reflect the underlying
value of the Common Shares and that at such times the purchase of Common Shares
would be in the best interests of Petro-Reef.
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.
For further
information, please contact:
Petro-Reef Resources Ltd.������������������������������������������� Petro-Reef
Resources Ltd.
Joseph Werner������������������������������������������������������������ John
Pantazopoulos
President and CEO����������������������������������������������������� Vice-President
Finance and CFO
(403) 265-6444������������������������������������������������������������ (403)
265-6444
or
Petro-Reef Resources Ltd.
970, 10655
Southport Road S.W.
Calgary, Alberta
T2W 4Y1
Fax: (403) 264-1348
Email: info@petro-reef.ca
Website: www.petro-reef.ca
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.
The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of this
news release.
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