Petro-Reef Resources Ltd.

Published : November 27th, 2008

Strong Revenue, Cash Flow and Earnings

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Petro-Reef Resources Ltd.

TSX-V: PER

November 26, 2008

 

 

Strong Revenue, Cash Flow and Earnings for Petro-Reef Resources Ltd.

 

Calgary, Alberta � Petro-Reef Resources Ltd. ("Petro-Reef") is pleased to announce strong financial and operating results for the three and nine month periods ended September 30, 2008.

 

Three Months Ended September 30��

������

������������������������������������� 2008���������� 2007������ % Change

----------------------------------------------------------------------------

 

Gross Revenue�������������������� $ 4,501,683��� $ 1,795,476��������� 150.7%

 

Cash Flow From Operations�������� $ 2,411,634��� $�� 951,444��������� 153.5%

 

CFPS ($ / Share)����� ������������$����� 0.07��� $����� 0.03��������� 133.3%

 

Net Income����������������������� $�� 453,787��� $(288,379)���������� n/a

 

 

 

Production (Three Months Ended September 30)

����

�������������������� ������������������ 2008���������� 2007������ % Change

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Crude oil and NGL (bbls/d)��������������� 136������������ 27��������� 403.5%

 

Natural Gas (Mcf/d)�������������������� 4,407��������� 3,406���������� 29.4%

 

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Total Production (boe/d)����������������� 871����������� 595���������� 46.4%

 

 

Petro-Reef's gross revenue increased 150.7% to $4,501,683 as a result of higher production and record commodity prices. Petro-Reef's realized natural gas price for the quarter was $7.77 / mcf with a crude oil and NGL price of $112.71 / bbl. Cash flow from operations increased 153.5%. to $2,411,634 generating a cash flow per share of $0.07. Earnings increased to $453,787 for the period as a result of higher revenues and production.

 

Production increased 46.4% to 871 boe/d with crude oil and NGL production increasing 403.5% to 136 bbls/d. Petro-Reef is in the process of bringing onstream two oil wells and two natural gas wells, which collectively are expected to add approximately 250-300 boe/d. Three of the wells are expected to be onstream by the end of November, with the remaining well expected to be onstream by December.

 

Operations Update

 

With the current economic crisis affecting all companies' access to financing, Petro-Reef has refocused its capital expenditures towards lower risk, development oil drilling locations. In the fourth quarter of 2008, Petro-Reef anticipates drilling four wells, each targeting oil and all of which are on lands which attract freehold royalties. Recognizing the large development oil potential, Petro-Reef has commenced holding applications which would permit Petro-Reef to drill up to 72 development oil wells on five sections of land in the Corporation's core area of Alexander over the next several years. The application process, along with landowner consultation and approvals are expected to take 6 months barring any unforeseen challenges. As a result, Petro-Reef anticipates having approvals in place by during Q3 - 2009.

 

Petro-Reef's Board of Directors has approved a 2009 capital expenditures budget of $12,650,000, based on present calculations of cash availability. On this basis, Petro-Reef anticipates drilling between 8 and 10 development oil and 1 and 2 exploration wells in 2009, all of which are scheduled to be drilled in the second half of 2009. In anticipation of the second half drilling program, Petro-Reef will reduce expenditures during the first half of 2009 to conserve cash and available bank lines of credit. In the event the current economic crisis worsens, Petro-Reef has the ability to scale back the development drilling program.

 

Petro-Reef recently completed a 15 square mile 100% owned 3-D seismic program over newly acquired freehold and Crown lands adjacent to Petro-Reef's existing core area of Alexander. Data is currently being processed and Petro-Reef anticipates our initial interpretation to occur in early 2009.

 

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:

 

Joseph Werner������������������������������������������������������������ John R. Pantazopoulos

President and CEO������������������������������ or�������������������� Vice-President Finance and CFO

(403) 265-6444������������������������������������������������������������ (403) 265-6444

 

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, availability of funds and cash flow, 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.

 

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 boe conversion ratio for natural gas of 6 Mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

 

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

 

--------------

 

 

Petro-Reef Resources Ltd.

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Petro-Reef Resources is a gold exploration company based in Canada.

Its main exploration property is ALEXANDER in Canada.

Petro-Reef Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 933 585 as of today (US$ 686 662, € 617 240).

Its stock quote reached its highest recent level on December 24, 2007 at CA$ 2.30, and its lowest recent point on September 18, 2024 at CA$ 0.02.

Petro-Reef Resources has 62 239 000 shares outstanding.

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Nominations of Petro-Reef Resources Ltd.
5/18/2011Announces Appointment of Vice-President Finance and Chief Fi...
2/4/2011Mr. Larry Ness ceases to be employed as Vice President Engin...
4/23/2008Hires Vice President, Engineering
Financials of Petro-Reef Resources Ltd.
6/30/2011Releases Q1 Financial Results
6/9/2011-Operations and Financial Update
4/21/2011Releases Year End Results
Project news of Petro-Reef Resources Ltd.
7/7/2011Announces Production Update
3/3/2011(Alexander)- Acquisition of New Undeveloped Alexander Acreage and Appoi...
2/2/2011(Alexander)Operations Update
3/18/2008(Alexander) Announces Oil Drilling Success
1/26/2008(Alexander)Announces Operations Update
Corporate news of Petro-Reef Resources Ltd.
9/10/2012Announces New Directors and Name Change
4/8/2011- Operations Update
3/23/2011- Drilling Update
11/27/2008Strong Revenue, Cash Flow and Earnings
11/3/2008Provides an Operational Update
5/28/2008Record Revenue, Cash Flow and Production for Petro-Reef Reso...
4/24/2008 Announces Increased Reserves, Cash Flow in 2007
2/9/2008Announces Strategic Acquisition
1/16/2008 Confirms Activation of Puesto Morales North Waterflood; Pro...
1/10/2008Announces 2008 Capital Expenditures Budget
10/18/2007 to Drill Deep Exploration Well in Alexander
10/3/2007Hires VP Finance and CFO
9/27/2007Hits Natural Gas Reservoir in Alexander
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