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Petro-Reef Resources Announces Successful Oil Well at Alexander

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Petro-Reef Resources Ltd (PER.V), which has been trading close to a year low 22 cents, said it has perforated and tested its recently drilled Alexander step-out well in the Detrital oil zone. In 48 hours on test the well flowed at an average oil rate of 296 bbls/day (47 m3/day) with an average gas rate of 495 mcf/day (14 e3m3/day), it said. The 9-12 well is the company's fourth oil well producing from the Detrital zone all of which have been brought on-stream in the past 18 months. Petro-Reef has a 94% working interest in the 9-12 well. The well will be tied in during the next six weeks.

"This step out well in section 12 confirms that the Detrital oil trend extends west from section 7 and based on geological mapping and interpretation of 3D seismic that there are several additional locations to be drilled. The company is presently reprocessing all of its 3D seismic data on its Alexander lands to further evaluate its potential. Due to the reserve additions added through the 2011 drilling program the company is currently updating its independent reserve evaluation and expects to release the results once completed."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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