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UPDATE: Petro-Reef Falls to Day Low Despite Announcing Increase in Production, Reserves

Petro-Reef Resources Ltd. (PER.V) opened unchanged from yesterday's 40 cents close but has dropped roughly 3% to day low 39 cents at noon despite announcing late Thursday a production increase of 181 BOE/day and a 12% increase in proved plus probable reserves.

The company said gross proved plus probable reserves at October 1, 2011 indicated an increase of 12% to 1.8 million BOE from 1.6 million BOE at December 31, 2010, after extensions, technical revisions, discoveries, acquisitions, economic factors, and production.

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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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