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Petro-Reef Resources Ltd. Advises Shareholders to Take No Voting Action at This Time With Respect to Any Blue Proxy Form Received

Thursday, May 24, 2012 9:40 AM


CALGARY, ALBERTA -- (Marketwire) -- 05/24/12 --

Petro-Reef Resources Ltd. ("Petro-Reef", "PER" or the "Company") (TSX VENTURE:PER) is aware of a press release issued May 22, 2012 by Cavalon Capital Corp. a company led by David Tonken and Gregory Matthews (the "Dissidents"). The press release is available on SEDAR.

The dissidents are attempting to take control of the board of directors of your Company at the currently scheduled June 7, 2012 shareholders meeting by proposing an alternate board.

Your board intends to take all reasonable actions to ensure the interests of all shareholders are considered and protected, and that the shareholders are informed of the complete record of all relevant facts so that the shareholders can make an informed decision.

Your board urges you to TAKE NO ACTION at this time with respect to any BLUE PROXY FORM you may have received.

About Petro-Reef Resources Ltd.

Petro-Reef Resources Ltd. is an Alberta incorporated oil and natural gas exploration and production company whose business activities are focused in Alberta. The Company has no subsidiaries. The Company's head office address is Suite 970, 10655 Southport Road SW, Calgary, Alberta T2W 4Y1.

The Company's shares are listed on TSX-V (Symbol: PER). There are 62,239,477 common shares issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Petro-Reef Resources Ltd.
N. Gary Van Nest
CEO and Chairman
(403) 523-2505
(403) 264-1348 (FAX)

Petro-Reef Resources Ltd.
Hugh M. Thomson
Vice-President Finance and CFO
(403) 523-2505
(403) 264-1348 (FAX)

Petro-Reef Resources Ltd.
970, 10655 Southport Road S.W.
Calgary, Alberta T2W 4Y1

(Source: Market Wire )
(Source: Quotemedia)


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