Petro-Reef Resources Ltd. Grants Stock Options

Petro-Reef Resources Ltd. (TSX VENTURE:PER) ("Petro-Reef" or the "Company")
announces that on May 18, 2011 stock options were granted to certain Officers,
Directors, Consultants and Employees of the Corporation to purchase up to
1,360,000 common shares under its Incentive Stock Option Plan. The options were
issued at an exercise price of $0.325 per share. Petro-Reef's shares closed at
$0.325 on May 18, 2011. The stock options will vest over one year and expire
five years from the date of grant. 


Immediately prior to this grant, the company had 4,185,000 stock options
outstanding with an average exercise price of $0.64 per share. 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.

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