Petro-Reef Resources Ltd. (Petro-Reef ) is a Calgary-based crude oil and natural gas exploration and production company with producing properties in Alberta, Canada. The Company operates two core properties: Alexander/Qui Barre and Peavey/Morinville in Alberta. The Company’s remaining production comes from minor working interests and royalty properties. During the year ended December 31, 2008, the Company production at the Alexander/Qui Barre property totaled 950 barrels of oil equivalent per day (boe/d). Its natural gas production was 4,650 million cubic feet per day (mcf/d) and crude oil and natural gas liquids (NGL) production was 175 barrels per day (bbls/d). Petro-Reef has approximately 40 sections of undeveloped land in its core area of Alexander, with an average working interest of 82%. With eight different producing horizons in Alexander, every well drilled has the potential to not only add oil production, but natural gas production as well.