Petro-Reef Resources Ltd.- Drilling Update

CALGARY, ALBERTA--(Marketwire - March 21, 2011) - Petro-Reef Resources Ltd. (TSX VENTURE:PER), ("Petro-Reef" or the "Company") announces that it has completed the drilling of a Northern Alberta well and has set production casing. The Company expects to complete and production test the well in the next 90 days.

Also, Petro-Reef has completed the licensing of 2 locations at Alexander, Alberta and expects to spud the first of these 2 wells early next week subject to weather conditions and road bans. Two additional well licenses at Alexander are expected to be approved by the end of next week.