Reef Resources to Ramp Production at Ausable #5 Well

Reef Resources plans to install a hydraulic venturi downhole pump in the Ausable # 5 well. This proven oilfield technology, replacing conventional bottomhole pumps with venturi units, is currently being installed and tested on the Ausable #1 well. The hydraulic unit is designed to operate efficiently with the light oil and condensate currently being produced from the Ausable reef and will provide optimum production flow rates. It is anticipated that the hydraulic pumping units will also be installed in Ausable # 2 and Ausable # 4 over the course of the next two months.

Following the installation of the venturi pump in Ausable # 5 the Company will be in a position to accurately report production flow rate in addition to production potential with the previously announced Enhanced Oil Recovery (EOR) and cyclic natural gas liquids (NGL's) program. Under the EOR program, reservoir analysis and design work to date indicates re-pressurization of the reservoir will have a significant positive impact on overall field production and recovery factors. Results and updates of the Company's optimization program and implementation of the cyclic gas EOR program will be released once fully operational.

Reef also announced that two of the three frac tools from the Ausable #2 horizontal well have been successfully recovered. Approximately 75% of the productive zone is now open. Additional fishing operations are not viewed as cost effective and the Company will be moving forward with wellbore clean up and flow testing. A further announcement will be made once the well is on stream.

Arnie Hansen stated, "We continue to view Ausable # 5 very positively and the Company's engineering and operations team is working diligently to increase production by implementation of the venturi pumping system followed by the re-pressurization of the reef and commissioning of the EOR and NGL program. There are numerous analogous fields where these types of optimization efforts have successfully yielded significant increases in production once in operation."

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