Reef Resources Spuds Canada Well

Reef Resources reported spudding of its North Airport #1 well, located in Canada, on December 29, 2011. The North Airport well is an exploration well located approximately 1 km north of the Company's Airport South reef with a targeted drill depth of 608 meters. Seismic data indicates the North Airport reef is potentially a gas and liquids prone reef, similar to Airport South.

Subject to positive drilling results, production from North Airport #1 will be tied into the Ausable process facility for the Company's Enhanced Oil Recovery (EOR) program. Produced gas will be used for re-pressurization of the Ausable reef in order to increase oil production and natural gas liquids production recovered from the gas recycle process. As stated in previous press releases, the EOR and Gas Recycle program being executed in the Ausable Reef involves pressurizing the reef formation with our own produced gas from the Airport South reef and, potentially, the North Airport well. To accelerate the EOR program the Company also has the option of purchasing natural gas from the local utility for recycling.

Completion and testing the Upper Guelph and A2 gas zones for Airport South # 1 will be executed in the first quarter of 2012. Pipeline material and well site separation equipment for tie-in of the suspended Airport #1 South gas well has arrived on site with construction expected to begin by mid-January (weather permitting). All components required for the previously announced field optimization program for the Ausable #2, #4 and #5 wells has arrived on-site and will be initially installed in Ausable # 5 and then rolled out to Ausable #2 and Ausable #4 over the next few weeks. Production from the upgraded pumping system will be commissioned as soon as they are connected to the Ausable facility.


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