Reef Reaches TD at North Airport Well

Reef Resources Ltd. reported that drilling of its North Airport well reached total depth of 1,995 feet (608 meters) on March 29. Open-hole electric logging has been successfully conducted. Logs indicate potential for natural gas in the shallow A2 zone as well as indications of hydrocarbon in the Guelph. Petrophysical analysis will be initiated immediately to better determine both net pay and production potential, and details of the petrophysical study will be released when complete.

Subject to final results of the North Airport well, gas and any gas liquids will be used to further enhance the gas recycle and EOR program at the Ausable reef. The well will be connected via pipeline to the standing Airport South natural gas/liquids well currently being tied into the Ausable process facility.