PER Peruvian Metals Corp

Petro-Reef Resources Ltd. ("Petro-Reef" or the "Company") (TSX VENTURE:PER)

Petro-Reef announces that Mr. Theodore M. Donhuysen, President and Chief
Executive Officer has elected to retire effective October 1, 2011. The Board of
Directors and staff appreciate Mr. Donhuysen's contributions in his role of
development and management of Petro-Reef since 1992. Mr. Donhuysen will remain
as a Director and a Consultant to the Company to provide the benefit of his
experience and expertise.


Mr. N. Gary Van Nest, a Director, has been appointed as Chairman of the Board
and Acting Chief Executive Officer effective October 1, 2011.


The Company also announces the formation of a Special Committee of the Board,
comprised of Gary Van Nest (Chair), and fellow directors Allan Rasmuson and
Peter Lubey to review strategic options available to the Company on a go forward
basis, with the view toward maximizing shareholder value. In this regard, the
Company has retained the services of Emerging Equities Inc. of Calgary to act as
financial advisor in this process.


The Company is currently updating its reserve report effective October 1, 2011
that is expected to be completed by the end of October. Concurrently the Company
is also completing a major integration and reinterpretation of 3D seismic (35
square miles) over its core Alexander property.


On September 30, 2011 the Company increased its revolving operating demand loan
with its banker to $14 million from $11 million. In addition, the Company
renewed its non-revolving development demand loan for a maximum of $6 million
increasing the total credit facility to $20 million.


Petro-Reef is a Calgary based junior oil and natural gas corporation, engaged in
the exploration, development, acquisition and production of natural gas and
medium to light gravity crude oil reserves in Alberta.


Petro-Reef's common shares trade on the TSX Venture Exchange under the symbol
PER. The Company's primary corporate objective is to achieve non-dilutive growth
and enhance shareholder value through internal prospect development, strategic
production acquisitions and prudent financial management.


Forward-Looking Statements: All statements, other than statements of historical
fact, set forth in this news release, including without Limitation, assumptions
and statements regarding reservoirs, resources and reserves, future production
rates, exploration and development results, financial results, and future plans,
operations and objectives of the Corporation are forward-looking statements that
involve substantial known and unknown risks and uncertainties. Some of these
risks and uncertainties are beyond management's control, including but not
limited to, the impact of general economic conditions, industry conditions,
fluctuation of commodity prices, fluctuation of foreign exchange rates,
environmental risks, industry competition, availability of qualified personnel
and management, availability of materials, equipment and third party services,
stock market volatility, timely and cost effective access to sufficient capital
from internal and external sources. The reader is cautioned that assumptions
used in the preparation of such information, although considered reasonable by
the Corporation at the time of preparation, may prove to be incorrect. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements.

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