PER Peruvian Metals Corp

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

Petro-Reef Resources announces that it has cased its 11-12-56-27w4 well as a
potential Detrital oilwell. The Company is operator of and has a 94 percent
working interest in the well. The well is an approximate half mile step-out to
an existing Detrital oilwell at 9-12-56-27w4. It is hoped the new well can be
completed before spring breakup; in any event further information regarding
productivity will be released when completion operations and testing are
completed.


Petro-Reef's Detrital oilpool (26 degree API) was discovered in 2009 with the
11-7-56-26w4 well. The Company has now followed up the discovery with four
additional Detrital development oilwells. Combined, the four existing producing
Detrital oilwells in section 7-56-26w4 and section 12-56-27w4 are currently
producing approximately 300 barrels of oil per day. The log characteristics and
preliminary core analysis of the new well at 11-12 are consistent with the
existing producing wells. Based on 3D seismic which the Company has over the
lands, and assuming the new well is a successful Detrital oil producer, three to
four more development wells could be drilled on Company lands. Petro-Reef would
have working interests ranging from 79 to 94 percent in future development
wells.


Petro-Reef's total current production is approximately 825 barrels of oil
equivalent per day, 42 percent of which is oil and natural gas liquids.


Petro-Reef is also pleased to announce that Mr. Richard Wigington has been hired
as a full time consultant by the Company. Mr. Wigington has been retained as a
direct advisor to Mr. Gary Van Nest, the Company's acting CEO. Mr. Wigington has
had a successful career at the board and executive level with several oil and
gas exploration companies in Calgary, including as CEO of both Pinnacle
Resources and Seventh Energy.


Additional information about the Company is available under Petro-Reef's profile
on SEDAR at www.sedar.com.


The term barrel of oil equivalent may be misleading, particularly if used in
isolation. A boe conversion ratio of 6,000 cubic feet per barrel of natural gas
to barrels of oil equivalence is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. All boe conversions in the report are derived from
converting gas to oil in the ratio mix of 6,000 cubic feet of gas to one barrel
of oil. 


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 Company 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 Company 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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