PER Peruvian Metals Corp

Petro-Reef Resources Ltd. (TSX VENTURE:PER), ("Petro-Reef" or the "Company")
Petro-Reef Resources announces the successful completion of its 11-12-56-27W4
Detrital sand oilwell, which was drilled in March of this year. The Company is
operator of and has a 94 percent working interest in the well. As mentioned in
an earlier press release, the well is an approximate half-mile step-out to our
Detrital oilpool (26 degree API) that was discovered in 2009. The well is
Petro-Reef's fifth oilwell in the pool. 


The 11-12 well encountered 7 meters of net pay, split into an upper and lower
sand. Only the lower sand was completed at this time, with swabbing for 10 hours
recovering 24 cubic meters (150 barrels) of clean oil with negligible water
(less than one percent). We expect the well to initially produce at its
allowable of 20 cubic meters (125 barrels) per day. Petro-Reef is proceeding to
tie the well into our gathering system, and, weather permitting, production
should commence by the end of the second quarter.


Based on seismic interpretation, up to four more delineation wells remain to be
drilled on the Detrital oil pool to confirm its extent on Company lands.
Petro-Reef has 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.


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. 


Reference is made to barrels of oil equivalent (BOE). Barrels of oil equivalent
may be misleading, particularly if used in isolation. In accordance with
National Instrument 51-101, a BOE conversion ratio for natural gas of 6 Mcf: 1
bbl has been used, which is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

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