2013-10-24 15:41:42 -
Calgary, Alberta CANADA, October 24, 2013 /FSC/ - Reef Resources Ltd. (REE - TSX Venture), ("Reef" or the "Company") reports the following:
Frank Velden, Appointment to the Reef Resources Board of Directors:
Reef is pleased to announce the appointment of Mr. Velden to the Board of Directors.
Mr. Velden is a senior oil industry professional with over 30 years of experience in Canadian and International oil and gas drilling, completions and production operations.
In 1979 he began his career working both drilling and service rigs in Western Canada.
In 1984 he joined Canadian Oilfield Stimulations Services Ltd (COSS) were he served as Principle, and Managing Director of Engineering and Business Development. During his time at COSS, he worked closely with
oil and gas producing companies to identify production decline problems and to design production remediation and maintenance programs.
After the acquisition of COSS by Trican Well Service Ltd in 2000, he joined Trican where he served as Production Services Manager, Canadian Sales Manager, and currently serves as Director of Corporate Business Development. Trican Well Service Ltd. is the largest pressure pumping service provider in Canada and a leading fracturing company in Russia, with growing operations the United States, Kazakhstan, Algeria and Australia.
Mr. Velden is a graduate of the Southern Alberta Institute of Technology (SAIT Polytechnic), holding two (2) Petroleum Technology Diploma's - Reservoir Engineering and Production Engineering.
Mr. Velden's appointment is subject to TSX approval.
Arnie Hansen, President stated, "We are pleased to have someone of Frank's caliber, experience and credibility in the industry reside on our Board. We look forward to working closely with Frank and anticipate his positive contributions as we move forward with the growth of the Company.
For more information please contact:
President & CEO
T: (403) 651-7871
1120 - 444 5 Ave SW
Calgary, AB T2P 2T8
T: (250) 460-2640
Footnote: The Company's Ontario asset has gas storage rights, gas re-injection permit for gas recycle, NGL recovery, enhanced oil recovery and arbitrage. A key component of Reef's Ontario strategy is to identify and exploit undervalued prospects in the Ontario basin by utilizing the company's 23,500 acres of proprietary 3D seismic. In addition to its Ontario Properties, Reef has identified multiple oil and gas acquisition and development opportunities throughout Canada.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Reef Resources Ltd. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
Source: Reef Resources Ltd. (TSX-V-REE) www.reefresources.ca
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