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FOR FURTHER INFORMATION PLEASE CONTACT: Petro-Reef Resources Ltd.; N. Gary Van Nest; CEO and Chairman; (403) 523-2505; (403) 264-1348(FAX); Petro-Reef Resources Ltd.; Hugh M. Thomson; Vice-President Finance and CFO; (403) 523-2505; (403) 264-1348(FAX); Petro-Reef Resources Ltd.; 970, 10655 Southport Road S.W.; Calgary, Alberta T2W 4Y1; [email protected]; www.petro-reef.ca
The postponement was made necessary as a result of the dissident proxy circular filed by Cavalon Capital Corp. on May 22nd, 2012 without any advance notice to Petro-Reef's Board and just 12 days before the scheduled Annual and Special Meeting. The Board considers itself bound by its fiduciary obligations to ensure that shareholders of Petro-Reef have enough information before them to make an informed decision. Shareholders require more time to receive, evaluate and react to important information from both the Company and the dissidents. The Board believes that postponing the Annual and Special Meeting for a short period is reasonable, and in the best interests of the Company and its shareholders for a number of reasons, including: