Reef Announces Debenture Issuance

Calgary, Alberta–(Newsfile Corp. – May 11, 2022) – Reef Resources Ltd. (“Reef“) is pleased to announce that it has issued debentures (the “Debentures“) having a total capital of $250,000. The debentures are unsecured and non-convertible. The debentures bear interest at 10% per annum and mature one year from the date of issue.

Reef remains subject to prohibitions on commercial operations (the “CTO“) that he received from the securities commissions of Alberta, British Columbia, Manitoba and Ontario. The CTOs remain in full force and effect and all securities of Reef, including the Debentures, will remain subject to the CTOs until such orders are revoked.

About Reef:

Reef is incorporated under the provisions of the Business Corporations Act (Alberta) having its head office and registered office in Calgary, Alberta. Reef is a natural resources issuer with non-producing oil and gas assets located in Huron County, Ontario, which Assets Reef intends to sell to Levant Exploration and Production Corp. acting in trust for a company to be incorporated (“Levant“) pursuant to the asset purchase agreement between Reef and Levant previously announced by Reef. Pursuant to the agreement, provided all conditions to closing are satisfied, Levant will purchase the assets for $1.00 and assume all environmental liabilities, abandonment and reclamation obligations, post-transaction asset taxes and all transfer taxes, as defined in the agreement.

Arnold W. Hansen
President, CEO and Director
(403) 251-9447

Forward-looking information

Except for statements of historical fact about the Company, the information contained or implied herein regarding the receipt of a full revocation of the CTOs and the completion of the transaction with Levant constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management as of the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results actuals differ materially from those projected in the forward-looking statements. research statements. Except as required by applicable securities requirements, Reef undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. Readers are cautioned not to place undue reliance on forward-looking statements.

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