CALGARY, ALBERTA–(EMWNews – July 21, 2008) –

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.

Reef Resources Ltd. (“Reef” or the “Company”) (TSX VENTURE:REE) is pleased to make the following announcements.

Appointment of Chief Financial Officer:

Mr. Tariq S. Malik CA has been appointed to the position of Chief Financial Officer of Reef Resources Ltd. as of July 21, 2008. Tariq has 25 years of experience in increasingly senior financial executive positions in Canada, USA, Europe and Middle East. His experience covers a variety of industries with concentration in capital intensive sectors such as Oil & Gas and Power & Energy. Tariq has been Director Finance & CFO of TSX listed companies and has worked with M&A activities, growth strategies, optimization of existing assets and developing long range forecast. Tariq is a Chartered Accountant (CA), and holds memberships in the Institute of Chartered Accountants in Canada & UK, as well as in the Financial Executives Institute in Canada & USA. Mr. Malik has been active in the community, serving on several Boards and executive committees of non-profit and professional organizations.

Tariq’s appointment is subject to TSX approval.

Appointment of Consulting Geologist:

Mr. Ray Schwartzenberger, P. Geologist has been retained to act as Reef’s consulting geologist. Ray has over 40 years experience in the oil and gas industry. From 1986 to the present he ahs been a geological consultant and President of Luray Holdings Ltd. From 1981 – 1986 he was Exploration Manager for Ulster Petroleum, a public oil and gas company. He has also held senior positions with Ladd Exploration, Amoco, Hudson’s Bay Oil and Gas and Canadian Occidental. Mr. Schwartzenberger received his B. Sc. degree in Geology from the University of Alberta. He is currently a member of the APEGGA as a practicing Professional Geologist.

Appointment of Stirling Investor Relations:

Reef has entered into an investor relations contract with Stirling Investor Relations. Pursuant to this agreement Stirling will provide investor relations services including the enhancement of Reef’s profile among the investment community. Subject to regulatory approval, Stirling has been retained for an initial term of six months and, thereafter, on a month-to-month basis. Stirling’s remuneration will be $3,000 per month and 100,000 options exercisable at $0.15 per share which vest after 6 months.

“We are pleased to be associated with Stirling and working closely with Maurice Bidaux at Stirling. They have a well-proven approach to investor relations that fits our needs and Maurice has a good grasp of Reef Resources.” said Arnie Hansen, President, Reef Resources Ltd.

Granting of Stock Options:

Reef also announces that, subject to regulatory approval, its Board of Directors has granted stock options in respect of an aggregate of 1,589,000 common shares under the Company’s Stock Option Plan. Of these options in respect of 325,000 shares were granted to three directors of the company; options in respect of 795,000 shares were granted three senior executives and also directors of the company; options in respect of 369,000 shares were granted to two officers of the company and 100,000 options to the company’s investor relations firm (as per above.). The exercise price of the options is $0.12 per share, representing the last closing price of the common shares of REE on the TSX Venture Exchange on July 10, 2008.

Reef was formed to participate in the exploration, development and production of conventional crude oil and natural gas reserves in Ontario and western Canada. The Company’s strategy is to build shareholder value through internally generated exploration and development drilling and through selective acquisitions.

Forward Looking Statements – This news release contains certain forward-looking statements, which include assumptions with respect to funds raised from a financing and future capital expenditures, The reader is cautioned that assumptions used in the preparation of such in formation may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.