Reef Resources Ltd. Announces Revised Financing

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

Reef Resources Ltd. ("Reef" or the "Company") (TSX VENTURE:REE) announces that it has revised its previously announced (November 5, 2008) non-brokered private placement offering (the "Offering") to up to a 20,000 units ("Units") of the Company at an issue price of $250 per Unit for gross proceeds of up to $5,000,000. This represents a maximum of 62,500,000 shares at $0.08 per share.

Each Unit will be comprised of 2,500 "flow-through" common shares (representing 80% of the Unit), 625 non flow-through common shares ("Common Shares") (representing 20% of the Unit) and 1,562.5 Common Share purchase warrants ("Warrants"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.20 per share until the date that is twelve months from the date of closing of the Offering.

A finder's fee of cash equal to up to 10% of the gross proceeds of the Offering and of Warrants equal to up to 10% of the number Units sold pursuant to the Offering may be paid to certain arm's length parties in connection with the Offering. Closing of the Offering is expected to occur on or about December 19, 2008.

Proceeds of the Offering will be used to fund the Company's predominantly development drilling program, its additional exploration drilling program and for its general working capital purposes.

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 raising funds and future capital expenditures. The reader is cautioned that assumptions used in the preparation of such information 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 does not accept responsibility for the adequacy or accuracy of this news release. (403) 265-9553 (FAX)