Reef Announces Resignation of Director and Appointment of New CFO

Calgary, Alberta--(Newsfile Corp. - May 10, 2022) - Reef Resources Ltd. ("Reef" or the "Corporation") today announced that Larry J. Olson has resigned from the Corporation's board of directors and as the Chief Financial Officer of the Corporation. Arnold W. Hansen, the Chief Executive Officer of the Corporation, has been appointed the Chief Financial Officer of the Corporation to replace Mr. Olson.

The Corporation expresses its sincere thanks to Mr. Olson for his efforts and contributions as director of Reef and wishes him well in his future endeavours.

Arnold W. Hansen
President, Chief Executive Officer, Chief Financial Officer and Director
(403) 251-9447

Forward-Looking Information

Except for statements of historical fact relating to the Corporation, the information contained or implied herein relating to receipt of a full revocation of the CTOs and completion of the transaction with Levant constitute forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at 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 to differ materially from those projected in the forward-looking 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. The reader is cautioned not to place undue reliance on forward-looking statements.

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