United Reef holds a 40% equity interest in General Reef Corporation, a private Alberta company, which was formed in 2006 for the purpose of acquiring, exploring and developing oil and gas properties in North America. In September, 2007 General Reef entered into a definitive farmin and option agreement for certain farmin rights on 40.6 sections of freehold petroleum and natural gas rights in the Warner area of southern Alberta. One gas well was drilled in December 2007 and re-entered in December 2008, and awaits testing.