United Reef Limited (URP – TSXV, URPL – CNQ) is pleased to announce that it has closed a non-brokered private placement of 1,437,500 Units at a price of $0.08 per Unit with private investors for proceeds of $115,000.  Each Unit consists of one common share and one common share purchase warrant.  Each common share purchase warrant entitles the holder to purchase one additional common share of United Reef at a price of $0.12 for a period of two years from December 21, 2007.   

Michael Coulter, President and Marilyn Turner, Secretary, of United Reef each subscribed for 156,250 Units of the private placement. 

The proceeds of the private placement will be used for general corporate purposes and asset acquisition investigations.  The securities issued pursuant to the private placement are subject to a four month hold period in accordance with applicable securities law and the policies of the TSX Venture Exchange. 

Upon completion of the private placement United Reef has a total of 65,860,980 common shares issued and outstanding.