MEDICINE HAT, AB, Nov. 3 /CNW/ - Reece Energy Exploration Corp. (TSX-V:
RXR) ("Reece") is pleased to announce that it has participated in the drilling
and completion of three (0.5 net) Bakken wells in the Forget field in south
east Saskatchewan. The operator, Crescent Point Energy Trust (TSX: CPG.UN),
has finished drilling three of four gross wells that Reece will have an
interest in. Drilling of the fourth well has begun. The wells are currently
being fractured, completed and are anticipated to be put on production in the
coming weeks.
In addition, Reece has participated in the first of four Bakken wells
with its partners in the Stoughton area. Reece is participating with an
average working interest of 37.5% of the four planned wells. The first well
has been fractured and is currently being flow tested. The three remaining
Bakken wells will be drilled in the coming months.
The current drilling update combined with the previously announced
exploratory Bakken drilling brings Reece's total Bakken wells drilled this
year to eight (2.75 net) with an additional three (1.0 net) wells planned for
the remainder of the year.
Reece is a publicly held oil and gas company headquartered in Medicine
Hat, Alberta, Canada that trades on the TSX Venture Exchange under the symbol
"RXR".The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.Certain statements in this news release including (i) statements that may
contain words such as "anticipate", "could", "expect", "seek", "may" "intend",
"will", "believe", "should", "project", "forecast", "plan" and similar
expressions, including the negatives thereof, (ii) statements that are based
on current expectations and estimates about the markets in which Reece
operates and (iii) statements of belief, intentions and expectations about
developments, results and events that will or may occur in the future,
constitute "forward-looking statements" and are based on certain assumptions
and analysis made by Reece. Forward-looking statements in this news release
include, but are not limited to, statements with respect to future capital
expenditures, including the amount, nature and timing thereof; oil and natural
gas prices and demand; other development trends within the oil and natural gas
industry; business strategy; expansion and growth of Reece's business and
operations and other such matters. Such forward-looking statements are subject
to important risks and uncertainties, which are difficult to predict and that
may affect Reece's operations, including, but are not limited to: the impact
of general economic conditions; industry conditions; government and regulatory
developments; oil and natural gas product supply and demand; competition; and
Reece's ability to attract and retain qualified personnel. Reece's actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of them do
transpire or occur, what benefits Reece will derive therefrom. Subject to
applicable law, Reece disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
All forward-looking statements contained in this document are expressly
qualified by this cautionary statement. Further information about the factors
affecting forward-looking statements is available in Reece's current Annual
Report which has been filed with Canadian provincial securities commissions
and is available on www.sedar.com.
For further information: Lorne Swalm, President & C.E.O., Reece Energy
Exploration Corp., Phone: (403) 526-9700, lswalm@reeceenergy.com,
www.reeceenergy.com
