MEDICINE HAT, AB, June 6 /CNW/ - Reece Energy Exploration Corp.
(TSX-V/RXR) ("Reece") is pleased to announce that its first exploratory Bakken
well has been successfully tested for oil. As previously announced, the well
(50% net to Reece) penetrated the Bakken formation for the full lateral
section, extending approximately 1,400 meters horizontally. Oil was detected
in the majority of the samples and "oil over the shaker" was observed during
drilling. The well has been tested over the past six days with satisfactory
oil recovery without fracture treatment. Reece and its partner will evaluate
the well in the coming weeks.
"We are very pleased to have resource success in the first of our three
exploratory Bakken areas. This success will help to prove up the 6,000 gross
acres of Joint venture lands in the immediate area and bolsters our optimism
for the our other two Bakken project areas," said Lorne Swalm the President
and CEO of Reece.
As of today's date, the drilling rig is moving to the Company's second
Bakken location to commence drilling in the second of the three larger land
blocks acquired by Reece and its joint venture partner in the area.
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
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:
For further information: Lorne Swalm, President & C.E.O., Reece Energy
Exploration Corp., Phone: (403) 526-9700, email@example.com,