Hesperian Capital Management Ltd. Announces Significant Investment in Reece Energy Exploration Corp.

    CALGARY, Aug. 28 /CNW/ - Hesperian Capital Management Ltd. ("Hesperian"),
the manager of a strategically focused group of public mutual funds and
limited partnerships (the Norrep Group of Funds), announced that it has
acquired control of an additional 1,500,000 shares of Reece Energy Exploration
Corp. ("the Company").
    As a result of the above investment, Hesperian now controls 3,775,200
common shares of the Company, representing 10.32% of the outstanding voting
    The Reece Energy Exploration Corp. shares are held by the Norrep Group of
Funds for investment purposes. Hesperian may increase or decrease share
ownership of this investment in the future. A copy of the report filed by
Hesperian in connection with the acquisition, as required under applicable
securities legislation may be obtained by contacting Hesperian at

    Hesperian Capital Management Ltd. is a Calgary-based investment firm with
over $719 million in assets under management. Please visit
www.hesperiancapital.com for more details about Hesperian and the Norrep Group
of Funds.

    Certain information set forth in this press release, including a
discussion of future plans and operations, contains forward-looking statements
that involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and uncertainties,
some of which are beyond management's control, including but not limited to,
the impact of general economic conditions, industry conditions, fluctuation of
commodity prices, fluctuation of foreign exchange rates, environmental risks
industry competition, availability of qualified personnel and management,
stock market volatility, timely and cost effective access to sufficient
capital from internal and external sources. Actual results, performance or
achievement could differ from those expressed in or implied by these
forward-looking statements.

    %SEDAR: 00017183E

For further information:

For further information: Keith Leslie, CFA, Vice President & Portfolio
Manager, Hesperian Capital Management Ltd, (403) 531-1402,

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