Reece Energy announces joint venture with Anterra Energy

    MEDICINE HAT, AB, Aug. 12 /CNW/ - Reece Energy Exploration Corp. (TSX
Venture - RXR) ("Reece") is pleased to announce that it has entered into a
Joint Venture with Anterra Energy Inc. (TSX Venture - AE.A & AE.B) ("Anterra")
with the signing of three separate agreements (the "Agreements"). Under the
terms of the initial Joint Venture Reece will invest $3.0 million, primarily
in the drilling, completion, fracture stimulation and equipping of horizontal
wells on Anterra's lands at Frontier in south western Saskatchewan through
development drilling in the Lower Shaunavon formation.
    "Reece has been looking for other projects in which we can use the
experience that we have gained by drilling extended reach, multi-stage
fractured horizontal wells in our Dodsland Viking play" said Lorne Swalm,
President and C.E.O. of Reece. "We believe that the Lower Shaunavon play in
south western Saskatchewan is similar to our existing Dodsland Viking play in
that large quantities of oil can be unlocked through the use of multi-stage
fracturing in horizontal wells. This new resource play located in Saskatchewan
augments our existing Saskatchewan plays and complements our operational
strengths in the area."
    The Agreements create an area of mutual interest ("AMI") between Reece
and Anterra covering twenty townships. Pursuant to the terms of the
Agreements, once Reece has fulfilled its earning obligations, Reece will have
earned fifty (50%) percent of Anterra's interest in all available P+NG rights,
including the Lower Shaunavon, on approximately 1,500 net acres.
    Reece and Anterra have agreed Reece will operate the drilling and
completion of all new wells drilled on the joint venture lands. The earning
obligations of the Agreements are expected to commence immediately with
completion anticipated by December 31st, 2008.

    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

For further information:

For further information: Lorne Swalm, President & C.E.O., Reece Energy
Exploration Corp., Phone: (403) 526-9700,,

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