Reece Energy Exploration Corp. announces its notice of intention to make a normal course issuer bid

    MEDICINE HAT, AB, Dec. 17 /CNW/ - Reece Energy Exploration Corp.
(TSX-V/RXR) ("Reece") today announced its intention, and its receipt of all
required regulatory approvals including approval by the TSX Venture Exchange
and compliance with applicable securities laws, rules and regulations, to make
a normal course issuer bid (the "Bid") for up to 1,383,928 of its common
voting shares ("Shares"). As at December 17, 2007, there are 27,678,552 Shares
of Reece issued and outstanding.
    The Bid will commence on December 19, 2007 and will continue until the
earlier of December 18, 2008 and the date by which Reece has acquired the
maximum 1,383,928 Shares which may be purchased under the Bid. The Bid is
expected to be made through the facilities of the TSX Venture Exchange. The
purchase and payment for the securities will be made in accordance with
Exchange requirements at the market price of the Shares at the time of the
acquisition. All Shares purchased by Reece under the Bid will be cancelled.
    Reece has appointed CIBC Wood Gundy Inc. as its broker to conduct normal
course issuer bid transactions.
    A Notice of Intention to Make an Issuer Bid has been filed with the TSX
Venture Exchange.
    Reece believes that its Shares have been trading in a price range which
does not adequately reflect their value and that the purchase of the Shares
will enhance stockholder value in general.

    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 the 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 the 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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