MEDICINE HAT, AB, Aug. 7 /CNW/ - Reece Energy Exploration Corp.
(TSX-V/RXR) ("Reece") is pleased to provide the following operations update
covering the second quarter of 2007. During the second quarter Reece drilled
nine wells (net five) with an 89% success rate. Of these wells, five were
drilled to produce light oil, and the rest were drilled for natural gas.
During the second quarter of 2007 Reece spent approximately $2.5 million of
its capital budget on drilling, completions, acquisitions and seismic.
The added production from the wells that Reece has recently brought on
stream as well as the production from the wells added through the Long View
Resources amalgamation has increased Reece's average production for the second
quarter to 754 BOE/d. This represents an increase of 15% over Reece's average
production for the first quarter of 2007. Reece's average production for
June, 2007 was 883 BOE/d, which is an increase of 29% from the average
production during March, 2007.
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.
BOEs derived by converting gas to oil at a ratio of six thousand cubic
feet of gas to one barrel of oil (6 Mcf: 1 bbl). BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.
For further information:
For further information: Lorne Swalm, President & C.E.O., Reece Energy
Exploration Corp., Phone: (403) 526-9700, firstname.lastname@example.org,