Reece Energy increases its Bakken land position through joint venture with strong local operator

    MEDICINE HAT, AB, Feb. 14 /CNW/ - Reece Energy Exploration Corp.
(TSX-V/RXR) ("Reece") announces that, further to its recent press release
concerning Reece's southeast Saskatchewan Bakken land acquisitions, it has
entered into a joint operating agreement (the "Joint Agreement") with Aldon
Oils Ltd. ("Aldon") of Weyburn, Saskatchewan. Aldon is a private oil and gas
operating company with exposure, interest and experience in southeast
Saskatchewan exploration and production.
    The Joint Agreement effectively pools all existing land holdings from
each party that are within a 66 township Area of Mutual Interest ("AMI"),
which is located within the known greater Bakken trend in south-eastern
Saskatchewan. Reece and Aldon will work together within the AMI, each with a
50% working interest, to explore and develop the prospective lands for a
minimum of a three year term. Aldon has been designated as the Operator in the
Joint Agreement. The pooled lands that are currently under lease by Reece and
Aldon jointly comprise more than 35 net sections or 17.5 net sections for each
company. In addition to this land, Reece and Aldon were successful in the
Saskatchewan Crown land sale held on February 11, 2008, in which they acquired
an additional 1.5 net sections of land within the AMI (0.75 net sections for
each company).
    In partnering with Aldon, Reece expects to offset the exploration and
development risks associated with the play by investing its capital over a
larger area and a greater number of wells. "We are excited to work with Aldon
as we have a compatible exploration and development team" says Lorne Swalm
President and CEO of Reece. Although all zones and minerals in the lands are
included in the Joint Agreement, Reece and Aldon plan to focus the capital
expenditures primarily on the Bakken light oil formation. Five to ten wells
are anticipated to be drilled before the end of 2008 depending on drilling

    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 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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