Reece Energy announces joint venture with Anterra Energy

Reece Energy Exploration Corp. announce that it has entered into a Joint Venture with Anterra Energy Inc. with the signing of three separate 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 “RXR”.