Reece Energy Exploration Corp. reported acquisition of land in the southeastern Saskatchewan "Bakken formation" area.
During the past several months, Reece has acquired over 15 sections of land (net) in southeastern Saskatchewan adding to the Reece's asset position in that part of Saskatchewan. Management believes the acquisitions to be very prospective for the exploration and development of light oil play in the Bakken formation. Reece is planning to spend more than half of its 2008 capital budget on this play.
"We expect to drill five to ten net Bakken wells this year, assuming reasonable success and reasonably stable oil prices; and in doing so Reece should realize a substantial increase in its light oil production," says Reece's President and CEO, Lorne Swalm. Reece's management anticipates that its increased focus on oil in the south east and west central areas of Saskatchewan will result in Reece's oil/gas production ratio shifting to more than 50% oil by the end of 2008.
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