Capital Budget of $21 Million to be 'Tailored' and 'Monitored' by Reece

Reece Energy Exploration's Board of Directors approved a 2008 capital budget of up to $21 million. The budget will be monitored and tailored on a quarterly basis as success and market conditions may dictate. Reece anticipates that it will utilize its cash flow and debt facility to finance the capital expenditure program. Reece is prepared to consider acceleration of the Bakken drilling program, upon the achievement of certain benchmarks in early drilling.

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