Reece Energy Exploration Corp. announced that it is raising its capital budget for 2008 by $15 million. This decision was based on the encouragement brought forth by successful drilling results, as well as higher than expected commodity prices.
At its quarterly board meeting, Reece's Directors approved increasing its planned capital expenditures program to $36 million from $21 million. The amount will be reviewed again at the board's next regular meeting.
The increase to the budget amount will be used to fund Reece's expedited drilling program in its Viking play in Saskatchewan. Reece is also expecting further capital demands to be brought on by anticipated success in its Bakken play. The increased expenditures will be funded from existing internal sources.
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