Reece Energy tests and finds oil in first Bakken well
2008-06-06 05:51 MT - News Release
Mr. Lorne Swalm reports
REECE'S FIRST BAKKEN WELL A SUCCESS
Reece Energy Exploration Corp.'s first exploratory Bakken well has been successfully tested for oil. As previously announced (see news issued in Stockwatch), the well (50-per-cent net to Reece) penetrated the Bakken formation for the full-lateral section, extending approximately 1,400 metres horizontally. Oil was detected in the majority of the samples and "oil over the shaker" was observed during drilling. The well has been tested over the past six days with satisfactory oil recovery without fracture treatment. Reece and its partner will evaluate the well in the coming weeks.
"We are very pleased to have resource success in the first of our three exploratory Bakken areas. This success will help to prove up the 6,000 gross acres of joint venture lands in the immediate area and bolsters our optimism for the our other two Bakken project areas," said Lorne Swalm the president and chief executive officer of Reece.
As of today's date, the drilling rig is moving to the company's second Bakken location to commence drilling in the second of the three larger land blocks acquired by Reece and its joint venture partner in the area.
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