Reece Energy Provides Mid-Year Reserves Update

– Reece Energy Exploration Corp. (TSX-V/RXR) ("Reece" or the "Corporation") is pleased to provide the following mid-year update of its reserve evaluation dated December 31, 2007 (the "Sproule Reserves Report"). The updated evaluation was prepared by Sproule Associates Ltd. ("Sproule") as at June 30, 2008 (the "Mechanical Update") and should be read in conjunction with the Sproule Reserves Report.

Reece made significant increases to its total reserves through exploration and drilling projects in its core areas in West Central and South Eastern Saskatchewan. Additionally, Reece’s net present value (10% discount rate, before tax using forecast prices and costs) increased significantly due to the increased reserves and updated price forecasts. The values in this report include very little reserves from Reece’s exploratory Bakken play due to the limited data available as of June 30, 2008.

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increased by 142.7% from $71.7 million to $174.0 million.

Net present value per share (diluted) is $5.09. This number excludes any value for Reece’s approximately 50,000 net

acres of unproved land, and also excludes Reece’s working