Hey Strungalong, I cleaned up your post (hope you're not offended).

Next time try pasting it to a word document first then you can make adjustments to the original pdf file so it pastes cleaner in your post.

This is good news in these trying times.

wbr

Reece Energy Achieves Record Profit and Cash Flow For Second Consecutive Quarter

November 28, 2008 – Medicine Hat, AB – Reece Energy Exploration Corp. (TSX-V/RXR) (“Reece”) is pleased to provide the results for the third quarter of 2008. Some of the more salient year over year highlights include:

· increased revenues by 288%;

· increased cash flow from operations by 762%;

· average production for the quarter increased by 80.3%;

· completed a private placement financing for $12 million;

· increased Reece’s credit facility by $13 million to $33 million;

· drilled 10 (10.0 net) extended reach, multi-stage fractured, horizontal oil wells in the Dodsland field with a 100% success rate;

· acquired more land in the Dodsland field on which to drill further horizontal wells;

· drilled two (1.0 net) horizontal wells on Reece’s Bakken land; and

· entered into a joint venture agreement to gain access to the Lower Shaunavon play in south west Saskatchewan.

The rapid growth that Reece has seen during the first half of the year has continued through the third quarter primarily due to the continued success in the Viking play. Reece drilled a total of 14 (11.7 net) wells during the quarter, with a 100% success rate.

As a result of the new drilling, Reece’s average production for the quarter increased by 657 BOE/d or 80.3% over the same period of 2007 and 509 BOE/d (50%) over the second quarter of 2008. Due to the increased production and high commodity prices, Reece’s cash flow and revenues have increased significantly for the second consecutive quarter. Cash flow from operations in the third quarter of 2008 was up by 762% year over year, reaching a total of $9,324,608 million. In turn, revenues increased by $10,201,773 million or by 288% when compared to the third quarter of 2007.

In order to expedite planned capital expenditures, Reece completed its second private placement financing for the year in August, raising $12 million. Based on the strength of Reece’s third-party engineering report dated June 30, 2008, Reece had its credit facility increased by $13 million to $33 million.

The Dodsland Viking light oil play near Kindersley, Saskatchewan saw the majority of Reece’s activity and expenditures again in the third quarter of 2008. Ten (10.0 net) horizontal, multi-staged fractured wells were drilled during the quarter. As of the end of September, seven of these wells were on production and have added over 500 bbl/d of light oil net to Reece. Drilling, completions and tie-ins are continuing in this core area with the wells being tied into a 100% owned and operated facility in the field.

Progress in Reece’s exploratory Bakken play has continued as planned with two (1.0 net) wells drilled during the quarter. The final exploratory well was drilled in Reece’s Montmartre play and is undergoing testing. Reece’s first delineation well was drilled in the Bemersyde area (near Reece’s first successful Bakken exploratory well) and initial test results are positive. A further 1,920 acres (net 960 acres) of land was acquired in a land sale that occurred on October 6, 2008 (the “Land Sale”) which further enhanced Reece’s position at Bemersyde. Reece has a total of 7,680 acres (net 3,840) of land in the Bemersyde play.After all testing and fracturing is complete and production has been established for the existing wells, additional delineation wells are planned to establish the pool extent.

Two (0.66 net) wells were successfully drilled in the Souris Valley play at Crystal Hill in south east Saskatchewan. One of these wells has been tied in and is currently producing while the other is awaiting completion. Further drilling to develop this field will be on going in conjunction with Reece’s partners in the area.

In August, Reece entered into a joint venture with Anterra Energy Inc. (“Anterra”) to explore and develop the Lower Shaunavon formation on 1,760 acres of Anterra land in south west Saskatchewan. Drilling of the first well was completed in October. This well has now been fractured and is currently being tested. The well has been recovering fracture fluid and has now started to produce some oil. Based on successful analogous wells in the area, Reece expects the well to gain in oil volume per day as the remainder of the fracture fluid is recovered. At the Land Sale Reece was successful in acquiring 12 sections jointly with Anterra (50%/50%), and an additional 23 sections of land (100%) for a total of 22,400 (18,600 net) acres of exploratory land in the area. Reece plans to undertake a more aggressive program on these lands in 2009.

At its Board of Directors meeting on November 26, 2008, Reece’s Board of Directors approved a capital budget for 2009 of $30 million based on current commodity prices. The budget for the first quarter has been set at $7.5 to $10 million. The 2009 budget will be reviewed quarterly and adjusted according to commodity prices.

For any further information, please contact:

Lorne Swalm,

President & Chief Executive Officer,

Reece Energy Exploration Corp.

Phone: (403) 526-9700

lswalm@reeceenergy.com

www.reeceenergy.com

Reece is a publicly held oil and gas company headquartered in Medicine Hat, Alberta, Canada that trades on the

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.