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CALGARY, ALBERTA--(Marketwired - Aug. 29, 2013) - Relentless Resources Ltd. ("Relentless" or "the Company") (TSX VENTURE:RRL) announces that it has filed its unaudited condensed interim financial statements for the six month period ended June 30, 2013, and the accompanying management's discussion and analysis, such filings available on SEDAR at www.sedar.com.
On June 20th, 2013, Relentless closed its previously announced asset exchange agreement with an arm's length Calgary-based private oil and gas company ("Privateco"). Effective May 1, 2013, Relentless assigned all of its petroleum and natural gas interests in the Loverna area of south-western Saskatchewan in exchange for Privateco's interests in producing petroleum and natural gas properties located in the Willesden Green area of Alberta, and an aggregate of 53,723 net acres of undeveloped petroleum and natural gas interests located in various areas throughout Alberta and a cash payment of $200,000.00 (the "Transaction").
The Privateco Assets include 5.0 (3.91 net) producing oil and natural gas wells and 8 suspended wells. The average net, May and June 2013 production rate from the acquired producing wells was approximately 53 boes/d, which includes 34 bbls/d of crude oil and natural gas liquids production out of a total corporate production of 87 boes/d. All Privateco's oil and natural gas production comes from the Willesden Green area of Alberta. The Transaction significantly enhanced the Company's presence in Alberta by expanding its land base to 54,878 net acres. Relentless is now fully dedicated to promoting the development of its undeveloped land base.
The acquired assets have increased total corporate production, lowered operating expenses and increased corporate netbacks. Relentless plans to grow by taking advantage of the financial strength the Company has established.
About Relentless Resources Ltd.
Relentless is a Calgary based emerging oil and natural gas company, engaged in the exploration, development, acquisition and production of natural gas and light gravity crude oil reserves in Alberta. Relentless' common shares trade on the TSX Venture Exchange under the symbol RRL.
Relentless' primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through internal prospect development, strategic production acquisitions and prudent financial management.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
