CALGARY, ALBERTA--(Marketwire - Nov. 29, 2012) - Relentless Resources Ltd. (TSX VENTURE:RRL) ("Relentless" or "the Company") announces that it has filed its unaudited condensed interim financial statements for the three and nine month periods ended September 30, 2012, and the accompanying management's discussion and analysis, such filings available on SEDAR at www.sedar.com.
Relentless' current total production is approximately seventy (70) barrels of oil equivalent per day, with two Loverna Saskatchewan Viking horizontal oil wells contributing approximately thirty-five (35) barrels of oil per day to the total production.
Relentless is encouraged with the current drilling activity directly offsetting its' Loverna lands and producing wells. Recent enhancements in Viking horizontal completion techniques coupled with significant Industry Viking light oil acquisitions provide a positive outlook for our Viking play in south-west Saskatchewan.
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 and Saskatchewan. Relentless' common shares trade on the TSX Venture Exchange under the symbol RRL.
In the current market environment, Relentless' primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through prudent financial management, while continually examining corporate opportunities.
Certain statements contained herein constitute forward-looking statements or information (collectively "
") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures. Forward-looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. Although Relentless believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause Relentless's actual performance and financial results in future periods to differ materially from any estimates or projections
The forward-looking statements contained herein speak only as of the date hereof. Except as expressly required by applicable securities laws, Relentless does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.
Production volumes are commonly expressed on a barrel of equivalent ("
") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. The term BOE may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalent method and does not represent an economic value equivalency at the wellhead.
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.
Relentless Resources Ltd.
President & CEO
(403) 532-4466 ext. 227 or Cell: (403) 874-9862
(403) 303-2503 (FAX)