CALGARY, ALBERTA -- (Marketwired) -- 06/20/13 -- Relentless Resources Ltd. (TSX VENTURE: RRL) ("Relentless" or the "Company") announced today that the Company has closed its previously announced asset exchange in accordance with an asset exchange agreement with an arm's length Calgary-based private oil and gas company ("Privateco"). 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 disposition of the Relentless interests in the Loverna property to Privateco was considered a "reviewable disposition" under the policies of the TSX Venture Exchange (the "Exchange"), for which the Company obtained the written consent of a majority of the "disinterested" shareholders of Relentless. Final Exchange approval of the Transaction is subject to the Company filing of final documentation with the Exchange, customary for transactions of this nature.
It is expected that the Common Shares of Relentless will resume trading on the Exchange or about June 21, 2013.
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.
For further information regarding this Press Release, or if you are a shareholder of Relentless, and you desire to obtain and execute the written consent in connection with the Transaction, please contact:
Dan WilsonPresident & CEORelentless Resources Ltd.Phone: (403) 532 - 4466 ext. 227Mobile: (403) 874 - 9862Fax: (403) 303 - 2503E-mail: email@example.comWebsite: http://www.relentless-resources.com/
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.
Certain information in this Press Release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to Relentless' beliefs, plans, expectations, anticipations, estimates and intentions, including the completion of Relentless' exchange of certain petroleum and natural gas interests, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, general economic conditions, availability of required equipment and services and prevailing commodity prices. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this Press Release describes Relentless' expectations as of the date of this Press Release and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Relentless Resources Ltd.
President & CEO
Phone: (403) 532 - 4466 ext. 227 or Mobile: (403) 874 - 9862
(403) 303 - 2503 (FAX)