REL Roughrider Exploration Limited

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES 


Reliable Energy Ltd. ("Reliable" or the "Company") (TSX VENTURE:REL) provides
the following operations update. 


OPERATIONS UPDATE 



--  Reliable is pleased to report that net oil production is currently 1,100
    bopd, an increase of almost 31% from the third quarter exit rate, while
    average quarterly production to date in the fourth quarter is 988 bopd,
    compared with 679 bopd in the third quarter, an increase of 46%. 

--  To date, the Company has completed the drilling of all 11 (8.3 net)
    horizontal wells that comprised the second half of its 2011 drilling
    program with 2 (1.5 net) horizontal wells currently awaiting completion
    operations. 

--  Reliable has also participated in the drilling of 2 (0.3 net) non-
    operated wells in the Kirkella area that are now awaiting completion
    operations which are expected during December 2011. 



During November, there was a significant Crown land sale in the Elkhorn, East
Manson and Kirkella areas directly offsetting Reliable's lands. Sale prices
increased sharply over previous sales with the top price reaching in excess of
$4,700 per hectare. This sale is indicative of the recent increase in activity
and competitiveness in this part of Manitoba and to the increasing value of
Reliable's existing land base.


For 2012, Reliable expects to commence operations in early January with drilling
activity for the year anticipated to be along the same lines as 2011. In
addition to the development and exploration program, Reliable will be commencing
preliminary work on a water-flood pilot project that we believe will greatly
enhance the production and reserve profile of wells in the area.


ABOUT RELIABLE 

Reliable Energy Ltd. is an Alberta based junior oil company with a strong
exploration component that commenced operations in 2005. Reliable's activities
are primarily focused in the Kirkella area situated on the Saskatchewan/Manitoba
border where it holds over 90,000 net acres of undeveloped lands. Kirkella is a
Bakken oil rich prospect area that possesses high operating margins and multiple
formation potential. The Company has an inventory of approximately 450 net
horizontal drilling locations identified in the Kirkella region. Reliable's
second focus area is in Blaine County, Montana, where the Company holds almost
100,000 net undeveloped acres on an emerging Bakken oil play.


Reliable's goal is to become a low cost, value added growth company. The
Company's strategy is to concentrate on exploration and development drilling
activities in oil rich core areas. Reliable will continue to build on its highly
prospective light oil land position in Manitoba/Saskatchewan and Montana and,
through prudent development, add to its reserves and production base with the
objective of providing sustained future growth and superior returns to
shareholders.


Common shares of Reliable Energy Ltd. are listed for trading on the TSX Venture
Exchange under the symbol REL.


ADVISORY: This press release contains certain forward-looking information and
statements within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "may", "will",
"project", "should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements. In particular,
but without limiting the foregoing, the reference to future operations in 2012
included in the fifth paragraph under "Operations Update" and the paragraph
titled "About Reliable" are forward-looking statements. Although Reliable
believes that the expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because Reliable can
give no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. The forward-looking statements
contained in this press release are made as of the date hereof and Reliable
undertakes no obligations 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.


This news release does not constitute an offer to sell or a solicitation of any
offer to buy the securities in the United States. The securities offered have
not been and will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements of such Act.

Roughrider Exploration (TSXV:REL)
Historical Stock Chart
From May 2024 to Jun 2024

Roughrider Exploration (TSXV:REL)
Historical Stock Chart
From Jun 2023 to Jun 2024