Relentless Resources Ltd. (TSX VENTURE:RRL) ("Relentless" or the "Company")
announced today that the Company has entered into an asset exchange agreement
(the "Agreement") with an arm's length Calgary-based private oil and gas company
("Privateco") to assign all of the Company's petroleum and natural gas interests
in south-western Saskatchewan in exchange for Privateco's interests in producing
and undeveloped petroleum and natural gas properties located in various areas
throughout Alberta and a cash payment of $200,000.00 (the "Transaction"). The
Transaction is expected to close on or about June 20, 2013, with an effective
date of May 1, 2013, and is subject to regulatory and shareholder approvals.


The petroleum and natural gas assets contemplated for exchange under the
Agreement are all of Relentless' net interests in 3,002 net acres of petroleum
and natural gas rights located in the Loverna area of south-western Saskatchewan
(the "Relentless Assets"), and (i) all of Privateco's interests in 10,842 net
acres of petroleum and natural gas interests located in the Willesden Green area
of Alberta, (ii) all of Privateco's interests in 26,363 net acres of undeveloped
petroleum and natural gas interests located in the Gilby area of Alberta, (iii)
all of Privateco's interests in 4,798 net acres of undeveloped petroleum and
natural gas interests located in the Killam area of Alberta, (iv) all of
Privateco's interests in 4,000 net acres of undeveloped petroleum and natural
gas interests located in the Pine Creek area of Alberta, (v) all of Privateco's
interests in 3,200 net acres of undeveloped petroleum and natural gas interests
located in the Wembly area of Alberta, and (vi) all of Privateco's interests in
4,520, net acres of undeveloped petroleum and natural gas interests located in
various other areas of Alberta (collectively, the petroleum and natural gas
interests of Privateco are referred to as the "Privateco Assets"). The
Relentless Assets include 4 (3.02 net) producing oil and natural gas wells,
representing an average net April 2013 production rate of approximately 25
boes/d, while the Privateco Assets include 5.0 (3.91 net) producing oil and
natural gas wells and 8 suspended wells, representing an average net April 2013
production rate of approximately 50 boes/d, which includes 30 bbls/d of crude
oil production. All Privateco's oil and natural gas production comes from the
Willesden Green area of Alberta (the "Willesden Green Area").


The independent engineering firm of Insite Petroleum Consultants Ltd. ("Insite")
prepared a report (the "InSite Report") evaluating the crude oil, natural gas
and natural gas liquids ("NGLs") interests of Privateco in the Willesden Green
Area, with an effective date of December 31, 2012 and a preparation date of
March 8, 2013. The tables below summarize Privateco's crude oil, natural gas and
NGLs reserves in the Willesden Green Area and the net present value of future
net revenue attributable to such reserves, as evaluated by InSite, based on
forecast prices and costs assumptions. The information set forth below is
prepared in accordance with standards contained in the Canadian Oil and Gas
Evaluation Handbook prepared jointly by the Society of Petroleum Evaluation
Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy &
Petroleum (the "COGE Handbook") and the reserve definitions contained in
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
("NI 51-101") adopted by the Canadian Securities Administrators and the COGE
Handbook. 


The net present value of future net revenue attributable to Insite's reserves is
stated without provision for interest costs and general and administrative
costs, but after providing for estimated royalties, production costs,
development costs, other income, future capital expenditures, and well
abandonment costs for only those wells assigned reserves by InSite. It should
not be assumed that the undiscounted or discounted net present value of future
net revenue attributable to Insite's reserves estimated by InSite represent the
fair market value of those reserves. Other assumptions and qualifications
relating to costs, prices for future production and other matters are summarized
herein. Actual reserves may be greater than or less than the estimates provided
herein.


The following tables summarize the data contained in the InSite Report and as a
result may contain slightly different numbers than such report due to rounding.
Also due to rounding, certain columns may not add exactly. The InSite Report is
based on certain factual data supplied by Insite and InSite's opinion of
reasonable practice in the industry. InSite accepted this data as presented and
neither title searches nor field inspections were conducted by InSite.


Summary of Oil And Gas Reserves Based on Forecast Prices and Costs
As At December 31, 2012



                                          Company Reserves                  
                        ----------------------------------------------------
                          Light and                             Natural Gas 
                          Medium Oil   Heavy Oil   Natural Gas    Liquids   
                        ----------------------------------------------------
                          Gross   Net  Gross   Net  Gross   Net  Gross   Net
Reserves Category          Mbbl  Mbbl   Mbbl  Mbbl   MMcf  MMcf   Mbbl  Mbbl
----------------------------------------------------------------------------
Proved                                                                      
  Developed Producing      31.8  28.7      0     0   60.3  50.6    2.4   1.6
  Developed Non-                                                            
   Producing                  0     0      0     0      0     0      0     0
  Undeveloped                 0     0      0     0      0     0      0     0
                        ----------------------------------------------------
Total Proved               31.8  28.7      0     0   60.3  50.6    2.4   1.6
Total Probable             13.7  12.1      0     0   29.9  24.5    1.2   0.7
                        ----------------------------------------------------
Total Proved + Probable    45.5  40.8      0     0   90.2  75.1    3.6   2.3
                        ----------------------------------------------------
                        ----------------------------------------------------



Summary of Net Present Values Based on Forecast Prices and Costs
As At December 31, 2012
Net Present Values of Future Net Revenue



                          --------------------------------------------------
                                           Before Income Tax                
                                             Discounted at                  
                          --------------------------------------------------
                               0%/yr    5%/yr.   10%/yr.   15%/yr.   20%/yr.
Reserves Category                 $M        $M        $M        $M        $M
                          --------------------------------------------------
Proved                                                                      
Developed Producing          1,497.6   1,345.0   1,223.6   1,125.2   1,044.2
Developed Non-Producing            0         0         0         0         0
Undeveloped(2)(8)                  0         0         0         0         0
                          --------------------------------------------------
Total Proved                 1,497.6   1,345.0   1,223.6   1,125.2   1,044.2
Total Probable                 751.7     616.5     517.9     444.0     387.0
                          --------------------------------------------------
Total Proved + Probable      2,249.3   1,961.5   1,741.5   1,569.2   1,431.2
                          --------------------------------------------------
                          --------------------------------------------------



InSite's escalated price forecast assumptions as of December 31, 2012 used in
the InSite Report are as follows:




----------------------------------------------------------------------------
                    WTI Cushing   Edmonton Par    Natural Gas  NGLs Edmonton
                       Oklahoma   Price 40 API   AECO-C Price       Propanes
Year                  (US$/bbl)       (C$/bbl)     (C$/mmbtu)       (C$/bbl)
----------------------------------------------------------------------------
2013                      92.00          90.00           3.34          36.00
----------------------------------------------------------------------------
2014                      94.00          91.96           3.83          45.98
----------------------------------------------------------------------------
2015                      96.00          93.92           4.33          56.35
----------------------------------------------------------------------------
2016                      98.00          95.88           4.77          57.53
----------------------------------------------------------------------------
2017                     100.00          97.84           5.11          58.70
----------------------------------------------------------------------------
2018                     102.00          99.79           5.40          59.88
----------------------------------------------------------------------------
2019                     104.04         101.79           5.64          61.07
----------------------------------------------------------------------------
2020                     106.12         103.82           5.83          62.29
----------------------------------------------------------------------------
2021                     108.24         105.90           5.95          63.54
----------------------------------------------------------------------------
2022                     110.41         108.02           6.07          64.81
----------------------------------------------------------------------------
2023                     112.62         110.18           6.19          66.11
----------------------------------------------------------------------------
2024                     114.87         112.38           6.31          67.43
----------------------------------------------------------------------------
2025                     117.17         114.63           6.44          68.78
----------------------------------------------------------------------------
2026                     119.51         116.92           6.57          70.15
----------------------------------------------------------------------------
2027                     121.90         119.26           6.70          71.56
----------------------------------------------------------------------------
2028                     124.34         121.65           6.83          72.99
----------------------------------------------------------------------------
2029                     126.82         124.08           6.97          74.45
----------------------------------------------------------------------------
2030                     129.36         126.56           7.11          75.94
----------------------------------------------------------------------------
Thereafter                                            Escalation rate of 2.0
----------------------------------------------------------------------------
                                                                            

----------------------------------------------------------------------------
                  NGLs Edmonton  NGLs Edmonton                              
                        Butanes     Condensate      Inflation       Exchange
Year                   (C$/bbl)       (C$/bbl)      Rate ( %)  Rate (US$/C$)
----------------------------------------------------------------------------
2013                      76.50          97.20            2.0          1.000
----------------------------------------------------------------------------
2014                      78.17          97.48            2.0          1.000
----------------------------------------------------------------------------
2015                      79.83          99.55            2.0          1.000
----------------------------------------------------------------------------
2016                      81.50         101.63            2.0          1.000
----------------------------------------------------------------------------
2017                      83.16         103.71            2.0          1.000
----------------------------------------------------------------------------
2018                      84.82         105.78            2.0          1.000
----------------------------------------------------------------------------
2019                      86.52         107.89            2.0          1.000
----------------------------------------------------------------------------
2020                      88.25         110.05            2.0          1.000
----------------------------------------------------------------------------
2021                      90.01         112.25            2.0          1.000
----------------------------------------------------------------------------
2022                      91.82         114.50            2.0          1.000
----------------------------------------------------------------------------
2023                      93.65         116.79            2.0          1.000
----------------------------------------------------------------------------
2024                      95.52         119.12            2.0          1.000
----------------------------------------------------------------------------
2025                      97.44         121.51            2.0          1.000
----------------------------------------------------------------------------
2026                      99.38         123.94            2.0          1.000
----------------------------------------------------------------------------
2027                     101.37         126.42            2.0          1.000
----------------------------------------------------------------------------
2028                     103.40         128.94            2.0          1.000
----------------------------------------------------------------------------
2029                     105.47         131.52            2.0          1.000
----------------------------------------------------------------------------
2030                     107.58         134.15            2.0          1.000
----------------------------------------------------------------------------
Thereafter                                           Escalation rate of 2.0%
----------------------------------------------------------------------------



Sproule Associates Limited, independent petroleum consultants, Calgary, Alberta
("Sproule"), evaluated the Relentless Assets in a report as at December 31,
2012, with a preparation date of March 28, 2013 (the "Sproule Report"). The
tables below summarize the crude oil, NGLs and natural gas reserves of the
Relentless Assets and the net present values of future net revenue for these
reserves using forecast prices and costs. The Sproule Report has been prepared
in accordance with the standards contained in the COGE Handbook and the reserve
definitions contained in NI 51-101 and the COGE Handbook. The net present value
of future net revenue attributable to the Company's reserves is stated without
provision for interest costs and general and administrative costs, but after
providing for estimated royalties, production costs, development costs, other
income, future capital expenditures, and well abandonment costs for only those
wells assigned reserves by Sproule. It should not be assumed that the estimates
of future net revenues presented in the tables below represent the fair market
value of the reserves. There is no assurance that the forecast prices and costs
assumptions will be attained and variances could be material. The recovery and
reserve estimates of the Company's crude oil, NGLs and natural gas reserves
provided herein are estimates only and there is no guarantee that the estimated
reserves will be recovered. Actual crude oil, natural gas and NGLs reserves may
be greater than or less than the estimates provided herein. Readers should note
that the totals in the following tables may not add due to rounding.


Summary of Oil And Gas Reserves Based on Forecast Prices and Costs
As At December 31, 2012



                                               Natural Gas                  
                                            (non-associated,                
                Light and                     associated &     Natural Gas  
                Medium Oil      Heavy Oil     solution gas)      Liquids    
             ---------------------------------------------------------------
             Company Company Company Company Company Company Company Company
   Reserve     Gross     Net   Gross     Net   Gross     Net   Gross     Net
   Category   (Mbbl)  (Mbbl)  (Mbbl)  (Mbbl)  (MMcf)  (MMcf)  (Mbbl)  (Mbbl)
----------------------------------------------------------------------------
PROVED                                                                      
 Developed                                                                  
  Producing     41.4    38.8     0.0     0.0       0       0       0       0
 Developed                                                                  
  Non-                                                                      
  producing      0.4     0.4     0.0     0.0      57      54       0       0
 Undeveloped     0.0     0.0     0.0     0.0       0       0       0       0
TOTAL PROVED    41.8    39.2     0.0     0.0      57      54       0       0
                                                                            
Total                                                                       
 Probable       16.0    15.0     0.0     0.0      21      20       0       0
                                                                            
Total Proved                                                                
 Plus                                                                       
 Probable       57.8    54.2     0.0     0.0      78      74       0       0
                                                                            
                              Net Present Values Of Future Net              
                               Revenue as at December 31, 2012              
                             Before Incomes Taxes Discounted At             
                                          (%/Year)                          
                                 (Forecast Costs And Prices)                
                            ------------------------------------            
Reserves                  0%          5%         10%         15%         20%
 Category                 M$          M$          M$          M$          M$
----------------------------------------------------------------------------
PROVED                                                                      
----------------------------------------------------------------------------
 Developed                                                                  
  Producing            1,989       1,730       1,534       1,381       1,259
 Developed Non-                                                             
  producing               48          16         (5)        (19)        (29)
 Undeveloped               0           0           0           0           0
Total Proved           2,037       1,746       1,528       1,362       1,230
                                                                            
Total Probable           968         692         522         412         337
                                                                            
Total Proved                                                                
 Plus Probable         3,005       2,438       2,051       1,774       1,567



The escalated price forecast assumptions as of December 31, 2012 used in the
Sproule Report are as follows:




        Light Crude Oil                            Heavy & Medium Oil 
     ------------------------------------------- ---------------------
     ------------------------------------------- ---------------------
                                                                      
                 - Prices in Canadian Dollars -                       
                                                                      
              1             Synthetic                                 
            WTI   Edmonton  Crude Oil     Cromer   Hardisty   Hardisty
        Cushing  Par Price   Edmonton        LSB      Heavy Lloydblend
       Oklahoma     40 API    34 API      35 API     12 API   20.5 API
Year    $US/Bbl      $/Bbl      $/Bbl      $/Bbl      $/Bbl      $/Bbl
-----  --------   --------   --------   --------   --------   --------
2013      89.63      84.55      90.55      81.55      61.72      69.33
2014      89.93      89.84      95.84      86.84      66.48      74.57
2015      88.29      88.21      94.21      85.21      65.27      73.21
2016      95.52      95.43     101.43      92.43      72.53      80.17
2017      96.96      96.87     102.87      93.87      73.62      81.37
2018      98.41      98.32     104.32      95.32      74.72      82.59
2019      99.89      99.79     105.79      96.79      75.84      83.83
2020     101.38     101.29     107.29      98.29      76.98      85.08
2021     102.91     102.81     108.81      99.81      78.14      86.36
2022     104.45     104.35     110.35     101.35      79.31      87.66
2023     106.02     105.92     111.92     102.92      80.50      88.97

                                                                            
     -------------------------------                                        
     -------------------------------                                        
                                                                            
                                                                            
                                                                            
        Western                                        2                    
         Canada            Hardisty               Energy                    
         Select    Cromer       Bow                 Cost     Cost           
          (WCS)    Medium     River  Cold Lake InflationInflation   Exchange
       20.5 API  29.3 API  24.9 API Blend 22.6      Rate     Rate       Rate
Year      $/Bbl     $/Bbl     $/Bbl  API $/Bbl      %/Yr     %/Yr   $US/$Cdn
-----  --------  --------  --------   --------  -------- --------   --------
2013      69.33     77.79     70.18      68.49     -1.8%      1.5      1.001
2014      74.57     82.66     75.47      73.67      0.3%      1.5      1.001
2015      73.21     81.15     74.09      72.33     -1.8%      1.5      1.001
2016      80.17     88.75     81.12      79.21      8.2%      1.5      1.001
2017      81.37     90.09     82.34      80.40      1.5%      1.5      1.001
2018      82.59     91.44     83.57      81.60      1.5%      1.5      1.001
2019      83.83     92.81     84.82      82.83      1.5%      1.5      1.001
2020      85.08     94.20     86.10      84.07      1.5%      1.5      1.001
2021      86.36     95.61     87.39      85.33      1.5%      1.5      1.001
2022      87.66     97.05     88.70      86.61      1.5%      1.5      1.001
2023      88.97     98.50     90.03      87.91      1.5%      1.5      1.001
                                                                      
Escalation Rate of 1.5% Thereafter                                    
1.   40 Deg API, 0.4% sulphur                                         
2.   Based on WTI                                                     
                                                                      

                                                                            
Escalation Rate of 1.5% Thereafter                                          
1.                                                                          
2.                                                                          



The Transaction will enhance the Company's presence in Alberta area by
increasing the number of producing wells to 42 gross (7.45 net) wells and expand
its land base to 54,878 net acres.


No finder's fee is payable in connection with the Transaction. The Transaction
is subject to industry standard closing conditions, including regulatory
approval. In addition, the disposition of the Relentless Assets to Privateco is
considered a "reviewable disposition" under the policies of the TSX Venture
Exchange (the "TSXV"), requiring the approval of a majority of the
"disinterested" shareholders of Relentless. Unless such requirement is waived by
the TSXV, the divestment of the Relentless Assets pursuant to the Agreement is
subject to the approval of the shareholders of Relentless. Accordingly, the
consent of a majority of Relentless' shareholders in respect of the Agreement,
and specifically, the divestment of the Relentless Assets, is required as a
condition of the acceptance of such transactions by the TSXV. Relentless intends
to seek the written consent of its shareholders on or before June 20, 2013,
failing which Relentless intends to convene a special meeting of shareholders,
at which shareholder approval will be sought for the Agreement and the
divestment of the Relentless Assets thereunder. The board of directors of
Relentless has determined that the Transactions contemplated under the Agreement
are in the best interest of its shareholders, has unanimously approved the
Agreement and Transactions, and recommends that the shareholders execute the
written consents approving such matters. Any shareholder of Relentless wishing
to obtain and execute the written consent should contact Relentless as set out
below.


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.


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:
www.relentless-resources.com.


Reader Advisory

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.


Material factors which could cause actual results or events to differ materially
from such forward-looking information include, among others, the failure to
obtain shareholder or regulatory approvals, risks arising from general economic
conditions and adverse industry events, risks arising from operations generally,
changes in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of estimates
and projections relating to production, costs and expenses, and health, safety
and environmental risks), commodity price and exchange rate fluctuations;
reliance on contractual rights such as licenses and leases in the conduct of its
business, reliance on third parties, reliance on key personnel, possible failure
of the business model or business plan or the inability to implement the
business model or business plan as planned, competition, environmental matters,
and insurance or lack thereof.


Relentless cautions that the foregoing list of material factors is not
exhaustive, is subject to change and there can be no assurance that such
assumptions will reflect the actual outcome of such items or factors. When
relying on Relentless forward-looking information to make decisions, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events. Relentless has assumed a certain
progression, which may not be realized. It has also assumed that the material
factors referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual results or events.


The forward-looking statements contained in this press release are made as of
the date hereof 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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Relentless Resources Ltd.
Dan Wilson
President & CEO
(403) 532 - 4466 ext. 227 or Mobile: (403) 874 - 9862
(403) 303 - 2503 (FAX)
dwilson@relentless-resources.com
www.relentless-resources.com

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