Relentless Resources Closes Asset Exchange
June 20 2013 - 5:21PM
Marketwired Canada
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 Wilson
President & CEO
Relentless Resources Ltd.
Phone: (403) 532 - 4466 ext. 227
Mobile: (403) 874 - 9862
Fax: (403) 303 - 2503
E-mail: dwilson@relentless-resources.com
Website: 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.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Relentless Resources Ltd.
Dan Wilson
President & CEO
Phone: (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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