Relentless Resources Ltd.

August 31, 2010 16:47 ET

Relentless Announces Asset Acquisition and Second Quarter Results

CALGARY, ALBERTA--(Marketwire - Aug. 31, 2010) - Relentless Resources Ltd. (TSX VENTURE:RRL) ("Relentless" or "the Company") is pleased to announce that it has entered into a definitive agreement for the purchase of certain petroleum and natural gas assets (the "Assets") located in the Gordondale area of Alberta for the cash consideration of $425,750 subject to closing adjustments.

The Assets contain a total of 3.0 gross (2.38 net) operated wells (1 producing and 2 non-producing). Production from the Assets averaged 35.7 barrels of oil equivalent per day gross (26.3 net) for the period October, 2009 to May, 2010. Net production is comprised of 2.6 barrels per day of oil and NGL's and 142 mcf of solution gas.

The Assets include 320 gross (257 net) hectares of developed land and 512 gross (512 net) hectares of undeveloped lands.

The GLJ Petroleum Consultants Summary of Reserve Value estimates that the total proved plus probable reserves have a collective net present value of future net revenue (discounted at 10 per cent based on escalated prices and costs and before income taxes) of approximately $365,000, with an effective date of February 28, 2010.

The net reserves attributable to the lands are:          
Total Proved (Proved Producing)    Oil & NGL's (Mbbls) 5.1      Gas (MMcf) 174            Oil equivalent (Mbbls) 34.1
Total Proved plus Probable  Oil & NGL's (Mbbls) 5.3      Gas (MMcf) 185            Oil equivalent(Mbbls) 36.1

Closing is anticipated to occur on or about September 8, 2010, with the transaction having an effective date of June 1, 2010. The acquisition will be funded with existing cash and bank lines of credit.

The Company announces that it has filed its unaudited interim financial statements for the three and six month periods ended June 30, 2010, and the accompanying management's discussion and analysis for the same periods, such filings available on SEDAR at

Effective August 20, 2010 Thomas Robinson was appointed as Corporate Secretary of the Company. Mr. Robinson has been a Director of Relentless since 2004. As a result of the new appointment, Leigh Stewart has resigned as Corporate Secretary. The Board and management of Relentless wish to thank Mr. Stewart for his contributions to the Company from 2004-2010 as a Director and Officer.

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 medium to light gravity crude oil reserves in Alberta. Relentless's common shares trade on the TSX Venture Exchange under the symbol RRL.

Relentless's 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, please contact the persons listed below.

Reader Advisory

This news release contains certain forward-looking information and statements with the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "confident", "might", "proposed" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the completion of the consolidation of the Company's Common Shares and change of name, including: (i) the Company's ability to obtain necessary approvals from the TSX Venture Exchange; (ii) the Company's ability to maintain its TSX Venture Exchange Tier Maintenance Requirements post closing of the consolidation; (iii) the anticipated result of the consolidation; and (iv) other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Relentless's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so what benefits Relentless will derive there from. Relentless disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities laws.

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.

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