Relentless Resources Ltd.
TSX VENTURE : RRL

September 15, 2010 14:06 ET

Relentless Announces Closing of Asset Acquisition and Option Grants

CALGARY, ALBERTA--(Marketwire - Sept. 15, 2010) - Relentless Resources Ltd. ("Relentless" or "the Company") (TSX VENTURE:RRL) announces that it has closed the purchase of the previously announced acquisition of certain petroleum and natural gas assets located in the Gordondale area of Alberta for the net cash consideration of $405,992 after closing adjustments.

The assets contain a total of 3.0 gross (2.38 net) operated wells (one producing and two 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 consists of 2.6 barrels per day of oil and natural gas liquids and 142,000 cubic feet of solution gas per day.

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

Also, subject to regulatory approval, the Corporation has approved the grant of an aggregate of 932,500 stock options to directors, officers, employees and consultants of the Company. The options are exercisable into common shares of the Company at an exercise price of $0.10 per share, vest immediately and have a five year term to expiry.

Any common shares issued on the exercise of the stock options will be subject to a four month hold period commencing from the date of the option grant in accordance with TSX Venture Exchange policies and applicable securities laws.

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' primary corporate objective is to achieve non-dilutive growth and enhance shareholder value through internal prospect development, strategic production acquisitions and prudent financial management. The Common Shares of the Company are listed on the TSX Venture Exchange under the ticker symbol "RRL".

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.

Contact Information