Relentless Resources Ltd.
TSX VENTURE : RRL

November 23, 2010 12:00 ET

Relentless Announces Closing of Asset Acquisition and Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2010) - Relentless Resources Ltd. ("Relentless" or "the Company") (TSX VENTURE:RRL) announces it has closed the previously announced acquisition of a 100-per-cent working interest in petroleum and natural gas ("P&NG") rights on 1,295 hectares (3,200 acres) of contiguous lands in southwest Saskatchewan (the "Assets"), from a private arm's-length oil and gas company for a purchase price of $550,000. The Company paid $50,000 of the purchase price through the issuance to the vendor of 500,000 common shares at a deemed price of $0.10 per share and the balance with a cash payment of $500,000.

The Assets acquired include 518 hectares (1,280 acres) of P&NG rights from the surface to the top of the Precambrian as well as 777 hectares (1,920 acres) of various deeper P&NG rights. The two sections of land with all P&NG rights (Viking rights) are prospective for the southwest Saskatchewan regional light- oil-resource Viking zone play which utilizes horizontal drilling and multistage fracturing technology. The lands directly offset an existing Viking light oil pool.

Relentless also announces the closing of a non-brokered private placement of 5,500,000 common shares at a price of $0.20 per share for gross proceeds of $1,100,000. Part of the proceeds from the private placement were applied to the $500,000 cash portion of the purchase price for the Assets, with the balance of the proceeds to be applied to general working capital purposes.

All securities issued under the private placement are subject to a four month hold period from the date of issuance expiring March 20, 2011, in accordance with TSX Venture Exchange ("Exchange") policies and applicable securities laws. The private placement is subject to receipt of final approval from the Exchange.

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'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.

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 acquisition of petroleum and natural gas interests and 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. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

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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