Relentless Resources Ltd.

December 22, 2010 17:02 ET

Relentless Closes $1,000,000 Flow-Through Offering

CALGARY, ALBERTA--(Marketwire - Dec. 22, 2010) - Relentless Resources Ltd. ("Relentless" or "the Company") (TSX VENTURE:RRL) is pleased to announce it closed the previously disclosed non-brokered private placement offering of "flow-through" common shares raising gross proceeds of $1,000,000. The Company issued an aggregate of 3,333,335 "flow-through" common shares at a price of $0.30 per share under the fully subscribed offering. In connection with the offering, the Company paid arm's-length parties finder's fees aggregating $43,934 and issued a total of 58,578 finders warrants exercisable into 58,578 common shares at a price of $0.30 per share for a period of 12 months from the closing date.

The net proceeds from the offering will be applied to the drilling and completion of a horizontal oil well on the Company's lands in south-west Saskatchewan, which will constitute Canadian exploration expenses (as defined under the Income Tax Act (Canada)) and will be renounced for the 2010 taxation year.

Closing of the private placement is subject to final approval of the TSX Venture Exchange (the "Exchange"). All securities are subject to a four month hold period in accordance with Exchange policies and applicable securities laws, expiring on April 22, 2011.

As one of the Company's directors participated in the offering by subscribing for "flow-through" common shares, such transaction constitutes a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, as the Company is not listed on the specified markets in MI 61-101 and neither the fair market value of any securities issued to or the consideration paid by such person will exceed 25% of the Company's market capitalization, the private placement is exempt from the formal valuation and minority approval requirements for a related party transaction.

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 Press 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 Press Release contains forward-looking information and statements pertaining to expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results or performance. 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 Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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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