Relentless Resources Ltd.

February 08, 2011 16:22 ET

Relentless Resources Appoints New Chief Financial Officer and Change to Directors

CALGARY, ALBERTA--(Marketwire - Feb. 8, 2011) - Relentless Resources Ltd. ("Relentless" or "the Company") (TSX VENTURE:RRL) announces that effective immediately, Randall Boyd has been appointed Vice-President, Finance, and Chief Financial Officer of the Company. The appointment of Mr. Boyd is subject to regulatory approval.

Randall Boyd is a professional accountant who has worked for more than 25 years with Canadian public and private oil and gas companies, handling a wide range of financial and corporate matters for various private clients. Randall was Chief Financial Officer at Masters Energy Inc., a TSX listed public company, from 2004 until its sale in April, 2009. Randall was also Vice-President, Investor Relations, at Chieftain International Inc. from October 1999 until its sale in August 2001.

Mr. Boyd replaces Hugh M. Thomson who resigned on February 7, 2011, as Vice-President, Finance and Chief Financial Officer, to pursue another business opportunity. Also effective February 7, 2011, Mr. Thomson resigned from the Board of Directors of Relentless. The Board of Directors would like to thank Mr. Thomson for his contributions to Relentless and wish him well in his future pursuits.

The Company also announces that its Board of Directors have approved the granting of stock options to acquire an aggregate of 100,000 common shares of the Company to an executive officer. The immediately vesting stock options were granted in accordance with the Company's stock option plan and are exercisable for a period of five (5) years at an exercise price of $0.31 per share.

The stock options (and the common shares issuable there under) are subject to a four month hold period, expiring June 8, 2011, in accordance with the policies of the TSX Venture Exchange (the "Exchange") and applicable securities laws. The stock option grant 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.

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