CALGARY, ALBERTA–(Marketwired – Oct. 20, 2014) – Relentless Resources Ltd. (“Relentless” or the “Company“) (TSX VENTURE:RRL) is pleased to announce initial test results from the Relentless Heathdale 8-7-27-9 W4 horizontal Glauconite oil well (the “Well“).
The 100% working interest (before payout) farm-in Well was drilled over 8 days to a total measured depth of 2334 mKB and completed with a multistage, water-based, fracture completion. The Well was then equipped to pump and tied in with all solution gas being conserved.
The well test commenced on October 17, 2014 and has produced 767 barrels of fluid (396 barrels of sweet 26 API oil and 371 barrels of load water) within the first 48 hours. The gas rate is approximately 260 mcf/day.
A total of 5000 barrels of load water was used in the completion of the Well, of which less than 25% is expected to be ultimately recovered.
Relentless intends to continue to test the Well until such time as the majority of the expected load water is recovered. It will then be shut in for 7-10 days for a pressure build-up.
The Company advises that although the preliminary test rates from the Well are encouraging, test results are not necessarily indicative of long-term performance or of ultimate recovery from the Well.
Relentless has 8 sections of mineral land with Glauconite oil potential in the Heathdale Area under farm-in or as lessee.
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. 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.
[expand title=”Advisories & Contact”]Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding the volumes and estimated value of the Company’s proved and probable reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Company are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
These assumptions and statements necessarily involve known and unknown risks and uncertainties inherent in the oil and gas industry such as geological, technical, drilling and processing problems and other risks and uncertainties, as well as the business risks discussed in Management’s Discussion and Analysis of the Company under the heading “Business Risks”. The forward-looking statements contained in this news release are made as of the date hereof, and the Company does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
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.
Relentless Resources Ltd.
Dan Wilson
CEO
(403) 532 – 4466 ext. 227 or Mobile: (403) 874 – 9862
(587) 955-9668 (FAX)
Relentless Resources Ltd.
Ron Peshke
President
(403) 532 – 4466 ext. 223 or Mobile: (403) 852-3403
(587) 955-9668 (FAX)
info@relentless-resources.com
www.relentless-resources.com
[/expand]