Calgary, Alberta–(Newsfile Corp. – October 31, 2023) – Resolute Resources Ltd. (TSXV: RRL) (“Resolute Resources“, “Company“, “our” or “we“)
Operational Update
Since incorporation in 2019, Resolute Resources has advanced from an exploration concept to a publicly listed oil and gas company. We made our first land purchase in 2020, and significantly expanded our land holdings in 2022. We successfully obtained licenses for our first wells and established two well pads in mid- 2023. On September 24th of this year, we reached a pivotal moment when we completed drilling our first well, RESOLUTERESLTD HZ ANTHONY 11-24-83-24 (“11-24”). Production for 11-24 commenced on October 9th and we plan to provide a detailed update on the well’s performance in mid-December.
Resolute Resources plans to drill its second well in the Gething Channel play prior to the end of the calendar year, subject to equipment and rig availability. We will issue a press release as soon as the rig is on-site and anticipate a drilling duration of approximately 15 days.
Leadership Transition
Effective October 30th, Alexander Lindsay replaced Bradley Parkes as Chief Executive Officer of the Company. Brad Parkes has resigned his directorship. Chris Wolfenberg has been named Chairperson of the Board following Mr. Parkes departure. Resolute Resources owes its inception to Mr. Parkes, who played a foundational role in establishing the Company in 2019. His contributions were pivotal in navigating the Company through the RTO process earlier this year. Notably, in the last five years, only a handful of energy companies have been listed on the TSXV, and Resolute Resources proudly stands as one of them. Resolute Resources extends its heartfelt gratitude to Mr. Parkes for his dedication and hard work as we embark on the next chapter of our journey. In recognition and consideration of Mr. Parkes extraordinary contributions to the development of Resolute Resources to date, the Board approved the accelerated vesting of Mr. Parkes’ stock options subject to completion, in a timely manner, of customary legal documentation related to his departure.
The future of Resolute Resources is tied to our drilling program, and with this vision in mind, we are pleased to announce that the Company’s Chief Operating Officer, Alexander Lindsay, has been appointed as Chief Executive Officer, effective immediately. Mr. Lindsay brings with him a wealth of experience in drilling and completion operations; he has played a crucial role in drilling many wells using horizontal multilateral technology. His extensive knowledge and experience in operational leadership positions us to significantly expand our drilling activities. Additionally, Mr. Lindsay has been a driving force in our recent financing round, generating substantial investor interest and support.
For investors or stakeholders with questions related to this update, please do not hesitate to reach out to the following individuals:
Alexander Lindsay
CEO & Director
M: 587-585-5421
OR
Kiernan Lynch
President & Director
M:905-399-1391