Relentless Resources Ltd. ("Relentless" or the "Company") (TSX VENTURE:RRL) announces the filing of its audited financial statements and related management's discussion and analysis ("MD&A") for the year ended December 31, 2016. The Company also announces the filing of its reserves data and other oil and natural gas information ("51-101 Information"), as required under National Instrument 51-101. The financial statements, MD&A and 51-101 Information are available for review at www.sedar.com. Additional information about Relentless is available on SEDAR at www.sedar.com or on the Company's website at www.relentless-resources.com.
•In Q4 of 2016, the Company expended approximately $1.5 million to drill and complete two new wells in
o102/5-7-27-9W4 horizontal oil well:
•drilled in eight days to a total measured depth of 2,375 metres;
•perforated over 23 intervals and fracture stimulated using a coil tubing straddle packer assembly; placed on stream in mid-January with a spud to on-stream timeline of 35 days inclusive of the holidays;
•total on-stream cost of $1.17 million as a one-off single well operation;
•continual production with minimal downtime and a high fluid level;
•averaged 100 boe/d (80% oil) for the first 60 days; and
•continues to produce at 80 boe/d (75% oil).
o100/6-12-27-10W4 vertical well:
•drilled approximately 1.2 kilometres west of the known Heathdale glauconitic oil pool;
•encountered approximately five meters of glauconitic oil reservoir at virgin pressure;
•total on-stream cost of $425,000 equipped as a single well battery; and
•fifth section of land in which Relentless has confirmed the presence of this glauconite oil deposit.
•The Company's net debt was reduced from approximately $4.05 million, as at December 31, 2016, to approximately $3.05 million as a result of the completion of two private placements in January 2017.
•The Heathdale glauconite oil pool have been successfully delineated with five vertical wells and developed with four horizontal multistage fractured wells.
•Current corporate production is estimated at 275 boe/d (60% oil and liquids). Fifty boe/d is currently shut in as a result of a third party compressor outage and is anticipated to return to production in Q2 2017.
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, Canada. Relentless's common shares trade on the TSX Venture Exchange under the symbol RRL.
SOURCE: Relentless Resources Ltd.
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