Welcome!

News Feed Item

Relentless Announces Q2 2014 Financial and Operating Results

CALGARY, ALBERTA -- (Marketwired) -- 08/19/14 -- Relentless Resources Ltd. ("Relentless" or "the Company") (TSX VENTURE: RRL) announces that it has issued its June 30, 2014 condensed interim financial statements and related MD&A.

Additional information about Relentless is available on SEDAR at www.sedar.com or on the Company`s website at www.relentless-resources.com.

Corporate Update

On June 27, 2014, Relentless closed a non-brokered private placement for gross proceeds of $3.75 million, made up of 4,166,666 flow-through shares at 24 cents per share and 13,750,000 common shares at 20 cents per share. The shares are subject to a four-month hold period.

The proceeds of the common share portion of the offering were used to finance the $3 million purchase of oil and natural gas assets from a private company.

The assets consist of approximately 127 barrels of oil equivalent per day ("boe/d") of conventional producing petroleum and natural gas properties in the Peace River Arch area of Alberta.

Highlights of the acquisition are as follows:


--  127 boe/d of 64 per cent natural gas production (6:1 conversion) from 12
    gross (7.4 net) producing wells, two gross (1.2 net) suspended wells and
    one gross (0.23 net) abandoned well;
--  Production from the Doe Creek and Charlie Lake intervals with 2013
    historical operating netbacks in excess of $30 per barrel of oil
    equivalent;
--  A 2.08-per-cent working interest in the Saddle Hills Doe Creek unit No.
    1;
--  Largely operated production and corresponding high Alberta Energy
    Regulator licensee liability rating;
--  Accretive purchase metrics of $24,000 per boe/d and $9.38 per boe for
    total proved plus probable reserves;
--  Forecast 15-per-cent annual production decline with significant infill
    and horizontal drilling upside.

On June 27, 2014 Relentless also announced that Sony Gill was appointed as corporate secretary of the Company. Mr. Gill is a partner in the CFMA Group in the Calgary office of the national law firm McCarthy Tetrault LLP. Mr. Gill replaced Leigh Stewart, who resigned as corporate secretary. Relentless wishes to thank Mr. Stewart for providing guidance to the company for a number of years.

In connection with his appointment as corporate secretary, the company granted Mr. Gill an option to acquire 200,000 common shares. The grant of the option is for a five-year term. The options vested immediately and are exercisable at a price of 30 cents per common share.

On June 12, 2014, the Company closed the acquisition of a 100% working interest in one producing well and 3 non-producing well bores at Heathdale, Alberta for $700,000. Average production from the one well is 8 barrels of oil per day ("bbl/d").

The acquisition included a farm in and a drilling commitment on certain lands in the area. In July, 2014, Relentless recompleted the 3 non-producing wells in the glauconitic formation and will be placing the wells on production in the near future.

Subsequent to the quarter end, Relentless renewed its credit facility increasing the amount available from $700,000 to $3,000,000. At June 30, 2014, the Company had a working capital surplus of $719,511.

Relentless's current production volumes are approximately 211 boe/d comprised of 86 bbl/d of oil and NGLs and 750 thousand cubic feet per day ("mcf/d") of natural gas.

Financial summary


---------------------------------------------------------------------------
                                         Three months ended June 30
---------------------------------------------------------------------------
                                          2014           2013     % Change
---------------------------------------------------------------------------
Oil and gas revenue              $     471,357  $     368,906           28
Cash flow from operations (1)           64,557        121,386          (47)
  Per share - basic and diluted
   (1)                                    0.00           0.00            -
Comprehensive loss                    (153,532)      (122,205)          26
  Per share - basic and diluted          (0.00)         (0.00)           -
Total assets                         8,790,090      3,030,049          190
Net surplus (1)                        719,511         72,471          893
Capital expenditures, net        $   3,646,534  $     192,829        1,791
Shares outstanding - end of
 period                             52,462,466     30,025,085           75
---------------------------------------------------------------------------


---------------------------------------------------------------------------
                                          Six months ended June 30
---------------------------------------------------------------------------
                                          2014           2013     % Change
---------------------------------------------------------------------------
Oil and gas revenue              $     821,163  $     667,244           23
Cash flow from operations (1)          140,172        193,680          (28)
  Per share - basic and diluted
   (1)                                    0.00           0.01            -
Comprehensive loss                    (280,583)      (427,321)         (34)
  Per share - basic and diluted          (0.01)         (0.01)           -
Total assets                         8,790,090      3,030,049          190
Net surplus (1)                        719,511         72,471          893
Capital expenditures, net        $   3,785,637  $     501,733          655
---------------------------------------------------------------------------
Shares outstanding - end of
 period                             52,462,466     30,025,085           75
---------------------------------------------------------------------------
(1) Non IFRS measure

Daily Production and Commodity Prices


--------------------------------------------------------------------------

Three months ended June 30,                 2014          2013    % Change
--------------------------------------------------------------------------
Daily production
Oil and NGLs (bbl/d)                          37            35           6
Natural gas (mcf/d)                          308           253          23
Oil equivalent (boe/d @ 6:1)                  88            77          14
--------------------------------------------------------------------------
Realized commodity prices ($CDN)
Oil and NGLs (bbl/d)               $       98.16 $       87.58          12
Natural gas (mcf/d)                         5.16          3.91          32
Oil equivalent (boe/d @ 6:1)       $       58.92 $       52.53          12
--------------------------------------------------------------------------

-------------------------------------------------------------------------

Six months ended June 30,                   2014          2013   % Change
-------------------------------------------------------------------------
Daily production
Oil and NGLs (bbl/d)                          31            33         (5)
Natural gas (mcf/d)                          278           237         18
Oil equivalent (boe/d @ 6:1)                  77            73          6
-------------------------------------------------------------------------
Realized commodity prices ($CDN)
Oil and NGLs (bbl/d)               $       94.96 $       84.57         22
Natural gas (mcf/d)                         5.77          3.78         54
Oil equivalent (boe/d @ 6:1)       $       58.78 $       50.85         16
-------------------------------------------------------------------------

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, 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 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 of oil) 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.

This press release provides certain financial measures that do not have a standardized meaning prescribed by IFRS. These non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Cash flow from operations and net surplus (debt) are not recognized measures under IFRS. Management believes that in addition to net income (loss), cash flow from operations and net surplus (debt) are useful supplemental measures that demonstrate the Company's ability to generate the cash necessary to repay debt or fund future capital investment. Investors are cautioned, however, that these measures should not be construed as an alternative to net income (loss) determined in accordance with IFRS as an indication of the Company's performance. The Company's method of calculating these measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Cash flow from operations is calculated by adjusting net income (loss) for other income, unrealized gains or losses on financial derivative instruments, transaction costs, accretion, share based compensation, impairment and depletion and depreciation. Net surplus (debt) is the total of cash plus accounts receivable, prepaids and deposits, less accounts payable plus bank debt.

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.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Quickly find the root cause of complex database problems slowing down your applications. Up to 88% of all application performance issues are related to the database. DPA’s unique response time analysis shows you exactly what needs fixing - in four clicks or less. Optimize performance anywhere. Database Performance Analyzer monitors on-premises, on VMware®, and in the Cloud, including Amazon® AWS and Azure™ virtual machines.
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...