SYS-CON MEDIA Authors: Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman, Ignacio M. Llorente

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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.

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