Relentless Announces Year-End 2016 Results and Filing of Reserves Disclosure
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/27/17 -- 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 . Additional information about Relentless is available on SEDAR at or on the Company''s website at .
Recent Highlights
Cash Flow, Comprehensive Loss and Netbacks
(1) Non-IFRS measure
Daily Production and Commodity Prices
Reserves Data
The reserves data set forth below (the "Reserves Data") is based upon a report prepared by Trimble Engineering Associates Ltd. independent petroleum consultants of Calgary, Alberta, evaluating the crude oil, natural gas and natural gas liquids ("NGL") reserves of Relentless, as at December 31, 2016, with a preparation date of April 11, 2017 (the "Trimble Report"). The Reserves Data summarizes the crude oil, NGL and natural gas reserves of the Company and the net present values of future net revenue for these reserves using forecast prices and costs. The Trimble Report is available for review on the Company''s profile on .
OIL AND GAS RESERVES SUMMARY
NET PRESENT VALUES OF FUTURE NET REVENUE BEFORE INCOME TAXES DISCOUNTED AT (%/YEAR)
(FORECAST COSTS AND PRICES)
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.
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.
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 reserve s, 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 the MD&A 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. Boe/d means boe per day.
Any references in this press release to initial, early and/or test production/performance rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production. The initial production rate may be estimated based on other third party estimates or limited data available at this time. Initial production or test rates are not necessarily indicative of long-term performance of the relevant well or fields or of ultimate recovery of hydrocarbons.
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.
Contacts:
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)
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Datum: 27.04.2017 - 08:10 Uhr
Sprache: Deutsch
News-ID 1500973
Anzahl Zeichen: 1049
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CALGARY, ALBERTA
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Kategorie:
Oil & Gas
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