Investor Presentation December 2010
Disclaimer Forward-looking statements This presentation contains forward-looking information. The projections, estimates and beliefs contained in such forward-looking information necessarily involve known and unknown risks, uncertainties and other factors which may cause Relentless Resources’ actual results, performance or achievements in future periods to differ materially from any estimates or projections of future results, performance or achievements expressed or implied by such forward-looking information. The risks, uncertainties and other factors, which could influence actual results, are described in other documents previously filed with regulatory authorities. Accordingly, users of this presentation are cautioned that events or circumstances could cause actual results to differ materially from those predicted and to not place undue reliance on this forward-looking information. Relentless undertakes no obligation to publish revised forward-looking information to reflect unanticipated events or circumstances. "boe" Presentation The term “barrels of oil equivalent” (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions on this website are derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil. 2
Corporate Overview Relentless Resources Ltd. is a Calgary based emerging oil and natural gas company, engaged in the exploration, development, acquisition and production of natural gas and medium to light gravity crude oil reserves in Alberta and Saskatchewan. Relentless' common shares trade on the TSX Venture Exchange under the symbol RRL. The company’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. 3
Management and Directors Daniel T. Wilson Director, Chairman, President & Chief Executive Officer William C. Macdonald Director, Consulting Landman Hugh M. Thomson Director, Vice President Finance & Chief Financial Officer Thomas W. Robinson Director, Corporate Secretary 4
Management Biographies D. T. (Dan) Wilson, P. Eng Director, Chairman, President and CEO Mr. Wilson is a University of Saskatchewan Chemical Engineering graduate who has been a working Engineer for over 24 years with experience in all • aspects of the Oil and Gas Industry. Since 2000, Mr. Wilson has been President and CEO of three successful junior oil and gas exploration and production companies: Chain Energy • Corporation, Relentless Energy Corporation and Vigilant Exploration Inc., all of which were successfully sold to larger companies. Most recently, Vigilant Exploration Inc. was sold to Tourmaline Oil Corp. in November of 2009. Mr. Wilson has been the a Director , the Chairman, President and CEO of Relentless since March of 2010. • W. C. (Bill) Macdonald, P. Land Director , Land Consultant Mr. Macdonald is a University of Calgary graduate who has been a working Landman for over 30 years with experience in all jurisdictions of the • Western Canadian Sedimentary Basin. In 1997 Mr. Macdonald co-founded Avalanche Energy Ltd., a private startup company which raised $25.5MM of shareholder equity and sold for • $253MM at the end its three year corporate history. Mr. Macdonald is President of Bilmac Resources Ltd.(since 1995) a oil and gas consulting company which provides land management support to • various clients and specializes in the capitalization of private oil and gas start ups Mr. Macdonald has been a Director of Relentless since March of 2010. • Hugh M. Thomson, CA VP Finance, CFO and Director Mr. Thomson is a Chartered Accountant with 18 years experience in various public and private oil and natural gas exploration and development • companies. Mr. Thomson received his Bachelor of Commerce from the University of Calgary in 1981, and his Chartered Accountant designation from the Alberta Institute of Chartered Accountants in 1986. Mr. Thomson served as Vice President, Finance, for Hartwell Petroleums Ltd. from 1993-96, and Dundee Petroleum Ltd. from 1996-99, two • successful oil and natural gas companies listed on the Alberta Stock Exchange. From December 1999 to present, Mr. Thomson has been the President and Chief Executive Officer and a Director of New North Resources Ltd., a • private oil and natural gas exploration and development company. Mr. Thomson has been a Director and Officer of Relentless since 2004. • 5
Market Capitalization Stock exchange TSX Venture Ticker symbol RRL Recent share price (December 2, 2010) $0.27 Shares outstanding -Basic 20,839,250 -Options (average exercise price of $0.218) 1,290,000 -Diluted 22,129,250 Market capitalization (diluted) $5,974,898 Directors, officers, employees and consultants own 29% approximately (diluted) 6
Pro Forma Share Capital Assuming maximum shares issued - 2,666,667 shares at $0.30/share - Basic 23,505,917 - Options 1,290,000 - Diluted 24,795,917 7
Southwest Saskatchewan Base Map Relentless Resources Ltd. acquired a 100- per-cent working interest in petroleum and natural gas rights on 1,295 hectares (3,200 acres) of contiguous lands in southwest Saskatchewan from a private arm's-length oil and gas company. The interests acquired include 518 hectares (1,280 acres) of P&NG rights from the surface to the top of the Precambrian as well as 777 hectares (1,920 acres) of various deeper P&NG rights. The two sections of land with all P&NG rights (Viking rights) are prospective for the southwest Saskatchewan regional light-oil-resource Viking zone play which utilizes horizontal drilling and multistage fracturing technology. The lands directly offset an existing Viking light oil pool. 8
Potential Impact of Drilling Horizontal Viking Oil Wells on Share Value South-west Saskatchewan regional light oil resource Viking zone play that utilizes horizontal drilling and • multi-stage fracturing, as reported by industry in 2010 Q3, support average oil production rates over the first 30 days of production in the range of 40 to 80 bopd. The impact of oil production additions of this nature on the potential value of Relentless shares with • production valued at $100,000 per flowing barrel, are summarized below: Bbls of oil per day Potential Incremental Enterprise Value Potential Share Value Growth 40 bopd $4,000,000 $0.16 60 bopd $6,000,000 $0.24 80 bopd $8,000,000 $0.32 Based on recent industry sale metrics, the 12 development locations that are contingent upon the success • of the first well, will allow the potential production additions to be valued at a minimum of $100,000 per flowing barrel. 9
Flow Through Share Financing Relentless Resources Ltd. (TSX VENTURE: RRL.V) Up to 2,666,667 common shares, issued on a "flow-through" basis, at a price of $0.30 per share for gross proceeds of $800,000. 10
Use of Proceeds The flow-through funds raised from the private placement will be used for the drilling and completion of one 600-700 metre horizontal oil well on the Company's lands in south-west Saskatchewan, which will constitute Canadian exploration expenses (as defined under the Income Tax Act (Canada)) and will be renounced for the 2010 taxation year. The well is expected to be drilled in Q1 2011. Drill and case $500,000 500,000 Complete and equip Total $1,000,000 11
Current Production Properties Gas Oil/NGL Boe/d Gordondale 142 2.6 26 Niton 50 2 10 Eyremore 22 - 4 Hays 4 1 2 Total 218 5.6 42 12
Working Capital December 1, 2010 estimated Working Capital $450,000 Available Bank line of Credit 275,000 750,000 Flow Through Financing estimated proceeds (net) Pro Forma estimated Working Capital - post financing $1,475,000 13
Corporate Information Auditors Banker BDO Canada LLP ATB Financial 620, 903 - 8th Avenue S.W 239 8th Avenue S.W Calgary, Alberta T2P 0P7 Calgary, Alberta T2P 1B9 Registrar and Transfer Agent Reserve Engineer Olympia Trust Company GLJ Petroleum Consultants Ltd. 2300, 125 - 9th Avenue SW 4100, 400 3rd Avenue S.W Calgary, Alberta T2G 0P6 Calgary, Alberta T2P 4H2 Solicitor Stock Exchange Listing Davis LLP TSX Venture Exchange 1000, 250 -2nd Street S.W TSX–V Trading Symbol: RRL Calgary, Alberta T2P 4V5 14
Contact Suite 855, 700-4 th Avenue S.W. Calgary, Alberta T2P 3J4 Tel 403-532-4466 Fax 403-303-2503 dwilson@relentless-resources.com 15
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