Relentless Resources Up 55% After Saskatchewan Well Averages 505 Barrels a Day
Relentless Resources Ltd. (RRL.V) is off its initial advance but remains up more than nearly 55% to $0.48 a share after the oil exploration and production company completed the first horizontal well on its recently acquired interests in southwest Saskatchewan. Drilling began in March.
According to the company, the well flowed field estimated production volumes of 1,305 barrels of 35 degrees API Viking oil, 3.286 million standard cubic feet of natural gas and 1,500 barrels of load water over the 78.5 hour clean- up period. The average production rate over the last 24 hours of the clean-up period was 505 barrels of oil per day, 1.436 million standard cubic feet of natural gas per day and 15 barrels of load water per day with the load water cut continually decreasing.
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