October 31, 2023
CALGARY, AB - Resolute Resources Ltd. (TSXV:RRL) (“Resolute Resources”, “Company”, “our” or “we”)
Since incorporation in 2019, Resolute Resources has advanced from an exploration concept to a publicly listed oil and gas company. We made our first land purchase in 2020, and significantly expanded our land holdings in 2022. We successfully obtained licenses for our first wells and established two well pads in mid- 2023. On September 24th of this year, we reached a pivotal moment when we completed drilling our first well, RESOLUTERESLTD HZ ANTHONY 11-24-83-24 ("11-24"). Production for 11-24 commenced on October 9th and we plan to provide a detailed update on the well's performance in mid-December.
Resolute Resources plans to drill its second well in the Gething Channel play prior to the end of the calendar year, subject to equipment and rig availability. We will issue a press release as soon as the rig is on-site and anticipate a drilling duration of approximately 15 days.
Effective October 30th, Alexander Lindsay replaced Bradley Parkes as Chief Executive Officer of the Company. Brad Parkes has resigned his directorship. Chris Wolfenberg has been named Chairperson of the Board following Mr. Parkes departure. Resolute Resources owes its inception to Mr. Parkes, who played a foundational role in establishing the Company in 2019. His contributions were pivotal in navigating the Company through the RTO process earlier this year. Notably, in the last five years, only a handful of energy companies have been listed on the TSXV, and Resolute Resources proudly stands as one of them. Resolute Resources extends its heartfelt gratitude to Mr. Parkes for his dedication and hard work as we embark on the next chapter of our journey. In recognition and consideration of Mr. Parkes extraordinary contributions to the development of Resolute Resources to date, the Board approved the accelerated vesting of Mr. Parkes' stock options subject to completion, in a timely manner, of customary legal documentation related to his departure.
The future of Resolute Resources is tied to our drilling program, and with this vision in mind, we are pleased to announce that the Company's Chief Operating Officer, Alexander Lindsay, has been appointed as Chief Executive Officer, effective immediately. Mr. Lindsay brings with him a wealth of experience in drilling and completion operations; he has played a crucial role in drilling many wells using horizontal multilateral technology. His extensive knowledge and experience in operational leadership positions us to significantly expand our drilling activities. Additionally, Mr. Lindsay has been a driving force in our recent financing round, generating substantial investor interest and support.
For investors or stakeholders with questions related to this update, please do not hesitate to reach out to the following individuals:
About Resolute Resources Ltd.
Resolute Resources is an energy corporation trading on the TSXV under the symbol RRL. Resolute has projects in Northwest Alberta and Northeast British Columbia, where it is exploring shallow cretaceous sandstone reservoirs that can be exploited with Multi-Lateral Open Hole wells. Resolute Resources has accumulated just under 35,000 acres in its GFD light oil project in Northwest Alberta and approximately 10,000 acres at its Evie project in Northeast BC. Resolute Resources is pursuing projects that are high in environmental social and governance metrics, that result in lower emission oil and low water use due to no hydraulic fracturing, but that provide high economic returns.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-Looking information includes, but is not limited to: (i) the plan to provide a detailed update on the well's performance in mid-December once production has stabilized; and (ii) the Company's drilling program including the ability of the Company to expand its drilling activities, the plan to drill a second well in the Gething Channel play prior to the end of the calendar year, subject to equipment and rig availability, the intention to issue a press release as soon as the rig is on-site and the anticipated drilling duration of approximately 15 days. Forward-Looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: failure to obtain regulatory approvals, general business, economic, competitive, political and social uncertainties, securities market uncertainty and unpredictability and risks of the oil and gas industry. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the 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.