FrontFour Capital Group LLC

FrontFour Capital Group LLC

January 21, 2014 15:57 ET

Fellow Concerned Shareholders of Renegade Petroleum Ltd. Urged to Keep the Momentum Going by Voting the Green Proxy for Change

GREENWICH, CONNECTICUT--(Marketwired - Jan. 21, 2014) - FrontFour Capital Group LLC ("FrontFour"), a concerned shareholder of Renegade Petroleum Ltd. ("Renegade" or the "Company"), urges fellow Renegade shareholders to use their GREEN proxy to vote FOR the FrontFour director nominees and to put an end to the incumbent boards continued mismanagement and value destruction.

There Is Significant Risk To Shareholder Value As The Current Board Continues To Exhibit:

  • Poor Alignment of Interests;
  • Weak Financial Controls;
  • Lack of Accountability;
  • No Human Resources Strategy;
  • Poor Business Judgment;
  • Conflicts of Interest; and Inappropriate Governance Actions Regarding the Make-up and Size of the Board and Poor Alignment of Current Board Interests with Shareholders' Interests.

"Every vote is important in determining the future of your Company," said Zachary George, "We remain confident that our nominees have the wherewithal, experience, and the capacity to increase shareholder value for ALL shareholders. The Tom Budd led board has failed to deliver any meaningful value and clearly lacks the ability to move the Company forward. The time for change is now."

FrontFour Implores Shareholders To Not Ignore The Facts

  1. The vast majority of shareholders have lost a significant amount of their initial investment.

  2. Institutional Shareholder Services ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis") have both recommended that shareholders vote on FrontFour's GREEN proxy.

  3. Last week, National Bank Financial, Raymond James, and Paradigm Capital all lowered their price targets for Renegade on the back of the Company's decision to sell $109 million of Renegade's assets to Surge Energy Inc.

For more information or assistance in voting your GREEN proxy, please visit www.saverenegade.com or contact CST Phoenix Advisors toll-free at 1-866-822-1237 or by email at inquiries@phoenixadvisorscst.com.

Time Is Short - Shareholders Need To Act Now By Voting Their GREEN Proxy

Regardless of how many Renegade shares you own, it is imperative you vote your GREEN proxy to put an end to the current board's track record of strategic missteps, weak financial controls, and poor governance.

Even if shareholders have already voted using management's form of proxy, shareholders can still change their vote by voting the GREEN proxy, as only the latest dated proxy will be counted at the meeting. FrontFour encourages shareholders to visit the www.saverenegade.com website and vote the 12-digit control number found on your GREEN proxy FOR FrontFour, no later than 5:00 p.m. (Calgary time) on January 23rd, 2014.

For more information or assistance in voting your GREEN proxy, contact CST Phoenix Advisors toll-free at 1-866-822-1237 or by email at inquiries@phoenixadvisorscst.com.

About FrontFour Capital Group LLC

Founded in 2006, FrontFour is an investment management company with offices in Greenwich, Connecticut and Toronto, Ontario.

Notice To United States Shareholders

This solicitation of proxies is not subject to the requirements of Section 14(a) of the United States Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"). Accordingly, this solicitation is made in the United States with respect to securities of Renegade in accordance with Canadian corporate and securities laws and this press release has been prepared in accordance with disclosure requirements in Canada. Shareholders in the United States should be aware that these Canadian requirements are different from the requirements applicable to proxy statements under the U.S. Exchange Act.

Forward-Looking Statements And Information

Certain statements contained in, attached to or incorporated by reference in this press release, constitute forward-looking statements. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Renegade or FrontFour are intended to identify forward-looking statements. Such statements reflect FrontFour's current views and intentions with respect to future events as well as assumptions made by and information currently available to FrontFour, and are subject to certain risks and uncertainties. Although FrontFour considers these assumptions to be reasonable based on the information currently available to it, many factors could cause the actual results, performance, actions or achievements of Renegade or others that may be expressed or implied by such forward-looking statements to materially differ from those described herein should one or more of these risks or uncertainties materialize. Such factors include, but are not limited to, economic, business, competitive and regulatory factors. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained herein are expressly qualified by this cautionary statement and are made as of the date of this press release. Except as expressly required by law, FrontFour does not intend, and disclaims any intention or obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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