SOURCE: Renegade Energy Corporation

August 28, 2007 09:30 ET

Renegade Energy Corporation Defaults on Financing Agreement With Petrolex, LP and Cancels 90,000,000 Shares of Common Stock That Were Issued for Oil and Gas Properties and Other Assets

MORENO VALLEY, CA--(Marketwire - August 28, 2007) - Renegade Energy Corporation ("Renegade") (PINKSHEETS: RGDE) announced today that Renegade has defaulted on its financing contract with Petrolex, LP, an Oklahoma Limited Partnership ("Petrolex") to further develop revenue producing oil and gas properties located in Oklahoma and other assets pertaining to those properties. Pursuant to the asset acquisition agreement, Renegade returned the subject oil and gas properties and other assets obtained from Petrolex to Petrolex and the 90,000,000 shares of common stock issued by Renegade were cancelled as of this date and returned to Renegade's authorized share capital. The Company will endeavor to search for other oil and gas properties which have the potential for profit pursuant to the Company's business plan.

For further information, please call Frank Butler, President (951) 203-8151.

Certain of the statements made in this Company information summary regarding its business constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995 and certain factors could cause actual results to differ materially from those projected. For a brief discussion of the risks and uncertainties that may affect our business and future operating results, please refer to the filings which are on file with the SEC and the subsequent filings to be filed with the Pink Sheets News Service.

Contact Information

  • For further information, please call:
    Frank Butler
    President
    (951) 203-8151