Renegade Petroleum Ltd.
TSX VENTURE : RPL

Renegade Petroleum Ltd.

September 22, 2010 08:00 ET

Renegade Petroleum Ltd. Announces Executive Appointment

CALGARY, ALBERTA--(Marketwire - Sept. 22, 2010) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce the addition of Mr. Cameron G. Vouri, P. Eng., to its executive team as Vice President Operations, Chief Operating Officer. Mr. Vouri has over 22 years' experience in the exploitation, operation, acquisition and divestiture of oil and natural gas properties in Canada and the United States, including assets across Southern Saskatchewan.

Mr. Vouri's most recent position as President, Canadian Oil and Gas Business Unit for Provident Energy Trust included responsibility for Provident's engineering, production operations, geological/geophysical, land and operational accounting functions.

From 1989 to 2000 Mr. Vouri was instrumental in executing a growth strategy at Koch Exploration Canada that realized over 30,000 BOEPD. In 2000, he joined Founders Energy, predecessor to Provident Energy Trust. As a member of the senior leadership team, he played a key role in developing and executing the strategy to increase production from 3,500 BOEPD to over 30,000 BOEPD in Canada. Mr. Vouri was also pivotal in the integration of the original upstream assets in the United States and the midstream assets located in Redwater, Alberta.

Mr. Vouri has successfully originated, coordinated and executed both small and large capital programs of more than $200 MM and has led a variety of teams that have integrated multiple acquisitions.

Mr. Vouri will add significant strength to the Renegade executive team while it pursues its growth strategy.

In conjunction, with Mr. Vouri's appointment, Renegade has agreed to issue 470,500 stock options pursuant to the Company's stock option plan dated November 24, 2005 (the "Stock Option Plan"). The options will have an exercise price equal to $3.42 (being the closing price of Renegade's common shares on September 21, 2010) and will vest in accordance with the Stock Option Plan. In addition, Renegade has entered into a non-brokered private placement with Mr. Vouri for 116,960 common shares priced at $3.42 per common share. The common shares will be subject to a four month hold period and closing of the private placement as subject to prior approval of the TSX Venture Exchange.

In addition, Renegade announces the resignation of Mr. Paul Codd. Mr. Codd has been part of the management team of Renegade since its inception in November 2009. On behalf of the board of directors, management team and staff of Renegade, we thank Mr. Codd for his contributions and wish him continued success in the future.

CORPORATE INFORMATION

Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 56.1 million fully diluted shares outstanding. The Company's corporate presentation can be viewed on its website at www.renegadepetroleum.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated closing of the private placement.

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Renegade, including: the negotiation of formal agreements, expectations and assumptions concerning receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the private placement.

Although Renegade believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Renegade can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the private placement. 

The forward-looking statements contained in this document are made as of the date hereof and Renegade undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither 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.

Contact Information

  • Renegade Petroleum Ltd.
    Michael Erickson
    President & CEO
    (403) 355-8922
    or
    Renegade Petroleum Ltd.
    Alex Wylie
    Vice-President, Finance & CFO
    (403) 410-3376
    www.renegadepetroleum.com