Renegade Petroleum Ltd. Announces Increase to Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - March 13, 2012) -

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

RENEGADE PETROLEUM LTD. (TSX VENTURE:RPL) ("Renegade" or the "Company") is pleased to announce that it has agreed with a syndicate of underwriters led by GMP Securities L.P. and including Canaccord Genuity Corp., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., Paradigm Capital Inc., TD Securities Inc., AltaCorp Capital Inc., FirstEnergy Capital Corp. and Raymond James Ltd. (the "Underwriters") to increase its previously announced bought deal financing of 7,500,000 common shares ("Common Shares") in the capital of Renegade ("Common Shares") at an issue price of $4.00 per Common Share to 10,000,000 Common Shares at an issue price of $4.00 per Common Share for additional gross Common Share proceeds of $10.0 million. Common Share proceeds combined with the previously announced Flow-Through Share proceeds will provide aggregate gross proceeds of approximately $50.0 million (the "Financing"). The additional proceeds from the Financing will be used to initially repay outstanding indebtedness under the Company's credit facility, thereby freeing up borrowing capacity to accelerate development of the Slave Point play (including lands acquired under the Strategic Acquisition), continue Renegade's active land acquisition strategy in southeast Saskatchewan, accelerate the development of Renegade's facilities in southeast Saskatchewan and for general corporate purposes.

All other terms and conditions of the financing, including the option granted to the underwriters to purchase an additional 1,125,000 Common Shares on the date of the closing of the Offering or within 30 days following such date, remain the same as previously announced.

Completion of the Offering is subject to receipt of all necessary regulatory approvals. The Offering is expected to close on or about March 30, 2012.

The securities referenced herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.

CORPORATE INFORMATION

Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 77.5 million common shares outstanding and 86.8 million common shares on a fully-diluted basis.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. More particularly, this news release contains forward-looking statements related to: the Strategic Acquisition and its anticipated impact on Renegade's production, reserves, undeveloped acreage and drilling locations; the expected timing of the closing of the Strategic Acquisition; the anticipated closing date of the Financing; the use of proceeds from the Financing; the Company's capital exploration and development program; and other matters not specifically enumerated herein. Readers are cautioned that the foregoing list of factors should not be construed as exhaustive.

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Renegade, including: (i) with respect to capital expenditures, generally, and at particular locations, the availability of adequate and secure sources of funding for Renegade's proposed capital expenditure program and the availability of appropriate opportunities to deploy capital; (ii) with respect to drilling plans, the availability of drilling rigs, expectations and assumptions concerning the success of future drilling and development activities and prevailing commodity prices; (iii) with respect to Renegade's ability to execute on its exploration and development program, the performance of Renegade's personnel, the availability of capital and prevailing commodity prices; and (iv) with respect to anticipated closing dates, the receipt of all regulatory and stock exchange approvals. Additionally, due to the nature of the oil and natural gas industry, budgets are regularly reviewed in light of the success of expenditures and other opportunities which may become available to Renegade. Notwithstanding the Corporation's current intentions regarding the use of the proceeds from the Financing described above, there may be circumstances where a reallocation of funds may be necessary. While the Corporation anticipates that it will spend the funds available to it as set forth above, there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary.

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, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures) and the failure to realize the expected benefits of the Strategic Acquisition.

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.