Renegade Petroleum Ltd.
TSX VENTURE : RPL

Renegade Petroleum Ltd.

September 20, 2011 16:48 ET

Renegade Petroleum Ltd. Announces Increased Operating Line to $80 Million and Management Changes

CALGARY, ALBERTA--(Marketwire - Sept. 20, 2011) - Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce that its lender, National Bank of Canada, has approved an increase to its operating line to $80 million from $65 million.

Renegade also announces the retirement of Mr. William Young as Executive Vice President, Exploration of Renegade. Mr. Young has been involved with Renegade since its inception and was one of the original founders of Renegade's predecessor company Renegade Oil & Gas Ltd. Mr. Young will remain available to the Company in a consulting role during an appropriate transition period. Mr. Young's dedication, energy and vision were of tremendous value to the success of both companies. On behalf of the Board of Directors, Management and staff of Renegade, we thank Mr. Young for his significant contributions and wish him well in his future.

In addition, Renegade would like to announce the appointment of Mr. Josh McDonald as Vice President, Exploration. Mr. McDonald has had a very successful career in the petroleum industry and brings to Renegade over 15 years of diversified technical and managerial experience. Mr McDonald graduated from the University of Calgary with a Bachelor of Science in Geology in 1995 and since graduation has been involved in many companies such as Crestar Energy, Avid Oil and Gas, Vintage Petroleum, Atlas Energy, and most recently, Aspect Energy Partnership where he held the position of Vice President Exploration from 2004 to 2011.

The Board of Directors and Management are very pleased to have Mr. McDonald join Renegade's executive team and are confident that his expertise will benefit the organization.

CORPORATE INFORMATION

Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 77.3 million shares outstanding and 84.3 million fully-diluted shares.

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.

Contact Information

  • Renegade Petroleum Ltd.
    Michael Erickson
    President & CEO
    (403) 355-8922

    Renegade Petroleum Ltd.
    Alex Wylie
    Vice President, Finance & CFO
    (403) 410-3376