Petro Uno Resources Ltd
TSX VENTURE : PUP

Renegade Petroleum Ltd.
TSX VENTURE : RPL

Renegade Petroleum Ltd.

April 13, 2011 19:41 ET

Renegade Petroleum Ltd. and Petro Uno Resources Ltd. Announce Shareholder and Court Approval of Business Combination Transaction

CALGARY, ALBERTA--(Marketwire - April 13, 2011) - Renegade Petroleum Ltd. ("Renegade") (TSX VENTURE:RPL) and Petro Uno Resources Ltd. ("Petro Uno") (TSX VENTURE:PUP) are pleased to announce that the holders of common shares of Petro Uno ("Petro Uno Shareholders") have approved the acquisition of Petro Uno by Renegade by way of a plan of arrangement pursuant to the provisions of the Business Corporations Act (Alberta) (the "Arrangement"). Petro Uno Shareholders overwhelmingly supported the proposed transaction, with 100% of Petro Uno Shareholders that voted in person or by proxy at the special meeting of Petro Uno Shareholders voting in favour of the Arrangement.

The Arrangement has also been approved by of the Court of Queen's Bench of Alberta. The Arrangement is expected to close on Thursday, April 14, 2011.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements related to timing of closing of the Arrangement. Although Renegade and Petro Uno believe 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 and Petro Uno 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.

The forward-looking statements contained in this document are made as of the date hereof and Renegade and Petro Uno undertake 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 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

  • Petro Uno Resources Ltd.
    Jordan Kevol
    President
    (403) 453-2266 ext 232

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

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