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Press release from Marketwire

Renegade Petroleum Ltd. Announces Completion of Slave Point Strategic Asset Acquisition

Friday, March 30, 2012

Renegade Petroleum Ltd. Announces Completion of Slave Point Strategic Asset Acquisition12:24 EDT Friday, March 30, 2012CALGARY, ALBERTA--(Marketwire - March 30, 2012) - Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce that it has closed the previously announced agreement with a publicly traded oil and gas issuer to acquire certain assets in the Senex area of northern Alberta for consideration of $11.0 million plus closing adjustments, a three percent royalty over all properties and the cost to drill, complete and equip the horizontal well which was recently completed by the seller at a total cost of approximately $4.5 million.Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 89.6 million common shares outstanding and 98.8 million common shares on a fully-diluted basis. FOR FURTHER INFORMATION PLEASE CONTACT: Michael EricksonRenegade Petroleum Ltd.President & CEO(403) 355-8922ORAlex WylieRenegade Petroleum Ltd.Vice-President, Finance & CFO(403) 410-3376Neither 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.