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Press release from Marketwire

Renegade Petroleum Ltd. Provides Clarification Regarding Reserves Data

Tuesday, October 30, 2012

Renegade Petroleum Ltd. Provides Clarification Regarding Reserves Data19:45 EDT Tuesday, October 30, 2012CALGARY, ALBERTA--(Marketwire - Oct. 30, 2012) -THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.Further to its news release of October 29, 2012 (the "News Release") Renegade Petroleum Ltd. ("Renegade") (TSX VENTURE:RPL) provides the following clarifications with respect to the Sproule Associates Ltd. reserve report related to the acquired assets as at December 31, 2011 (the "Reserve Report"), which was mechanically updated in accordance with National Instrument 51-101 and the COGE Handbook by a member of Renegade's team who is a qualified reserves evaluator (the "Mechanical Update"):The Mechanical Update was effective as of August 1, 2012 and not August 31, 2012 as stated in the New Release; In preparing the Mechanical Update, the Reserve Report was updated to reflect all material changes in reserves on the subject assets from the date of the Reserve Report up to the effective date of the Mechanical Update, including: (a) public production data on all wells and updates based on individual well decline curves to incorporate production; (b) updated information based on the addition of new wells drilled, which involved, among other things, updating the forecasts; (c) rescheduling of remaining proven undeveloped and probable locations to reflect no further activity on the subject assets in 2012; and (d) updated price assumptions based on the Sproule August 31, 2012 price deck (from the January 1, 2012 price deck); and References to "NPV" in the News Release are before income tax and do not represent fair market value of the reserves estimates and the price deck used to calculate the NPVs was the Sproule August 31, 2012 price deckRenegade expects that its common shares will resume trading on October 31, 2012.READER ADVISORIESForward-Looking StatementsThis press release contains forward-looking statements concerning the timing of the resumption of trading of Renegade's common shares.The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Renegade. 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 cannot give any 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. Any references in this news release to undiscounted or discounted net present values of future net revenue do not represent the fair market value of the reserves.The forward-looking statements contained in this document are made as of the date hereof and Renegade does not undertake any 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. Please refer to Renegade's Annual Information Form dated April 27, 2012 (the "Renegade AIF") for additional risk factors relating to Renegade, which is available for viewing on www.sedar.com. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities issued pursuant to the plan of arrangement and financing described herein have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from such registration.FOR FURTHER INFORMATION PLEASE CONTACT: 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 EricksonPresident & CEO(403) 355-8922Renegade Petroleum Ltd.Alex WylieVice-President, Finance & CFO(403) 410-3376