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Press release from Marketwire

Renegade Petroleum Ltd. and Canadian Phoenix Resources Corp. Announce Shareholder Approval of Arrangement

Thursday, December 13, 2012

Renegade Petroleum Ltd. and Canadian Phoenix Resources Corp. Announce Shareholder Approval of Arrangement12:22 EST Thursday, December 13, 2012CALGARY, ALBERTA--(Marketwire - Dec. 13, 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.Renegade Petroleum Ltd. ("Renegade") (TSX VENTURE:RPL) and Canadian Phoenix Resources Corp. ("Canadian Phoenix") (TSX VENTURE:CXP) are pleased to jointly announce that the holders of common shares of Canadian Phoenix ("Canadian Phoenix Shareholders") have approved the previously announced plan of arrangement (the "Arrangement") involving Renegade, Canadian Phoenix, Canadian Phoenix Acquisition Corp. ("CPAC") and the securityholders of Canadian Phoenix and CPAC. Canadian Phoenix Shareholders overwhelmingly supported the proposed transaction, with over 99% of the Canadian Phoenix Shareholders that voted in person or by proxy at the special meeting of Canadian Phoenix Shareholders voting in favour of the Arrangement.As previously announced, Renegade has entered into an asset purchase agreement with a Canadian senior producer to acquire certain strategic light oil assets within its existing southeast Saskatchewan core area (the "Asset Acquisition"). Canadian Phoenix will seek court approval for the Arrangement at the Court of Queen's Bench of Alberta tomorrow morning. Subject to such court approval and all other closing conditions to the Arrangement and Asset Acquisition having been met or waived, each of the Arrangement and Asset Acquisition is expected to close shortly thereafter.CORPORATE INFORMATION Renegade's common shares trade on the TSX Venture Exchange under the symbol "RPL". Renegade currently has approximately 89.7 million shares outstanding and upon closing of the Arrangement and the transactions in connection with the Arrangement, Renegade anticipates having approximately 202.5 million shares outstanding and 214.0 million fully-diluted shares. The Canadian Phoenix Shares trade on the TSX Venture Exchange under the symbol "CXP". Canadian Phoenix currently has approximately 57.0 million shares outstanding and upon closing of the Arrangement, Canadian Phoenix anticipates having approximately 57.0 million shares outstanding.READER ADVISORIESForward-Looking StatementsThis press release contains forward-looking statements. More particularly, this press release contains forward-looking statements concerning the timing for receipt of court approval and of closing of the Arrangement and the Asset Acquisition. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Renegade and Canadian Phoenix, including that all conditions to closing in respect of the Arrangement and Asset Acquisition will be satisfied or waived and all required regulatory and court approvals will be obtained in respect of the Arrangement and the Asset Acquisition, as applicable. Although Renegade and Canadian Phoenix 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 neither Renegade nor Canadian Phoenix can 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. These include, but are not limited to, the failure to obtain necessary regulatory and court approvals for the Arrangement and 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 reserve estimates; 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). The forward-looking statements contained in this document are made as of the date hereof and neither Renegade nor Canadian Phoenix undertakes 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 and Canadian Phoenix's Annual Information Form dated April 25, 2012 for additional risk factors relating to Canadian Phoenix, both of which are 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: ORNeither 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) 410-3376Canadian Phoenix Resources Corp.Michael AtkinsonPresident & CEO(604) 689-1428Canadian Phoenix Resources Corp.John DownesInterim CFO(604) 488-5415