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Press release from Marketwire

Renegade Board Appoints Financial Advisors

Monday, April 22, 2013

Renegade Board Appoints Financial Advisors

09:00 EDT Monday, April 22, 2013

CALGARY, ALBERTA--(Marketwired - April 22, 2013) - Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL), a light oil focused exploration and production company with assets located in Saskatchewan, Alberta, Manitoba and North Dakota, is pleased to announce that, further to its press release dated April 15, 2013, the Renegade board of directors (the "Board") has retained Macquarie Capital Markets Canada Ltd. and TD Securities Inc. as joint financial advisors to the Board to assist it in the strategic review of the Company's business plan and to consider a broad range of alternatives to enhance shareholder value.

Renegade does not intend to disclose developments with respect to the review unless and until the Board has approved a change to the business plan or any particular transaction or otherwise determines that disclosure is required or appropriate. There can be no assurances or guarantees that the review will result in any change to the current business plan or the pursuit of any alternative plan.

Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 203.1 million common shares outstanding and 212.1 million fully-diluted common shares.

Forward Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. 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 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. These include, but are not limited to, 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, and 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. Certain of these risks are set out in more detail in Renegade's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com and Renegade's other public disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and Renegade undertakes 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.

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 Erickson
President & CEO
(403) 355-8922


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

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