Renegade Petroleum Ltd. has filed on SEDAR its audited annual consolidated financial statements (Financial Statements) and related management's discussion and analysis (MD&A) for the three months and year ended December 31, 2012.

Renegade is also pleased to announce the results of its 2012 year-end reserves evaluation by Sproule Associates Limited (Sproule), an independent reserves evaluator, for 100% of Renegade's oil and gas properties, prepared in accordance with National Instrument 51-101 -Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the COGE Handbook.

2012 HIGHLIGHTS

•Created the highest light oil weighted dividend paying corporation in the Canadian public markets generating some of the highest netbacks and strong cash flow; •Renegade attained some of the highest production rates on individual wells in the Company's history with multiple wells targeting both the Souris Valley and Frobisher formations exceeding 30-day average initial production ("IP") rates of 200 barrels of oil ("bbl") per day ("bbl/d") with peak rates during that 30-day period of 300 bbl/d. The success from the Company's 2012 internal drilling program is directly analogous to the trends the Company will be exploiting on its significant southeast Saskatchewan land base; •Increased total proved plus probable reserves by 164% to 33.7 million boe and increased total proved reserves by 181% to 23.9 million boe, weighted 94% to light-oil and natural gas liquids; •Generated a finding, development and acquisition ("FD&A"), including future development costs, recycle ratio of 1.7 times on a proved plus probable basis based on a 2012 annual operating netback of $51.21/boe; and •Subsequent to December 31, 2012, Renegade has entered into a definitive agreement to sell non-core assets for $13 million in cash. The proceeds will be used to reduce debt.

Tags: Renegade Petroleum Ltd.