Leading Independent Advisory Firm ISS Rejects FrontFour's Attempt to Take Control of Renegade's Board

Renegade Petroleum Ltd. (Renegade or the Company) (TSX VENTURE:RPL) today
commented on the report issued on Friday, January 10, 2014 by an independent
proxy advisory firm, Institutional Shareholder Services (ISS), that rejected
Zachary George and his business associates to Renegade's board of directors. 


In its report, ISS rejects FrontFour's attempt to remove all highly-qualified
and independent directors of Renegade. ISS did not recommend that shareholders
vote in favour of Zach George and his FrontFour associates - instead, only
recommended two independent nominees and supported Renegade's current directors:
Thomas Budd, Peter Burnham, Daryl Clark, Donald Copeland, Joseph Durante,
Herbert Pinder, and Keith Turnbull. Renegade reminds shareholders that the
Renegade board and the Special Committee has worked diligently to enhance
shareholder value by taking significant and carefully considered steps to
further strengthen the board, as demonstrated through the addition of six new,
independent board members since the commencement of the Company's strategic
review process.


"ISS has reaffirmed our view that Zachary George should not represent Renegade
shareholders nor should he have majority control of the board," said Thomas
Budd, Renegade's Chairman. "The board encourages shareholders to vote on the
WHITE proxy to ensure the success of the strategic review process." ISS further
acknowledged "that the key metrics of the company's (Renegade) operating
performance appear to indicate that the company has been making reasonable
improvement and progress."


In a previous letter to shareholders on December 12, 2013, Renegade discussed
its attempt to engage in a constructive dialogue with FrontFour on many
occasions and during multiple calls between members of the Special Committee and
Zachary George, without success. Members of the Special Committee asked for the
resumes and qualifications of FrontFour's proposed nominees to the board however
FrontFour declined the opportunity and requisitioned a poorly-timed and
distracting meeting for control of the entire board. Since then Zachary George
has rebuffed multiple attempts to engage in discussions and has shown his clear
intention to take control of the full board. Zachary George has also indicated
his intention to fully reimburse himself with the Company's money if he is
successful in this expensive and wasteful proxy campaign.


The board continues to deliver on its plan of action including today's
announcement of the strategic $109.0 million asset disposition which will be
used to repay a significant portion of the current indebtedness drawn under
Renegade's credit facility and will serve to significantly reduce interest
expenses and increases financial flexibility and operating netbacks.


Shareholders are urged to vote their WHITE proxy in favour of Renegade's current
board of directors prior to the proxy cut-off at 11:00 a.m. (Calgary time) on
January 24, 2014: 


If you have any questions or need assistance in voting your WHITE form of proxy,
please contact Kingsdale Shareholder Services Inc., at 1-866-581-1514 (toll-free
in North America), or 416-867-2272 (collect calls accepted) outside North
America or by email at [e-mail].


CORPORATE INFORMATION

Renegade is a light oil focused development and production company with assets
located in Saskatchewan, Alberta, Manitoba and North Dakota. Renegade's common
shares trade on the TSX Venture Exchange under the symbol RPL.


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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Renegade Petroleum Ltd.
Andrew Greenslade
Interim CEO
[phone]


Renegade Petroleum Ltd.
Mark Lobello
Interim CFO
[phone]


Kingsdale Communications
Nancy White
[phone]
[e-mail]