Renegade Petroleum Ltd. Announces Non-Core Asset Disposition and Confirms December 2013 Dividend

Renegade Petroleum Ltd. (TSX VENTURE:RPL) ("Renegade" or the "Company") is
pleased to announce that it has entered into an agreement to sell certain
non-core assets for gross proceeds of $32.5 million and is pleased to confirm
its December 2013 dividend.


ASSET DISPOSITION

The Company has entered into a definitive agreement to sell, effective December
1, 2013, certain non-core oil and gas assets in southeast Saskatchewan (the
"Disposition Assets") for gross proceeds of $32.5 million (the "Disposition"). 


The Disposition Assets represent approximately 350 barrels of oil and natural
gas liquids production per day ("bbls/d"). The Company allocated minimal capital
to the Disposition Assets for 2014, resulting in a minor impact to its southeast
Saskatchewan development plans going forward. The proceeds from the Disposition
will be used to repay a portion of indebtedness drawn under Renegade's credit
facility, which will increase financial flexibility and reduce future interest
costs. Through preliminary discussions with the Company's lenders, the credit
facility is expected to be reduced by approximately $25 million as a result of
the borrowing base review post-Disposition. 


The Disposition is part of the Company's ongoing strategic review process and
will enable Renegade to continue to high grade its current asset base by
disposing of mature fields with higher operating costs and limited future
drilling opportunities at attractive sale metrics. Further, the Disposition
increases corporate netbacks and provides increased operational flexibility with
an increased focus on Renegade's core assets.


The Disposition further demonstrates the board and management's continued
efforts to increase Renegade's financial flexibility, prudently manage the
balance sheet and enhance shareholder value.


The Disposition has the following characteristics:



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Gross Proceeds                        $32.5 million                         
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Current Production                    350 bbl/d(1)                          
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Undeveloped Land                      5,142 net acres                       
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Implied Metrics:                                                            
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Price / Flowing Barrel                approx. $92,850/bbl/d                 
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Price / Cash Flow(2)                  greater than 5.9x                     
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(1) Does not include a minor amount of marginally economic gas production   
    (approx. 50 boe/d) which will have the effect of improving Renegade's   
    pro-forma oil weighting. Relates to oil and natural gas liquids         
    production.                                                             
(2) Based on corporate netbacks of $44.71/bbl which include general and     
    administrative costs of $2.00/bbl.                                      



Macquarie Capital Markets Canada Ltd. and TD Securities Inc. acted as joint
financial advisors to Renegade in respect of the Disposition. The Disposition is
expected to close in early February 2014, subject to standard industry closing
conditions.


DIVIDEND

Renegade is pleased to announce that a cash dividend in the amount of $0.008333
per share ($0.10 annualized) will be paid on January 15, 2014 to shareholders of
record as of December 31, 2013. The ex-dividend date is December 27, 2013.


These dividends are designated as "eligible dividends" for Canadian income tax
purposes.


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.


READER ADVISORIES

Forward-Looking Statements

This news release contains forward-looking information and forward-looking
statements within the meaning of applicable securities laws. Specifically, this
news release contains forward-looking information regarding the characteristics
of the Disposition Assets, the Company's strategic plans, the Company's
development plans, future capital allocation, the Disposition and the use of
proceeds therefrom, the anticipated timing of closing of the Disposition and
expected changes to Renegade's credit facility. 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.


Conversion

The term "boe" may be misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet of natural gas to one boe (6
mcf/bbl.) is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. All boe conversions in this report are derived from converting gas to
oil in the ratio of six thousand cubic feet of gas to one barrel of oil. Given
that the value ratio based on the current price of crude oil as compared to
natural gas is significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an indication of
value.


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 Chief Executive Officer
[phone]


Renegade Petroleum Ltd.
Mark Lobello
Interim Chief Financial Officer
[phone]