Renegade Petroleum Ltd. Announces Strategic $109.0 Million Asset Disposition and Confirms January 2014 Dividend

Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is
pleased to announce that it has entered into an agreement to sell certain oil
and gas assets for gross proceeds of $109.0 million and is pleased to confirm
its January 2014 dividend.


ASSET DISPOSITION

The Company has entered into a definitive agreement to sell certain oil and gas
assets in southeast Saskatchewan (the "Disposition Assets") effective January 1,
2014 for gross proceeds of $109.0 million (the "Disposition"). Through the
Disposition, Renegade further continues to high-grade its asset base by
divesting of mature fields that were identified early on in the strategic review
as being appropriate to divest.


The Disposition Assets currently produce approximately 1,450 boe/d (95% oil and
natural gas liquids), which includes approximately 200 boe/d of flush production
from wells recently brought on production. The forecasted annualized 2014
production rate on the Disposition Assets is approximately 1,225 boe/d (95% oil
and natural gas liquids).


The proceeds from the Disposition will be used to repay a significant portion of
the current indebtedness drawn under Renegade's credit facility. Through
preliminary discussions with the Company's lenders, the credit facility is
expected to be reduced by approximately $60.0 million to $250.0 million as a
result of the borrowing base review post-Disposition, leaving approximately
$115.0 million in undrawn availability. 


The Disposition significantly strengthens and re-positions Renegade while
providing the following strategic benefits:




--  retains Renegade's highest quality, low decline assets; 
    
--  material reduction in leverage, reducing Renegade's pro forma net debt
    to 2014 estimated cash flow to less than 2.0x; 
    
--  material increase in financial flexibility, with over $115 million of
    pro forma undrawn credit availability and a post disposition facility in
    excess of 45% undrawn; 
    
--  significantly reduces interest expense and further improves Renegade's
    sector leading operating netbacks; 
    
--  attractive transaction metrics relative to comparable transactions of
    similar asset quality and operating characteristics; 
    
--  high grades and further concentrates the southeast Saskatchewan asset
    base; 
    
--  maintains Renegade's attractive pro forma sustainability; and 
    
--  reduces the operating expenses and sustaining capital requirements,
    further enhancing dividend sustainability. 



The Disposition is part of the Company's ongoing strategic review process and
further demonstrates the board and management's continued efforts to increase
Renegade's financial flexibility, prudently manage the balance sheet and support
the current dividend level. Since the commencement of the strategic review,
Renegade has significantly reduced its indebtedness through the disposition of
assets for aggregate gross proceeds of $160.5 million. Renegade remains
committed to continue reviewing strategic alternatives with the goal of further
enhancing shareholder value. 


The Disposition has the following characteristics:



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Gross Proceeds                                                $109.0 million
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Production (approx. 95% oil and natural gas                                 
 liquids)                                                     1,450 boe/d(1)
                                                              1,225 boe/d(2)
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Undeveloped Land                                            12,227 net acres
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Total Proved Reserves(3)                                          4,153 mboe
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Total Proved Plus Probable Reserves ("2P")(3)                     5,618 mboe
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Implied Metrics:                                                            
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Price / Flowing BOE                                 approx. $75,172/boe/d(1)
                                                    approx. $88,980/boe/d(2)
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Price / Cash Flow(4)                                           approx. 6.15x
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Price / Proved Reserves                                               $26.25
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Price / 2P Reserves                                                   $19.40
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2P Recycle Ratio(5)                                                     2.15
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 1.  Includes approximately 200 boe/d of flush production from wells        
     recently brought on production.                                        
 2.  Based on forecasted 2014 annualized volumes.                           
 3.  Based on Renegade's December 31, 2012 reserve report. Does not include 
     2013 volumes produced, 2013 reserve changes or operational activities. 
 4.  Based on forecasted 2014 annualized volumes of 1,225 boe/d, realized   
     weighted average price of $82.18, corporate netbacks of $39.64/boe     
     which include general and administrative costs of $2.00/boe.           
 5.  Based on an operating netback of $41.64/boe.                           



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 March, 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 February 17, 2014 to shareholders
of record as of January 31, 2014. The ex-dividend date is January 29, 2014. 


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. In addition, statements relating to "reserves" are, by their
nature, forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions that the reserves described can be
profitably produced in the future.


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]