Renegade Petroleum Ltd. Announces Closing of Strategic $109 Million Asset Disposition and Confirms February 2014 Dividend

Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is
pleased to announce the successful closing of the previously announced
disposition of certain oil and gas assets in southeast Saskatchewan (the
"Disposition Assets") for gross proceeds of $109 million (the "Disposition").


ASSET DISPOSITION

The Disposition Assets represent approximately 1,450 boe/d (95% oil and natural
gas liquids) of oil and natural gas liquids production per day. 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 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.


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


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 March 17, 2014 to shareholders of
record as of February 28, 2014. The ex-dividend date is February 26, 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 Company's
development plans, the use of proceeds from the Disposition and the anticipated
effect of such use of proceeds on Renegade's financial flexibility and future
interest costs, and the board and management's efforts to increase Renegade's
financial flexibility, prudently manage the balance sheet and enhance
shareholder value. The forward-looking statements contained in this document are
based on certain key expectations and assumptions made by Renegade, including,
but not limited to, the anticipated use of proceeds from the Disposition;
conditions in general economic and financial markets; current commodity prices
and royalty regimes; future operating costs; the price of oil and natural gas;
that the Company's conduct and results of operations will be consistent with its
expectations; and that the Company will have the ability to develop the
Company's oil and natural gas properties in the manner currently contemplated.


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. In addition,
although the Company intends to use the proceeds of the Disposition as described
herein, there may be circumstances that are not known at this time where a
reallocation of the proceeds may be advisable for business reasons that
management believes are in the Company's best interests. 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. These forward-looking statements are made as of the date of this
news release and Renegade disclaims any intent or obligation to update publicly
any forward-looking statements, whether as a result of new information, future
events or results or otherwise, other than as required by applicable securities
laws.


The term barrel of oil equivalent ("Boe") may be misleading, particularly if
used in isolation. A Boe conversion ratio of six thousand cubic feet ("Mcf") of
natural gas per barrel ("bbl") of oil (6 Mcf: 1 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. Additionally, given 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 ratio at 6:1 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 Financial Officer
[phone]


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