RPL Renegade Petroleum Ltd.

Renegade Petroleum Ltd. (TSX VENTURE:RPL) is pleased to announce a decisive
victory over FrontFour Capital Group LLC. As result, FrontFour has now withdrawn
its requisition for a special meeting of shareholders that had been scheduled
for January 28, 2014 to meet FrontFour's demands.


Renegade is also pleased to report that the total shares voted by proxy for the
cancelled meeting represented a record shareholder turnout for Renegade, the
majority of which supported the current board of directors. 


"On behalf of the board and management, I would like to thank our retail and
institutional shareholders for their tremendous, wide-spread support," said
Thomas A. Budd, Chairman of the Renegade board of directors. "Despite our
numerous attempts to offer FrontFour two board seats in order to settle this
wasteful diversion of money, time and resources, this proxy battle has
unfortunately cost the Company in excess of $1 million. Although this has
delayed dealing with both the active interest generated from our strategic
review, and the completion of our CEO search process, we are confident that the
clarity achieved by ending this battle will allow us to proceed with the
business at hand, as we look to enhance value for all shareholders." 


Renegade also announces that, further to their previously announced intentions,
the details of which were provided in Renegade's proxy circular dated December
12, 2013, Jay Reid and Steven Sharpe have resigned from the board. The Renegade
board of directors and management would like to thank Messrs. Reid and Sharpe
for their extensive positive contributions to the Company and wish them the very
best in the future. 


Due to the reduced size of the board, the board no longer has a need for a
separate committee to proceed with the strategic review. Instead, the Special
Committee has been disbanded and the full board will continue with the strategic
review mandate. The board will continue to consider all alternatives available
to the Company with a view of acting in the best interests of Renegade and all
of its stakeholders. 


The first item on the Company's agenda, now that the proxy contest is over and
resources can be appropriately deployed, will be the dissemination of Renegade's
capital budget and guidance for 2014, which it expects to provide early next
week.


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 Chief Executive Officer
(403) 930-1102


Renegade Petroleum Ltd.
Mark Lobello
Interim Chief Financial Officer
(403) 355-8921

Renegade Petroleum Ltd. (TSXV:RPL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Renegade Petroleum Ltd. (TSXV:RPL)
Historical Stock Chart
From Jul 2023 to Jul 2024