Renegade Petroleum Ltd. Announces Closing of $50 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - March 30, 2012) -

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Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL.V - News) is pleased to announce that it has completed its previously announced bought deal financing. Renegade, through a syndicate of underwriters led by GMP Securities L.P., and including Canaccord Genuity Corp., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., Paradigm Capital Inc., TD Securities Inc., AltaCorp Capital Inc., FirstEnergy Capital Corp. and Raymond James Ltd. (collectively, the "Underwriters") issued a total of 10,000,000 common shares at a price of $4.00 per common share and 2,084,000 common shares issued on a "flow-through basis" under the Income Tax Act (Canada) at a price of $4.80 per flow-through share to raise gross proceeds of approximately $50 million (the "Financing"). The net proceeds from the Financing will initially be used to repay outstanding indebtedness under the Company's credit facility, thereby freeing up borrowing capacity to accelerate development of the Slave Point play, continue Renegade's active land acquisition strategy in southeast Saskatchewan, accelerate the development of Renegade's facilities in southeast Saskatchewan and for general corporate purposes.

In connection with the Financing, the Underwriters have the option to purchase up to an additional 1,125,000 common shares until 30 days following the closing date.

The securities referenced herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.

CORPORATE INFORMATION

Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 89.6 million common shares outstanding and 98.8 million common shares on a fully-diluted basis.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. More particularly, this news release contains forward-looking statements related to: the use of proceeds from the Financing; the Company's capital exploration and development program; and other matters not specifically enumerated herein. Readers are cautioned that the foregoing list of factors should not be construed as exhaustive. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Renegade, including: (i) with respect to use of proceeds of the Financing and the Company's exploration and development plans, generally, and at particular locations, the availability of appropriate opportunities to deploy capital and that the intended use of proceeds will not be reallocated by management or the board of directors of Renegade; and (ii) with respect to drilling plans, the availability of drilling rigs, expectations and assumptions concerning the success of future drilling and development activities and prevailing commodity prices. Additionally, due to the nature of the oil and natural gas industry, budgets are regularly reviewed in light of the success of expenditures and other opportunities which may become available to Renegade. Notwithstanding the Company's current intentions regarding the use of the proceeds from the Financing described above, there may be circumstances where a reallocation of funds may be necessary. While the Company anticipates that it will spend the funds available to it as set forth above, there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary.

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, the failure to obtain necessary regulatory approvals, 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 estimates and projections relating to production, costs and expenses; 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).

The forward-looking statements contained in this document 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.

Contacts

Michael Erickson
Renegade Petroleum Ltd.
President & CEO
(403) 355-8922

Alex Wylie
Renegade Petroleum Ltd.
Vice-President, Finance & CFO
(403) 410-3376