Renegade Petroleum Ltd. Announces Increased Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2011) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce that it has agreed with a syndicate of underwriters led by GMP Securities L.P., and including Canaccord Genuity Corp., FirstEnergy Capital Corp., Macquarie Capital Markets Canada Ltd., Paradigm Capital Inc., Dundee Securities Corporation, Haywood Securities Inc., Jennings Capital Inc. and Raymond James Ltd. (the "Underwriters") to increase its previously announced bought deal financing of 6,667,000 common shares ("Common Share") of Renegade at a price of $4.50 per Common Share (the "Offering Price") to a total size of 9,300,000 Common Shares at the Offering Price for gross proceeds of $41,850,000 (the "Offering"). The additional proceeds from the increase in the size of the bought deal financing will be used to further accelerate the Company's 2011 capital exploration and development program in the Viking play in west central Saskatchewan, the Bakken play in south east Saskatchewan, the Spearfish play in Manitoba and the Bakken play in North Dakota; to repay a portion of bank indebtedness and for general corporate purposes. All other terms and conditions of the financing, including the option granted to the underwriters to purchase an additional 1,000,000 Common Shares at the Offering Price on the date of the closing of the Offering or within 30 days following such date, remain the same as previously announced.

Completion of the Offering is subject to receipt of all necessary regulatory approvals. The Offering is expected to close on or about March 9, 2011.

CORPORATE INFORMATION

Renegade's Common Shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 55.4 million Common Shares outstanding and 62.6 million fully-diluted shares. The Company's presentation can be viewed on its website at www.renegadepetroleum.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements related to the Arrangement and its anticipated impact on Renegade, the anticipated closing of the Bought Deal Financing and the use of proceeds from the Bought Deal Financing.

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 reserve estimates; 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) and the failure to realize the expected benefits of the Acquisition.

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.

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

BARRELS OF OIL EQUIVALENT

Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.