Renegade Petroleum Ltd. Announces a Reduction in the Dividend, Closing of a $19 Million Non-Core Asset Disposition, Confirmat...

Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL), a light
oil focused exploration and production company with assets located in
Saskatchewan, Alberta, Manitoba and North Dakota, is pleased to provide an
update on the Company's on-going strategic review process and the work the
special committee and the board has done to increase Renegade's financial
flexibility and strengthen its balance sheet. 


The board has approved a reduction in the Company's monthly dividend to $0.0083
per share ($0.10 annualized), beginning with the payment to be made on August
15, 2013. 


In addition, Renegade closed a non-core asset disposition, comprised of
approximately 70 boe/d of production and certain undeveloped land, for gross
proceeds of approximately $19 million.


The Company is also pleased to confirm 2013 production guidance and provide an
operational update.


CHANGE IN DIVIDEND

Renegade announces that the Renegade board has approved a change to its monthly
dividend from $0.019167 per share ($0.23 per share annualized) to $0.008333 per
share ($0.10 per share annualized). This measure is expected to provide Renegade
with immediate increased financial flexibility. As a result of the reduced
dividend, Renegade anticipates an all-in payout ratio of approximately 100% for
the remainder of 2013. 


The revised monthly cash dividend of $0.008333 per share will be paid on August
15, 2013 to shareholders of record as of July 31, 2013. The ex-dividend date is
July 29, 2013. These dividends are designated as "eligible dividends" for
Canadian income tax purposes.


NON-CORE ASSET DISPOSITION

Renegade is pleased to announce that the Company has closed a non-core asset
disposition, with production and a small amount of undeveloped land in its west
central Saskatchewan area and undeveloped land in southeast Saskatchewan, for
gross proceeds of $19 million. The Company had planned to allocate a minimal
amount of capital to these assets in 2013 and 2014 and the sale is expected to
have little impact on Renegade's Viking development plans or booked reserves.


The asset disposition has the following characteristics:



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Gross Proceeds                                  $19 million                 
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Production                                       70 boe/d                   
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Annualized Cash Flow                             approx. $1.3 million       
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Land                                             10,854 net undeveloped     
                                                 acres                      
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Implied Metrics:                                                            
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Price / Flowing Barrel                           approx. $271,000/boe/d     
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Price / Cash Flow                               greater than 14.0x         
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Year to date, the Company has disposed of 210 boe/d of non-core assets for gross
proceeds of approximately $32.4 million, equating to approximately
$154,000/boe/d, with the proceeds used to reduce debt and fund the Company's
on-going capital program.


Macquarie Capital Markets Canada Ltd. and TD Securities Inc. acted as joint
financial advisors to Renegade on the asset disposition.


2013 PRODUCTION GUIDANCE AND OPERATIONAL UPDATE

Renegade is pleased to confirm its previously announced 2013 production guidance
of 7,400 to 7,700 boe/d, after giving effect to the aforementioned asset
dispositions.


Renegade's pro forma current net debt as of the date hereof is approximately
$276 million, comprised of $268 million of bank debt drawn on its $335 million
credit facility and $8 million of working capital deficiency. 


During the second quarter of 2013, Renegade drilled a total of 3 gross (1.8 net)
wells in southeast Saskatchewan. The first well was drilled at Crystal Hills and
has been on production for approximately 10 days and has a current rate of
approximately 200 boe/d. The remaining two wells were drilled in the Queensdale
area on the assets acquired by the Company in December, 2012 and are in the
process of being tied into the Company's infrastructure.  


Renegade currently has two drilling rigs active; one rig in southeast
Saskatchewan and a second actively drilling in the Viking play in west central
Saskatchewan. 


STRATEGIC REVIEW PROCESS ON-GOING

The strategic review process is ongoing and the Special Committee will provide
further updates as appropriate. 


READER ADVISORIES

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.


Dividends

The payment and the amount of dividends declared in any month will be subject to
the discretion of the board of directors and will depend on the board of
directors' assessment of Renegade's outlook for growth, capital expenditure
requirements, funds from operations, potential acquisition opportunities, debt
position and other conditions that the board of directors may consider relevant
at such future time. The amount of future cash dividends, if any, may also vary
depending on a variety of factors, including fluctuations in commodity prices
and differentials, production levels, capital expenditure requirements, debt
service requirements, operating costs, royalty burdens and foreign exchange
rates.


Oil and Gas Matters

The term barrels of oil equivalent ("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.


Any references in this news release to initial or early production rates are
useful in confirming the presence of hydrocarbons, however, such rates are not
determinative of the rates at which such wells will continue production and
decline thereafter and are not necessarily indicative of long term performance
or ultimate recovery. While encouraging, readers are cautioned not to place
reliance on such rates in calculating the aggregate production for Renegade.


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