-Shareholders Are Urged to Vote WHITE Proxy-
CALGARY,
Jan. 17, 2014 /CNW/ - Renegade
Petroleum Ltd. (TSX-V: RPL) is pleased to confirm that, in its
report issued on Thursday, January 16,
2014, Glass Lewis, a leading independent proxy advisory
firm, agreed that the current Renegade board is on the right
path and is taking prudent steps to execute on its asset
rationalization plan and to improve the Company's financial
position.
In its report, Glass Lewis recommended voting
AGAINST Zachary George and his FrontFour associates and, based on
their skills and experience, supported current directors:
Thomas Budd, Peter Burnham, Daryl
Clark, Donald Copeland,
Joseph Durante, Herbert Pinder, Steven
Sharpe and Keith
Turnbull. Glass Lewis only recommended withholding votes
for one director, who has already indicated his intention to
resign.
Glass Lewis confirmed "that the current board
has made significant progress to right-size Renegade Petroleum's
asset portfolio and strengthen the balance sheet." Commenting on
the recent transactions, Glass Lewis acknowledged that "these
transactions significantly ease concerns over the Company's debt
burden and ability to maintain its dividend."
Glass Lewis, together with ISS, has reaffirmed
that Zachary George should not
represent Renegade shareholders nor should FrontFour have control
of the board. Glass Lewis pointed out that FrontFour's "plans
to repair the balance sheet and find a permanent CEO are not any
different or more favourable than those proposed by the current
board." Glass Lewis also recognized the accomplishments of the
board thus far and noted that Zachary
George has not offered any new ideas for Renegade
shareholders.
This is the second independent advisory firm to
indicate that FrontFour should not receive majority representation
on Renegade's board. Renegade has reached out, both directly and
indirectly, to FrontFour in an attempt to end this wasteful and
costly proxy contest. FrontFour has known since early October
that the Renegade board has been willing to consider adding one of
their nominees to the board as long as they have the requisite oil
and gas education and experience. They continue to disregard
these efforts because they only want full control.
The board continues to encourage shareholders to
vote on the WHITE proxy to ensure the continued success of
the strategic review process.
The board continues to deliver on its plan of
action including the recent announcement of the strategic
$109.0 million asset disposition
which will be used to repay a significant portion of the current
indebtedness drawn under Renegade's credit facility and will
significantly reduce interest expenses and increases financial
flexibility and operating netbacks.
Shareholders are urged to vote their WHITE
proxy in favour of Renegade's current board of directors prior to
the proxy cut-off at 11:00 a.m.
(Calgary time) on January 24, 2014:
If you have any questions or need assistance
in voting your WHITE form of proxy, please contact Kingsdale
Shareholder Services Inc., at 1-866-581-1514 (toll-free in
North America), or 416-867-2272
(collect calls accepted) outside North
America or by email at
contactus@kingsdaleshareholder.com.
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.
SOURCE Renegade Petroleum Ltd.