N@N

CALGARY, ALBERTA--(Marketwire - April 8, 2011) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce that the over-allotment option (the "Over-allotment Option") associated with its bought deal financing which closed on March 9, 2011 (the "Financing") has been exercised by the underwriters. Pursuant to the Financing, the 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. (collectively, the "Underwriters") were issued the Over-allotment Option to purchase up to an additional 1,000,000 common shares at the offering price of $4.50 per common share at any time up to 30 days following March 9, 2011. The Underwriters have elected to exercise the Over-allotment Option for 604,700 common shares for gross proceeds to Renegade of approximately $2.7 million.

The net proceeds 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 Southeast 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.

CORPORATE INFORMATION

Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 72.3 million fully diluted shares outstanding.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's 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.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements related to the intended use of the net proceeds raised pursuant to the exercise of the Over-allotment Option described herein.

The forward-looking statements are based on Renegade's current beliefs as well as assumptions made by, and information currently available to, Renegade concerning, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, future commodity prices, future production levels, the ability to obtain equipment in a timely manner to carry out exploration and development activities, the ability to market oil and natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, and the ability to add production and reserves through the acquisition of assets and development and exploration activities.

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 oil and gas exploration, financial risks, substantial capital requirements, bank financing, government regulation, environmental matters, prices, markets and marketing, dependence on key personnel, availability of drilling equipment and access, uninsurable risks, management of growth, expiration of licenses and leases, reserves estimates, seasonality, competition, conflicts of interest, issuance of debt, title to properties, variations in exchange rates and hedging and uncertainty in global financial markets.

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 net proceeds 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.

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.