CALGARY, ALBERTA–(Marketwire – May 13, 2010)
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 closed its previously announced transaction to acquire Prairie Hunter Energy Corporation ("Prairie Hunter") pursuant to an amalgamation of Prairie Hunter with 101161220 Saskatchewan Ltd., a wholly-owned subsidiary of Renegade. The effective date of the amalgamation is May 12, 2010, and Prairie Hunter has become a wholly-owned subsidiary of Renegade. The transaction was approved by 100% of the Prairie Hunter shareholders.
In accordance with the provisions of the letter of transmittal previously provided to shareholders of Prairie Hunter, share certificates for shares of Renegade are now issuable to former Prairie Hunter shareholders against exchange with Olympia Trust Company, at their office in Calgary, of their certificates representing shares of Prairie Hunter.
Renegade also announces that a final receipt has been issued by the applicable securities regulators respecting Renegade’s final short form prospectus dated May 12, 2010, qualifying the distribution of 11,430,000 common shares of Renegade (the "Qualified Shares") issuable on exchange of 11,430,000 subscription receipts previously issued by Renegade on April 29, 2010. As a result, the transfer register maintained by Olympia Trust Company respecting the subscription receipts will close at the end of business today and, effective today, all outstanding subscription receipts will be exchanged for Qualified Shares in accordance with the terms of the certificates representing the subscription receipts and the subscription receipt agreement governing same. The Qualified Shares will not be subject to any hold period.
No certificates representing the Qualified Shares will be issued other than to holders of subscription receipts in the United States. Instead, registration will be made through the depositary services of CDS Clearing and Depositary Services Inc. and holders will receive only a customer confirmation from their broker or other registered dealer through whom their beneficial interest in the Qualified Shares was acquired.
Renegade’s common shares trade on the TSX Venture Exchange under the symbol RPL. Renegade currently has approximately 49.3 million shares outstanding. The Company’s presentation can be viewed on its website at www.renegadepetroleum.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Renegade Petroleum Ltd.
President & CEO
Renegade Petroleum Ltd.
Vice-President, Finance & CFO
Neither 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.