Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) is pleased to announce that due to its successful 2012 drilling program and recent acquisition in southeast Saskatchewan, the Company achieved record exit production of approximately 8,000 boe/d. Continued success within the Company's core areas of southeast Saskatchewan and west central Saskatchewan provide Renegade with a variety of low-risk, repeatable drilling inventory locations which will play a vital role in the execution of its 2013 development program.
During the fourth quarter of 2012, Renegade began its transition to a dividend paying corporation. The key focus was to manage our capital program in areas that provided predictable results and strong capital efficiencies. As such, our drilling program concentrated on our core assets in southeast Saskatchewan and our Viking assets in west central Saskatchewan.
Renegade drilled 6 gross (5.0 net) wells in the fourth quarter of 2012, bringing the year to date total to 32 gross (23.8 net) wells. Renegade continued to focus on both the Frobisher and Souris Valley trends with further drilling plans continuing into 2013.
During the fourth quarter of 2012, Renegade drilled and completed 2 gross (2.0 net) wells in the Wordsworth and Queensdale areas targeting the Frobisher formation. In the Wordsworth area, 1 gross (1.0 net) horizontal well was drilled yielding a 30 day initial oil production average of over 180 bbls/day. This well offsets the strong results noted in the third quarter. Renegade drilled 1 gross (1.0 net) horizontal well in the Queensdale east area which showed promising results during drilling and will be evaluated further in the first quarter of 2013.
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