Libra Advisors, LLC Acquires Common Shares of Renegade Petroleum Ltd. for
Investment Purposes

TORONTO, May 3 /CNW/ - Libra Advisors, LLC ("Libra"), announced today it has acquired a total of 860,000 Subscription Receipts at a price of $3.50 per Subscription Receipt of Renegade Petroleum Ltd. ("Renegade"). Each Subscription Receipt entitles the holder to receive one common share in the capital of Renegade on the earlier of (i) the day upon which a receipt is obtained for a final short form prospectus, and (ii) August 30, 2010.

As a result of the acquisition, Libra now holds 2,500,000 common shares, representing approximately 7.71% of the outstanding common shares of Renegade, and 860,000 Subscription Receipts of Renegade that, if exercised, would result in Libra holding approximately 10.09% of the total outstanding common shares of Renegade.

Libra acquired these Common Shares for investment purposes and may, from time to time, acquire additional securities of Renegade or dispose of such securities as it may deem appropriate.

Libra is the investment advisor to Libra Fund, LP and Libra Offshore Master Fund, LP with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.

For further information: Mr. Ranjan Tandon, Managing Member at [phone]