Pursuant to a special resolution passed by the shareholders of Canadian Phoenix Resources Corp. on Dec. 13, 2012, Renegade Petroleum Ltd. will acquire all of the issued and outstanding shares of Canadian Phoenix Acquisition Corp. by way of plan of arrangement. Under the terms of the arrangement, Canadian Phoenix will amend its authorized share capital to create a new common share and a new preferred share and each shareholder of the company shall receive one new common share and one new preferred share for each common share currently held. Holders of the new preferred shares will receive 0.5985 of a Renegade common share for each new preferred share. The arrangement completed on Dec. 14, 2012.

For further information on the arrangement and the company, please refer to the information circular of the company dated Nov. 16, 2012.

Effective at the opening on Thursday, Dec. 20, 2012, the new common shares of the company will commence trading on the TSX Venture Exchange. The company is classified as an oil and gas exploration/development company.

Postarrangement

Capitalization:  unlimited shares with no par value of which 56,964,818 shares are issued and outstanding

Escrow:  nil

Transfer agent:  Computershare Trust Company of Canada

Symbol:  CXP (unchanged)

New Cusip No.:  136471208