Raging River Exploration Inc. announces its 2012 year-end oil and gas reserves evaluation. The material increase in reserves reflects exceptional organic reserves growth in addition to several accretive acquisitions completed throughout 2012.

Reserve Report Highlights:

• Increased proven plus probable reserves by 215% to 17.2 mmboe (95% oil) and proven reserves by 201% to 11.5 mmboe (95% oil). Proven reserves represent 67% of proven plus probable reserves as at December 31, 2012. • Increased net asset value per share calculated on a present value before tax of 10% ("PVBT10") to an estimated $2.75 per share at December 31, 2012. • Maintained an enviable reserves life index of 12 years based on our December 2012 exit production rate of 4,000 boepd. • Finding, development and acquisition ("FD&A") costs including a $167 million change in future development capital are $26.05 per boe on a proven plus probable basis. • Finding, development and acquisition costs including a $130 million change in future development capital are $33.81 per boe on a total proven basis. • Generated an FD&A recycle ratio of 2.0 times based on our estimated 2012 operating netback of $53.00 per boe. • Reserve additions replaced 2012 production by greater than 12 times on a proven basis and 17 times on a proven plus probable basis. • Increased proven plus probable reserves per fully diluted share by 105% to 97 boe per 1,000 shares from 44 boe per 1,000 shares • Raging River's development drilling inventory has increased to in excess of 1,300 risked locations as at January 1, 2013 of which in excess of 1,000 are currently unbooked.

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