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Raging River Exploration Inc. Announces 215% Increase in 2012 Year End Reserves and an Operational Update

CALGARY, ALBERTA -- (Marketwire) -- 01/28/13 -- Raging River Exploration Inc. ("Raging River" or the "Company") (TSX VENTURE:RRX) is pleased to announce 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.

The following tables summarize certain information contained in the independent reserves report prepared by Sproule Associates Ltd. ("Sproule") as of December 31, 2012. The report was prepared in accordance with definition, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional reserve information as required under NI 51-101 will be included in the Company's Annual Information Form which will be filed on SEDAR by April 30, 2013.

December 31,                                                                
 2012                                                                       
Reserves                                            Future         Net      
 Category                       Oil       PVBT   Development   Undeveloped  
Gross Working    Oil    Gas  Equivalent   10%      Capital        Wells     
 Interest       Mbbl   MMcf     mBOE       $M         $M          Booked    
----------------------------------------------------------------------------
Proven                                                                      
 Developed                                                                  
 Producing       4,241 1,395      4,474  152,711            -              -
Proven                                                                      
 Undeveloped     6,774 1,782      7,071  127,242      185,233            201
              --------------------------------------------------------------
Total Proven    11,014 3,177     11,544  279,952      185,233            201
              --------------------------------------------------------------
              --------------------------------------------------------------
Proven Plus                                                                 
 Probable                                                                   
 Developed                                                                  
 Producing       5,922 2,018      6,258  202,684            -              -
Proven Plus                                                                 
 Probable                                                                   
 Undeveloped    10,405 3,006     10,906  220,253      226,454            246
              --------------------------------------------------------------
Total Proven                                                                
 Plus Probable  16,327 5,024     17,164  422,936      226,454            246
              --------------------------------------------------------------
              --------------------------------------------------------------

Notes:

1.  Gross Company reserves are the Company's total working interest share
    before the deduction of any royalties and without including any royalty
    interests owned by the Company. 
2.  Based on Sproule's December 31, 2012 escalated price forecast. 
3.  It should not be assumed that the present worth of estimated future cash
    flow presented in the tables above represents the fair market value of
    the reserves. There is no assurance that the forecast prices and costs
    assumptions will be attained and variances could be material. The
    recovery and reserve estimates of Raging River's crude oil, natural gas
    liquids and natural gas reserves provided herein are estimates only and
    there is no guarantee that the estimated reserves will be recovered.
    Actual crude oil, natural gas and natural gas liquids reserves may be
   greater than or less than the estimates provided herein. 
4.  All future net revenues are stated prior to provision for interest,
    general and administrative expenses and after deduction of royalties,
    operating costs and estimated future capital expenditures. Future net
    revenues have been presented on a before tax basis. Estimated values of
    future net revenue disclosed herein do not represent fair market value. 
5.  FD&A costs have been presented because acquisitions and dispositions can
    have a significant impact on the Company's ongoing reserve replacement
    costs. The presented FD&A are calculated using all capital expenditures
    and reserve additions as defined in NI 51-101. The calculation includes
    all development and acquisition capital and all future development
    capital associated with the acquisitions and with future development of
    the existing assets. 
6.  Figures are subject to audit. 
7.  The capital expenditures include the announced purchase price of
    corporate acquisitions rather than the amounts allocated to property,
    plant and equipment for accounting purposes. The capital expenditures
    also exclude capitalized administration costs and transaction costs. 
8.  The numbers presented below in regards to additions/revisions represent
    a comparison to the opening reserves balance which were the reserves
    acquired from Wild Stream Exploration Inc. by RRX on March 16, 2012. RRX
    AIF filings in April will show all reserves in 2012 as being acquired by
    RRX as RRX commenced business on March 16, 2012 with an acquisition of
    reserves from Wild Stream Exploration.

2012 FD&A Costs                                                             
2012 Capital Expenditures ($000s)        Total Proven   Proven Plus Probable
Development                                    55,000                 55,000
Net Acquisitions                              101,000                101,000
Change in FDC                                 129,698                166,435
Total Capital                                 285,698                322,435
                                       -------------------------------------
                                       -------------------------------------
2012 Reserve Additions Mboe                                                 
Acquisitions                                    2,496                  3,980
Additions/Revisions                             5,955                  8,400
Total                                           8,451                 12,380
                                       -------------------------------------
                                       -------------------------------------
2012 FD&A ($/boe)                               33.81                  26.05
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Operations Update

The Company has not released its audited 2012 results and accordingly the numbers included below are currently estimates and are unaudited.

--  Based on field estimates, fourth quarter 2012 average production
    increased 46% from the third quarter average to 3,100 boepd (96% oil)
    which is 10% ahead of previous guidance of 2,800 boepd. 
--  Based on field estimates, exit production for the period of December 15
    to 31 was greater than 4,000 boepd which exceeded our previous exit
    guidance of 3,700 boepd by 8%. 

Raging River is in the midst of a very active first quarter in which we anticipate drilling 30-32 net wells. We currently have three drilling rigs operating and have drilled 20 gross (17.5 net) wells at 100% success in January. Thirteen of these wells have been completed and placed on production. Despite winter operations which typically marginally increase costs, the average on-stream costs in January have been approximately $910 thousand, equivalent to summer 2012 costs.

The Kindersley area is prone to early break-up and operations typically shut down on or before March 15th. We plan to have all first quarter operations completed by March 6th and we are on schedule to complete this. The winter has seen significant snowfall to date increasing the probability of a pro-longed break-up. We have accounted for this in 2013 planning and have factored in no drilling activity between March 7th and June 1, 2013.

2013 production to date is exceeding expectations and we are confident we will meet or exceed our average first quarter estimates of 4,300 boepd (95% oil).

Raging River's experienced management team remains committed to operational and executional excellence to continue delivering per share value growth to our shareholders while maintaining balance sheet strength.

Additional corporate information can be found in our February corporate presentation on our website at www.rrexploration.com.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated terms relating to: average daily production for Q4 of 2012, estimated December 31, 2012 exit production, anticipated first quarter 2013 average production, 2013 drilling plans, the Company's drilling inventory, average on-stream costs of wells placed on production in the first quarter of 2013, the expected timing of completion of capital operations, the anticipated date of break up on certain of the Company's properties, Raging River's growth strategy and anticipated growth plans for 2013 and beyond. In addition, the use of any of the words "guidance", "initial, "scheduled", "can", "will", "prior to", "estimate", "anticipate", "believe", "potential", "should", "unaudited", "forecast", "future", "continue", "may", "expect", "project", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including but not limited to the success of optimization and efficiency improvement projects, the availability of capital, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, the ability of the Company to effectively manage price differentials, Raging River's growth strategy, general economic conditions, availability of required equipment and services and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Refer to the Listing Application on SEDAR at www.sedar.com and risks contained therein.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Net Asset Value per Share: Net asset value per share as presented herein is based on the PVBT10 of proven plus probable reserves as at December 31, 2012 of $423 million, an internal estimate of Raging River's undeveloped land value of $40 million, estimated 2012 year end net debt of $17 million, dilutive securities proceeds of $41 million for total net asset value of $487 million and with 177.4 million shares outstanding on a fully diluted basis a net asset value per share of $2.75/share

Meaning of "boe": When used in this press release, boe means a barrel of oil equivalent on the basis of 1 boe to 6 thousand cubic feet of natural gas. Boe per day means a barrel of oil equivalent per day. Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6 thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

NEITHER THE 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.

Contacts:
Raging River Exploration Inc.
Mr. Neil Roszell
President and CEO
(403)767-1250
(403)387-2951 (FAX)

Raging River Exploration Inc.
Mr. Jerry Sapieha, CA
Vice President, Finance and CFO
(403)767-1265
(403)387-2951 (FAX)
www.rrexploration.com

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