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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, 2012Reserves                                            Future         Net Category                       Oil       PVBT   Development   UndevelopedGross 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              --------------------------------------------------------------              --------------------------------------------------------------