THIRD QUARTER 2012 HIGHLIGHTS

--  Achieved record production of 2,127 boe/d (97% oil) an increase of 24%    from the second quarter volumes and over 100% from our January 2012    production volumes.--  Increased corporate netback's to $52.49/boe resulting in corporate funds    flow from operations of $10.3 million for the third quarter representing    $0.08/share. This represents an increase of 37% from our second quarter    funds flow from operations of $7.5 million.--  Achieved our previous increased exit guidance of 2,800 boe/d at the end    of October 2012.--  The Company drilled a total of 37 gross (28.6 net) wells during the    third quarter including 36 horizontal Viking oil wells at a 100% success    rate and one vertical stratigraphic test well.--  Focused on operating cost reduction and achieved a 15% reduction in    operating costs from the second quarter to $12.03/boe.--  Improved overall G&A costs to $2.48/boe representing a 38% decrease in    costs from the second quarter of 2012.--  Increased the approved capital budget to $82 million from $67 million.--  Maintained balance sheet strength with third quarter exit net debt of    $25.8 million, representing 0.6 times debt to the third quarter    annualized cash flow.

INCREASED 2012 GUIDANCE

Based upon our success in achieving rapid cycle times on our new wells, our previously increased exit guidance of 2,800 boe/d was achieved at the end of October. We now anticpate averaging greater than 2,800 boe/d in the fourth quarter leading to another increase in our average guidance for the year to 2,200 boe/d and a further increase to our exit guidance to 3,000 boe/d (97% oil).

OPERATIONS REVIEW

The Company drilled a total of 37 gross (28.6 net) wells during the third quarter including 36 horizontal Viking oil wells at a 100% success rate and one vertical stratigraphic test well. Subsequent to the end of the quarter, an additional 19 gross (15.1 net) horizontal Viking oil wells have been drilled with a 100% success rate. The company anticipates drilling an additional 8 gross (8 net) wells prior to the end of the fourth quarter.

We have seen early positive results from our 11 gross (6.5 net) wells drilled late in the third quarter at our more exploratory East Dodsland and Beadle properties. The 30 day initial production rates for 8 of the 11 wells have been between 45 and 55 bbls/d of oil which is a 40% improvement over previous averages for these areas. We are optimistic on these early results however longer term well performance will be required to fully understand the extent of the production enhancement resulting from the technology improvements in these areas.

Well costs have stabilized over the last six months with Raging River achieving consistent on stream costs of approximately $900-925 thousand per well.

OUTLOOK

Oil prices and differentials (difference in price between Edmonton Light and West Texas Intermediate) continue to experience significant volatility. To help mitigate this volatility Raging River has been transporting approximately 10% of its crude oil via rail and is currently evaluating alternatives to increase this amount significantly in 2013.

Raging River anticipates releasing its 2013 capital expenditure plans and production guidance in December.

Raging River has achieved exceptional growth through 2012:

--  January 2012 to second quarter 2012 production growth of 72%--  Second to third quarter 2012 production growth of 24%--  Anticipated third quarter to fourth quarter 2012 production growth of    32%.

The results delivered to our shareholders are a testament to the quality of Raging River's drilling inventory and of the commitment of your team to delivering consistent excellent results.

Raging River's experienced management team remains committed to balance sheet management, operational and execution excellence to continue to deliver per share value growth to our shareholders.