The RENO experiment has analyzed about 500 live days of data to observe an energy dependent disappearance of reactor νover ¯_{e} by comparing their prompt signal spectra measured in two identical near and far detectors. In the period between August of 2011 and January of 2013, the far (near) detector observed 31 541 (290 775) electron antineutrino candidate events with a background fraction of 4.9% (2.8%). The measured prompt spectra show an excess of reactor νover ¯_{e} around 5 MeV relative to the prediction from a most commonly used model. A clear energy and baseline dependent disappearance of reactor νover ¯_{e} is observed in the deficit of the observed number of νover ¯_{e}. Based on the measured far-to-near ratio of prompt spectra, we obtain sin^{2}2θ_{13}=0.082±0.009(stat)±0.006(syst) and |Δm_{ee}^{2}|=2.62_{-0.23}^{+0.21}(stat)_{-0.13}^{+0.12}(syst)×10^{-3}  eV^{2}.