Le Lézard
Classified in: Oil industry, Business
Subject: FNC

Renaissance Oil Gets Ready to Drill Amatitlán and Closes Financing


VANCOUVER, Oct. 17, 2017 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V:ROE) is pleased to announce the Company, in conjunction with its partner Lukoil, has initiated the field evaluation program for the Amatitlán block in Veracruz, Mexico. Renaissance has now:

CHIAPAS PRODUCTION UP 5%

On the Company's 100% working interest blocks at Mundo Nuevo, Topén and Malva, in Chiapas, Mexico (the "Chiapas Blocks"), Renaissance has been actively preparing roads and pads for the drilling program of 3-4 new wells and 3 workovers of existing wells. Services are currently being tendered for this drilling program. The Chiapas Blocks production averaged 1,634 boe/d in Q3 2017, reflecting an increase of 5% from the average production of Q2 2017.

Renaissance is pleased to confirm that no Company personnel, facilities or infrastructure were injured or damaged as a result of the tragic September earthquakes in Mexico.

FINANCING CLOSED

Renaissance completed its previously announced issuance of 18,260,869 units (the "Units"), at a price of C$0.1725 per Unit for aggregate gross proceeds of C$3,150,000 (the "Investment"). Each Unit comprises one common share of the Company and one common share purchase warrant, exercisable to acquire one additional common share of the Company at a price of C$0.50 until October 16, 2022. The proceeds from the Investment will be used to acquire additional oil and gas rights in Mexico and for general corporate purposes. All of the securities issued pursuant to the Investment will be subject to a hold period expiring on February 17, 2018.

Renaissance continues to make progress on its journey to become a major Mexican energy producer.

Abbreviations:

bbl or bbls

barrel or barrels

Mcf

thousand cubic feet

bbls/d

barrels per day

Mcf/d

thousand cubic feet per day

boe

barrels of oil equivalent

MMcf

million cubic feet

boe/d

barrels of oil equivalent per day

MMcf/d

million cubic feet per day

Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, without limitation, statements with respect to increased production, the initiation of the drilling program at Amatitlán and at the Chiapas Blocks, the Company becoming a major Mexican energy producer and with respects of the anticipated use of proceeds from the investment. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Renaissance Oil Corp.


These press releases may also interest you

at 06:37
According to a Department of Justice press release, a South Carolina man was recently sentenced to serve time in federal prison after a criminal tax conviction. This story should serve as a reminder that the consequences of intentionally dodging tax...

at 06:17
NEI Global Relocation's latest whitepaper, "2024 Relocation Trends | Manufacturing," provides a compelling look into how innovative relocation strategies are crucial for the manufacturing sector's talent acquisition and retention efforts. This comes...

at 06:13
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") , one of the largest and most innovative solar module manufacturers in the world, today announced that since March 20, 2024, the Company has repurchased 788,178 American depositary shares...

at 06:08
ConTemporary Locums, a physician-focused medical staffing company, is ushering in a new era with a bold rebrand: Era Locums. This brand evolution marks a commitment to continued innovation and a deeper connection with the company's physician and...

at 06:00
G-P (Globalization Partners), the recognized leader in the global employment market, and standard bearer for industry compliance, today announced it was awarded 50 leader badges in G2's 2024 Spring Report, including Employer of Record Leader, Global...

at 05:45
The Gross Law Firm issues the following notice to shareholders of New York Community Bancorp, Inc. . Shareholders who purchased...



News published on and distributed by: