Oil Prices up After Domestic and International Developments

NEW YORK, November 27, 2017 /PRNewswire/ --

US oil prices jumped to two-year highs or trading up 1.4 percent to $58.83 per barrel last week after reports regarding the Keystone pipeline outage. The Keystone pipeline connects the Canadian oilfields into and with the United States. According to a CNBC report, on November 16th the pipeline spill reduced the usual 590,000 barrel-per-day flow to U.S. refineries. Again Capital founding partner John Kilduff stated, "Right now the big focus is on the outage on the Keystone pipeline. That's taking longer to get back on line than we all thought... Part of the drawdown in Wednesday's inventory report was due to the outage. It could be out for a couple more weeks," CNBC reported. Renaissance Oil Corp. (OTC: RNSFF), Northern Oil and Gas, Inc. (NYSE: NOG), Jones Energy, Inc. (NYSE: JONE), Bill Barrett Corporation (NYSE: BBG), Baytex Energy Corp (NYSE: BTE)

In addition, OPEC in corporation with Russia have finished the outline of a deal to extend oil production cuts to the end of next year. An article by Bloomberg indicates that whatever OPEC and Russia agree on, the countries will have an opportunity to review the conditions of the new deal again in mid-2018.  OPEC and non-OPEC countries are currently working on several formulas that will help meet some of the Russian demands, which include, "linking the cuts to the supply-demand balance on the global oil market, or the level of fuel inventories in industrialized countries," Bloomberg reports.

Renaissance Oil Corp. (OTCQB: RNSFF) is also listed on the TSX Venture Exchange under the ticker symbol 'ROE'. Just earlier today the company announced breaking news that, "the Comisión Nacional de Hidrocarburos (the "CNH") has approved drilling permits for the Chicontepec multi well drilling program on the Amatitlán block in Veracruz, Mexico. In conjunction with its partner Lukoil, Renaissance will conduct the following operations:

- During the week of December 4th, 2017, mobilize the 1000 HP Simmons Edeco Rig 836 to a multi-well drilling location and spud the first well, Amatitlán 1649, of the 10 well drilling campaign;

- Each well will be directionally drilled, targeting multiple Chicontepec intervals, to a total depth of 1975 meters;

- Expected drilling time for Amatitlán 1649 is approximately 15 days; and

- The second well in the program, Amatitlán 1708, will be drilled subsequently from the same multi-well location.

"As the first Canadian operated oil well drilled in Mexican history, the Amatitlán 1649 is a historical milestone", stated Craig Steinke, Chief Executive Officer of Renaissance.  He added, "Rig 836, owned by Canadian based Simmons Edeco, will also be used to drill the planned 4,200 meter measured depth horizontal Upper Jurassic shale well."

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

Northern Oil and Gas, Inc. (NYSE: NOG) is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. Northern has targeted areas in the Williston Basin where activity levels are the highest and offers the highest rates of return on oil drilling projects. On November 8, 2017, the company announced 2017 third quarter results, increased annual production guidance and lowered operating expense expectations for the fourth quarter. Daily production increased 11% sequentially to average 15,321 barrels of oil equivalent per day in the third quarter, for a total of 1,409,501 Boe.

Jones Energy, Inc. (NYSE: JONE) is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Texas and Oklahoma.  On November 7, 2017, the company announced financial and operating results for the third quarter ended September 30, 2017. The Company continues to see strong production from its initial Meramec wells, with the Bomhoff 2H achieving a peak IP90 rate of 1,218 Boe/d consisting of 463 Bbls/d of oil and 4,534 Mcf/d of natural gas. Peak IP90 oil rates for the Bomhoff 2H are 34% above type curve expectations. The Bomhoff 2H had previously achieved a peak IP30 rate of 1,345 Boe/d, consisting of 548 Bbls/d of oil and 4,777 Mcf/d of natural gas. The Company's second Meramec well, the Garrett 1H achieved a peak IP90 rate of 850 Boe/d, consisting of 496 Bbls/d of oil and 2,122 Mcf/d of natural gas. Peak IP90 oil rates for the Garrett 1H are 25% above type curve expectations.

Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, develops oil and natural gas in the Rocky Mountain region of the United States. Recently, the company announced that it has entered into an agreement with unaffiliated third parties to sell its remaining non-core assets located in the Uinta Basin for cash proceeds of approximately $110 million. The transaction is expected to close on or before December 31, 2017, and is subject to customary closing conditions and adjustments. The assets produced approximately 2,300 Boe/d (91% oil) during the third quarter of 2017 and had estimated proved reserves of 12 million barrels of oil equivalent (100% proved developed) as of December 31, 2016.

Baytex Energy Corp (NYSE: BTE) is an oil and gas corporation based in Calgary, Alberta. The company, which first began operations in 1993, is engaged in the acquisition, development and production of crude oil and natural gas. Approximately 80% of Baytex's production is weighted toward crude oil and natural gas liquids.  Baytex's three key oil resource plays - the Eagle Ford in Texas, the Peace River Oil Sands and Lloydminster heavy oil - represent three of the highest rate of return projects in North America. On November 2, 2017, the company reported its operating and financial results for the three and nine months ended September 30, 2017. Production averaged 69,310 boe/d (80% oil and NGL) in Q3/2017, as compared to 72,812 boe/d (79% oil and NGL) in Q2/2017. Production in the first nine months of 2017 averaged 70,473 boe/d. During the third quarter, the company participated in the drilling of 50 (15.3 net) wells with a 100% success rate.

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