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:
- Completed workovers and repair operations on two wells of a scheduled six well workover program;
- Scheduled to start four major workovers with expected completion by end of November 2017;
- Completed civil works for two multi-well drilling pads and initiated lease preparation for remaining drilling locations;
- Submitted all required drilling permit applications for a nine well Chicontepec drilling program, expected to begin in November 2017; and
- Completing final documentation for the drilling of a deeper well targeting the Upper Jurassic shale formation
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.
For further information: Please visit www.renaissanceoil.com or contact us at 1-604-536-3637.
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