VANCOUVER, Nov. 27, 2017 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V: ROE) is pleased to announce 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 Simmons Edeco Rig 836 to a multi-well drilling location and spud the first well, Amatitlán 1649, of the 10 well drilling campaign which will occur over the course of several months;
- Each well will be directionally drilled, targeting multiple Chicontepec intervals, to a total depth of 1,975 meters; 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 Mexico, in almost a century, 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.
RENAISSANCE OIL CORP.
Chief Executive Officer
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 the acceptance of the Offering by the TSX Venture Exchange and the anticipated use of proceeds from the Offering. 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: Craig Steinke, Chief Executive Officer | Tel: 1.604-536-3637; Kevin J. Smith, Vice President, Business Development | Tel: 1.403-200-9047