VANCOUVER, Dec. 11, 2017 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V: ROE) is pleased to announce, in conjunction with its partner, Lukoil, the Company has spud the first well of the drilling program, Amatitlán 1649, in Veracruz, Mexico. The drilling program consists of:
- Ten wells each targeting multiple Tertiary age Chicontepec sands; and
- An unconventional shale well targeting the Upper Jurassic Pimienta formation.
Upon receiving final permits, the deeper Upper Jurassic shale well will be integrated into the Chicontepec drilling program.
The Amatitlán block, where operations are led by Renaissance, is an Integrated Exploration and Production Contract (Service Contract). Renaissance and Lukoil are actively progressing the migration of this block into a Contract of Exploration and Extraction (Production Sharing or License Contract) under an improved fiscal regime.
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