Renaissance Oil Announces Operations Update

December 14, 2017 – Vancouver, BC – Renaissance Oil Corp. (“Renaissance” or the “Company”) (TSX-V: ROE) is pleased to announce, in conjunction with its partner, LUKOIL, the Company has made progress on the work program for the Amatitlán block in Veracruz, Mexico:

  • Completed the 5th workover, with a high stimulation recompletion of an up-hole Chicontepec interval;
  • Installed artificial lift system to the 5th workover where oil production is improving to 75% of volume; and
  • Drilling of Amatitlán 1649 is on schedule at 550 meters of 1,866 meters targeted total vertical depth.

Average production from the Company’s 100% owned and operated blocks in Chiapas, Mexico, for November 2017, was approximately 1,684 boe/d, comprising 39% oil and 61% natural gas.  Average production in November 2017 is approximately 5% higher than October’s estimated average production of 1,607 boe/d.

The Company is pleased to announce that, pursuant to the annual general meeting of December 6, 2017, Mr. Gordon Keep, Mr. Craig Steinke, Mr. Kevin Smith and Mr. Ian Telfer were elected to the board of directors of Renaissance.

Renaissance has become aware of some individuals attempting to defame the Company in Mexican tabloids with false accusations.  Renaissance has commenced legal action against the perpetrators and is pursuing all legal options available to it.

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

RENAISSANCE OIL CORP.
Per:
Craig Steinke
Chief Executive Officer

For further information contact:
Craig Steinke, Chief Executive Officer  |  Tel: 1.604.536.3637
Kevin J. Smith, Vice President, Business Development  |  Tel: 1.403.200.9047

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