Renaissance Oil Gets Ready to Drill Amatitlán and Closes Financing

October 17, 2017, Vancouver, Canada – 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.

For further information please visit www.renaissanceoil.com or contact us at 1-604-536-3637.

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