Renaissance Reports Third Quarter 2019 Results

November 4, 2019, Vancouver, Canada – Renaissance Oil Corp. (“Renaissance” or the “Company”) (TSX-V:ROE / OTCQB: RNSFF) reports its third quarter 2019 results. All dollar figures are Canadian dollars, unless otherwise noted.

HIGHLIGHTS FOR THE THIRD QUARTER 2019

  • Revenue and operating netback in the third quarter of 2019 were $4.8 million and $0.8 million respectively, with production improving to 1,264 boe/d compared to 1,226 boe/d in the previous quarter; and
  • Renaissance closed on a strategic investment with Energy Mexican Services, LLC for gross proceeds of US$2.0 million to the Company.
Three Months Ended
Sep 30, 2019 Jun 30, 2019 Sep 30, 2018
Production
  Crude oil (Bbl/d) 381 376 547
  Natural gas (Mcf/d) 5,300 5,102 6,010
Total (Boe/d) 1,264 1,226 1,548
Prices
  Crude oil ($/Bbl) 77.31 82.83 84.27
  Natural gas ($/Mcf) 4.42 4.54 5.03
Revenue 4,832,555 4,955,548 7,108,914
  Royalties (3,747,438) (3,964,234) (5,749,279)
  Operating Costs (238,742) (239,054) (561,836)
Operating netback 846,375 752,260 797,799
Net income (loss) (266,995) (1,112,903) (136,928)
  Per share, basic & diluted 0.00 0.00 0.00

PRESIDENT’S MESSAGE

In the third quarter of 2019, Renaissance, and its partner LUKOIL, continued to negotiate towards the development plan for the Amatitlán block for the commercialization of all prospective zones, with particular emphasis on the Upper Jurassic formations.  Specifically, management is progressing the migration of Amatitlán from a service contract to a mutually beneficial contract structure for all partners.

Renaissance produced an average of 1,264 boe/d at the Mundo Nuevo and Malva blocks in Chiapas during the third quarter of 2019 which has been consistent with previous production levels while Topén-3 has been shut in.  The Company is preparing for the upcoming drilling and work-over activities in Chiapas and has now negotiated all required land access requirements for this work program.

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

This news release should be read in conjunction with the Company’s financial statements for the three and nine months ended September 30, 2019 and related management’s discussion and analysis. These filings are available for review on SEDAR at www.sedar.com.

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