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$2.0 million to the Company.
|Three Months Ended|
|Sep 30, 2019||Jun 30, 2019||Sep 30, 2018|
|Crude oil (Bbl/d)||381||376||547|
|Natural gas (Mcf/d)||5,300||5,102||6,010|
|Crude oil ($/Bbl)||77.31||82.83||84.27|
|Natural gas ($/Mcf)||4.42||4.54||5.03|
|Net income (loss)||(266,995)||(1,112,903)||(136,928)|
|Per share, basic & diluted||0.00||0.00||0.00|
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.