CONSOLIDATES ITS COMMON SHARES ON A TWO FOR
ONE BASIS
HALLIBURTON AGREEMENT SIGNED
VANCOUVER, Sept. 15, 2014 /CNW/ - Renaissance Oil Corp. (the
"Company or Renaissance") (TSX-V: ROE) is pleased to
announce it has received shareholder approval to, among other
things, change its name to Renaissance Oil Corp. and consolidate
its common shares on a two for one basis (the
"Consolidation"). On September 16,
2014 the common shares will trade on a post-Consolidation
basis under the new name and symbol "ROE" and the common share
purchase warrants will trade under the symbol "ROE.WT".
The balance of the subscription receipts of the Company,
previously issued pursuant to a private placement completed on
July 31, 2014, have been converted
(the "Conversion") into 19,166,666 pre-Consolidation common
shares and 19,166,666 common share purchase warrants of the
Company, and the balance of approximately $2,875,000 has been released to the Company from
escrow. Following the Conversion and the Consolidation, the Company
has 47,153,469 common shares, 19,166,666 warrants and 3,901,000
stock options outstanding.
Renaissance's long-term objective is to become a significant
participant in the Mexican energy landscape as the country enters
into a new era, resulting from legislative changes, allowing direct
foreign investment for the first time in 76 years.
Renaissance, with technical and logistical support from Halliburton
Energy Services, Inc. ("Halliburton"), will evaluate
prospects to invest, develop and/or operate oil and gas
exploration, development and/or production activities within
Mexico.
To initiate these strategies, Renaissance is pleased to confirm
it has completed an agreement with Halliburton Consulting, pursuant
to which Renaissance will work with Halliburton to complete a
comprehensive evaluation for feasibility and profitability of
mature fields, bypassed discoveries and shale prospects in
Mexico. This arrangement, which
adds significant depth to Renaissance's evolving technical team,
includes petrophysical, geological, geophysical and geochemical
analysis, as well as petroleum engineering and project
management.
Renaissance looks forward to further engagement with Halliburton
as Mexico undergoes this
unprecedented reform. The first of a reported five bid rounds open
to foreign exploration and production companies is scheduled to
occur during the first half of 2015.
The Company has been advised that Craig
Steinke holds on a post-consolidated basis 5,229,737 common
shares, representing 11.09% of the issued and outstanding
47,153,469 common shares of the Company, 800,000 stock options,
representing 20.51% of the outstanding options and 166,666
warrants, representing 0.87% of the outstanding warrants. Mr.
Steinke would hold 6,196,403 common shares, representing 12.88% of
the then-issued and outstanding shares of the Company on a
partially diluted basis, assuming exercise of all convertible
securities held by Mr. Steinke. Mr. Steinke has ownership and
control over these securities.
The Company has been advised that Ian
Telfer holds on a post-consolidated basis 7,938,856 common
shares, representing 16.84% of the issued and outstanding
47,153,469 common shares of the Company, 500,000 stock options,
representing 12.82% of the outstanding options, 1,520,256 warrants,
representing 7.93% of the outstanding warrants, and 181,500 common
shares of the Company which are subject to a private call option
held by Mr. Telfer. Mr. Telfer would hold 10,140,612 common
shares, representing 20.62% of the then-issued and outstanding
shares of the Company on a partially diluted basis, assuming
exercise of all convertible securities held by Mr. Telfer. Mr.
Telfer has ownership and control over these securities.
The Company has been advised that Casey Capital Strategies, LLC
("CCS"), together with its joint actors, has ownership and
control of, on a post-consolidated basis, 6,000,000 common shares,
representing 12.72% of the issued and outstanding 47,153,469 common
shares of the Company and 4,000,000 warrants, representing 20.87%
of the outstanding warrants. CCS, together with its joint
actors, would have ownership and control of 10,000,000 common
shares, representing 19.55% of the then-issued and outstanding
shares of the Company on a partially diluted basis, assuming
exercise of all convertible securities held.
The Company has been advised that the above securities were
acquired for investment purposes and that the holders have no
present intention to acquire further securities of the Issuer,
although they may in the future acquire or dispose of securities of
the Issuer, through the market, privately or otherwise, as
circumstances or market conditions warrant.
A copy of the early warning reports relating to the above
holdings will be available under the Company's profile on SEDAR at
www.sedar.com.
ABOUT RENAISSANCE
Renaissance is in the business of identifying, acquiring and
developing a diversified shale and mature field portfolio in
Mexico, Spain and other strategic countries, with its
present principal focus being the investigation of shale and mature
field prospects in Mexico, with
Halliburton Energy Services, Inc. In Spain, Renaissance was the successful bidder
on various land positions in certain sedimentary basins. The
awarding of permits are now at varying stages of processing.
Renaissance conducts its Spanish business, through its 40%-owned
Spanish subsidiary, Montero Energy Corporation, S.L.
RENAISSANCE OIL CORP.
Per:
Craig Steinke
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation, relating to
the Consolidation, the change in trading symbol, the Company's
objectives and strategies, its relationship with Halliburton and
the timing of the bid rounds. Forward-looking statements are
statements that are not historical facts; 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. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. 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. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include, but are not limited to, the
Company's inability to receive the required stock exchange
approvals to complete the Consolidation.
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.