VANCOUVER, Dec. 16, 2015 /CNW/ - Renaissance Oil Corp. (the
"Company" or "Renaissance") (TSX-V: ROE) is pleased to announce
that the Company was awarded three petroleum blocks in Call 3 of
Round 1 auction of 25 on-shore "Mature Field" petroleum blocks in
Mexico (the "Mature Field
Auction"). There were 40 other bidders competing in the
Mature Field Auction for the 25 blocks. The Mature Field
Auction was administered by the Comisión Nacional de Hidrocarburos
(the "CNH") of Mexico and was the
country's first award of on-shore petroleum blocks in 77 years to
companies other than state-owned Petróleos
Mexicanos ("PEMEX").
"Renaissance has made a commitment to it's business in
Mexico and the award of these oil
and gas properties is an important step toward the Company becoming
a major operator in Mexico," said
Craig Steinke, President and Chief
Executive Officer of Renaissance. "We are very pleased to
have been awarded our top three prioritized properties which we
expect to provide a solid foundation to grow Renaissance in
Mexico."
Renaissance focused its bidding strategy on Type 1 Blocks that
by definition have reserves of less than 100 million barrels of oil
remaining in place ("Type 1 Blocks") and contain current production
and facilities. The three blocks awarded to Renaissance,
Mundo Nuevo, Topén and Malva,
currently have aggregate gross daily production of approximately
650 barrels of crude oil and condensate and approximately 6 million
cubic feet of natural gas. The blocks amount to approximately
74 KM2 of surface area and have production growth
opportunities through development drilling using modern technology,
well workovers and field optimization. The Type 1 Blocks are
all located in the state of Chiapas and are in close proximity of each
other which are expected to offer synergies in their field
developments.
The Mature Field Auction featured 21 Type 1 Blocks and the
fields awarded to Renaissance were three of the six largest Type 1
Blocks offered as ranked by remaining oil in place. Together, the
three blocks awarded to Renaissance represent approximately 44% of
the oil in place that was awarded in the Type 1 Blocks Mature Field
Auction, as estimated by CNH.
Renaissance is developing a high quality, diversified portfolio
of mature fields and shale development opportunities in
Mexico. Renaissance's goal is to build significant oil and
gas operations and play a major role in the historical reform of
the energy industry in Mexico.
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, including, but not limited to, statements
with respect to the Company becoming a major operator in
Mexico with the three blocks
awarded to the Company forming a solid foundation to grow the
Company. 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 failure to receive
regulatory approval for the issuance of the shares, the risks
associated with the bidding process and satisfaction of any
prequalifying criteria, and such other risks as disclosed in the
Company's management discussion and analysis and other continuous
disclosure filings.
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.