VANCOUVER, Oct. 17, 2017 /CNW/ - 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.
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
|
Cautionary Note Regarding Forward-Looking
Statements
This news release contains certain
"forward-looking statements" within the meaning of Canadian
securities legislation, including, without limitation, statements
with respect to increased production, the initiation of the
drilling program at Amatitlán and at the Chiapas Blocks, the
Company becoming a major Mexican energy producer and with respects
of the anticipated use of proceeds from the
investment. Forward-looking statements are statements that are
not historical facts which address events, results, outcomes or
developments that the Company expects to occur; 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. Certain material assumptions
regarding such forward-looking statements are discussed in this
news release and the Company's annual and quarterly management's
discussion and analysis filed at www.sedar.com. 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.
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.