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Look what they caught , wow 280 million
Ex-CEO of Mexican State Oil Company Pemex Jailed in Spain
MADRID – A former chief executive officer of Mexican state oil company Petroleos Mexicanos (Pemex) wanted in his homeland on corruption charges was ordered jailed on Thursday in Spain by a National Court judge.
The judge took a statement from Emilio Lozoya via videoconference – he still has not been transferred to Madrid since his arrest Wednesday in the southern city of Malaga – and then ordered him jailed on the grounds he poses a flight risk.
Mexican authorities, who now have 45 days to submit their formal extradition request, accuse him of “operations with resources of illicit origin” and say he defrauded the government of approximately $280 million.
Mexican President Andres Manuel Lopez Obrador, who was elected in 2018 in part due to his pledge to fight corruption, said Thursday he was confident that Lozoya would be extradited to his homeland.
“I think so because the Attorney General’s Office is doing its job very well. I remind you that it’s an autonomous institution … What we want is to uproot corruption in Mexico, and this is being done within a legal framework,” he said at his daily press conference at Mexico City’s National Palace.
The 45-year-old Lozoya, who was being sought under an Interpol Red Notice for allegedly accepting bribes from scandal-plagued Brazilian multinational engineering and construction company Odebrecht, was Pemex’s CEO from 2012 to 2016, during the administration of Mexico’s then-president, Enrique Peña Nieto.
A fugitive since May of last year, Lozoya was arrested Wednesday by Spain’s National Police near an upscale residential development in the Costa del Sol region.
Lozoya, who refused to be handed over to Mexico, said he had arrived in Spain just two days ago.
The National Police, however, said the suspect had been located in Malaga province at the beginning of this year after a months-long joint investigation with Mexico’s Attorney General’s Office.
The judge also said in his order that at the time of the arrest Lozoya was riding in a taxi with a forged ID that contained his photograph but the name of another person, “which suggests an intent to evade justice.”
In accordance with Spanish extradition law, Lozoya will be held in preventive detention during the 45-day period allowed for Mexican authorities to deliver their extradition request.
Lozoya is accused of leading a corruption network that received bribes from Odebrecht between 2012 and 2013, according to Spain’s National Police.
Spain’s National Police said it began cooperating with Mexico’s AG’s office after Lozoya went on the run, adding that they found evidence of Lozoya’s presence in different Spanish cities but that the suspect’s high purchasing power and international connections made it difficult to locate him.
The international arrest warrant issued by Mexico stated that Lozoya acquired a property despite knowing that the funds used to purchase it were of illicit origin and did so for the purpose of hiding the origin of that money.
The warrant said he carried out that money-laundering scheme in collaboration with two other suspects: his sister, Gilda Susana Lozoya, and the chairman of Mexican steelmaker Altos Hornos de Mexico (Ahmsa), Alonso Ancira Elizondo, who was arrested in Spain in May of last year and is fighting extradition to Mexico.
Mexican authorities also accuse Lozoya of accepting several million dollars in bribes in connection with Pemex’s 2013 purchase from Ahmsa of a fertilizer plant that had not been operational for more than a decade.
An economist with extensive international experience and a member of a politically connected family in Mexico, Lozoya is one of many powerful Latin American figures in the public and private sectors to be implicated in the sprawling Odebrecht bribes-for-contracts scandal.
Odebrecht and its petrochemical unit, Braskem, reached a settlement in December 2016 with the United States’ Department of Justice in which they pleaded guilty to paying hundreds of millions of dollars in bribes to government officials around the world.
The companies agreed to pay a combined total penalty of at least $3.5 billion to resolve charges with authorities in the United States, Brazil and Switzerland arising out of those schemes.
As part of the settlement, Odebrecht has been cooperating with prosecutors in the affected countries to bring corrupt officials to justice.
This is great !!!
The Steps after Letter of Intent.
It is my understanding, based on my discussions with management, Pemex will have the responsibility to have the service contract migrated to a licence agreement and then a new Licence agreement will be between Pemex and ROE and its partners. Pemex will deal with CNH for this step of the process. Once migrated to a Licence, then the licence agreement between Pemex and ROE will not need CNH approval.
Purpose of Letter of Intent (Term Sheet) - is to set out the terms agreed upon for the drafters of the contract. One of the terms will be that Pemex migrates the contract.The Letter of Intent is a key to the contract as it sets out the terms of the deal.
The contract terms will follow what has been set out in the Letter of Intent (the term sheet) and the contract will be prepared by the Pemex lawyers in conjunction with ROE’s team of lawyers. This will likely be a 60 to 80 page contract and it will be drafted by Pemex lawyers in conjunction with the ROE legal team.
The contract will be a Licence/ working interest type of contract. A working interest is better than a revenue sharing contract, however, I will describe the proposed contract as being a working interest /revenue sharing contract.
The structure is designed as a license/working interest in order for Pemex to be able to maintain all of the reserves as being that of Pemex and based on the working interest, for financing purposes allows ROE and its partners to claim the Reserves on their respective working interest.
The partners in the working interest / revenue sharing will be Pemex and the ROE Partners.
ROE and its partners, Lukoil and Marak Financial will provide all of the risk capital and financing to develop the field. Pemex will put no money into the development.
The royalty structure will have the usual base rate of about 7.0% which will increase on a sliding scale depending on the price of oil. There will an additional royalty to the Government,likely on the order of 12-15% and then Pemex and the partners will share the revenue on an agreed upon percentage based on their respective working interest. This percentage was not disclosed to me, but likely on the order of 10% to Pemex. The Division between ROE and its partners will depend on how much ROE is able to buy into depending on the financing arrangements. ROE has a 25% interest in the partnership with Lukoil and Marak and can extend this up to 62.5%. This part has not been finalized as it depends on how all of the financing comes together.
I am guessing that when you add the Pemex Revenue share to the royalty structure for the Government you will end up between 21 -24% in royalties depending on the price of oil and about 9-10% of the Revenue after Royalties to Pemex for total of about 1/3 to Pemex and Government and the balance to ROE and its partners.
This is not an unusual type of contract or Royalty structure. In Texas, the landowner often gets a 25% royalty or percentage. On state owned lands the royalty is 25%. So if I am correct on what is being agreed upon, it is a good deal for all of the parties involved.
Since ROE and its partners will finance all of the risk and development costs there will be no cap on revenues they can earn, which means if they have outstanding success, there is no cap on what the partnership can earn.
Chincontepec oil is part of the production from the whole block.
Pemex will not be paying out the $45.0 million or so it owes to ROE and its partners. The Revenue from the 17 Chincontepec wells will be included as part of the overall production under the contract. That oil production will be part of the production from the block and ROE will get its share depending on its final working interest.
ROE will be the operator on the project.
This is great news
ROE closed at .085 on Thursday and the company sold these shares at 20 cents
Renaissance Announces Financing and Management Update
from
Canada NewsWire
VANCOUVER, Jan. 9, 2020
VANCOUVER, Jan. 9, 2020 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V: ROE) (OTCQB: RNSFF) is pleased to announce that it has entered into an agreement to issue to an investor 6,578,500 common shares of the Company (the "Shares") at a price of C$0.20 per Share for proceeds to the Company of US$1 million (the "Investment").
The proceeds from the Investment will be used to fund capital expenditures and for general corporate purposes. The Investment is expected to be completed on or about January 13, 2020 and is subject to acceptance by the TSX Venture Exchange. The Shares will be subject to a hold period expiring four months and one day from closing of the Investment, in accordance with applicable Canadian securities laws.
Renaissance also announces that Carol Law, Chief Operating Officer, retired from the Company effective December 31, 2019. We wish to thank Carol for her valuable contribution to the Company. Carol will continue to support Renaissance going forward as a technical advisor for a term of two years.
Renaissance continues to make progress on its journey to become a major Mexican energy producer.
RENAISSANCE OIL CORP.
Per:
Craig Steinke
Chief Executive Officer
Volume picking up for RNSFF / ROE.V
in Canada , today was 420,000 in Canada
Big news for KSA
Houthi rebels claim mass capture of Saudi troops
"Houthi rebels in Yemen say they have captured a large number of Saudi troops after a major attack near the border between the two countries.
A Houthi spokesman told the BBC that three brigades had surrendered near the Saudi town of Najran.
He said thousands of soldiers had been captured and many others killed. Saudi officials have not confirmed the claim.
The operation was the largest of its kind since the conflict began, the spokesman said.
Colonel Yahiya said Saudi forces had suffered "huge losses in life and machinery".
All those captured would be paraded on the Houthi-run Al Masirah TV network on Sunday, he added.
say they launched a drone and missile:
https://www.bbc.com/news/world-middle-east-49866677
******************************************
"Yemen's Houthi movement has said it carried out an attack near the border with the southwestern Saudi region of Najran and captured "thousands" of enemy troops including several Saudi army officers but there was no immediate confirmation from the authorities in Saudi Arabia.
A spokesman for the Yemen-based rebels said in a statement on Saturday that three "enemy military brigades had fallen" in the attack, which he said was launched 72 hours earlier in the vicinity of Najran and was supported by the group's drone, missile and air defence units.
Houthi-run Almasirah TV quoted the spokesman as saying they captured "thousands" of enemy troops, including many officers and soldiers of the Saudi army, as well as "hundreds of armoured vehicles".
The Houthi military spokesperson said the operation reveals to Saudi Arabia that the Yemeni fighters are capable of further penetrating into Saudi:
https://www.aljazeera.com/news/2019/09/houthis-claim-capture-thousands-saudi-troops-attack-190928144722091.html
News out
Renaissance Announces Strategic Investment by Energy Mexican Services, LLC
V.ROE | 17 minutes ago
Canada NewsWire
VANCOUVER, Sept. 25, 2019
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES./
VANCOUVER, Sept. 25, 2019 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V: ROE) (OTCQB: RNSFF) is pleased to announce that it has issued to Energy Mexican Services, LLC 13,333,333 units (the "Units") at a price of C$0.20 per Unit, with each Unit comprised of one common share of the Company (each, a "Share") and one common share purchase warrant of the Company (each, a "Warrant") entitling the holder to acquire one additional common share of the Company at a price of C$0.35 until September 25, 2023, for proceeds to the Company of US$2 million (the "Investment").
Energy Mexican Services, LLC ("EMS") is a company with multiple activities in the infrastructure development, O&G services, transportation and construction sectors. EMS was founded with the intention of developing business opportunities in the energy sector, activity that has increased after the opening of the Mexican Oil and Gas industry in 2013.
The proceeds from the Investment will be used to acquire additional oil and gas rights in Mexico, fund capital expenditures and for general corporate purposes.
In connection with the Investment, the Company issued 399,999 Units on the same terms as those issued in connection with the Investment in satisfaction of a finder's fee.
The Investment is subject to final acceptance by the TSX Venture Exchange. The Shares and the Warrants, including those issued in satisfaction of the finder's fee, are subject to a hold period expiring on January 26, 2020, in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities mentioned in this news release have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
Renaissance continues to make progress on its journey to become a major Mexican energy producer
Read more at https://stockhouse.com/news/press-releases/2019/09/25/renaissance-announces-strategic-investment-by-energy-mexican-services-llc#0W9etUOgQpBFJcHc.99
where is your news!!!!!!!!! I could guess
should be getting update on new wells soon
Good guess all should be frac and ready for production
From another board by Boots333
Boots333
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Very good result
In my opinion this was a very good result. The shallower levels in the Chincontepec formation are complex and from the research I have done, Pemex and various other contractors and companies have not been able to figure it out. Latina Corp which has the Pitepec block just North of the Amititlan block (ROI has an option to acquire 50% of that block) has drilled 21 wells since 2016 in the shallower formations and has reached a production level of 1,075 Bopd, or an average of 51 Bopd per well.
Since this is the first well completed by ROI they won’t know the decline rate. We don’t know how this well was drilled, directional drilling can mean many things and fracking a well can be done in many methods. I would expect what ROI has done will not become public knowledge.
I have not been able to get information on the depth of the well, but the ten wells are to be shallow ones. At this production level there should be a payback within 8 months based on the costs they have incurred.
The big prize is supposed to be in the Upper Jurassic formation and they expect to be drilling the first exploration and production well into that zone in the first half of this year. From their website ROI indicates it will be an exploration well, but also a first, horizontal, fracked, production well with an estimated 1200 Bopd. All of these wells at both levels will be providing key information for future drilling.
News out !!!
VANCOUVER , March 13, 2018 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (ROE.V) is pleased to announce, in conjunction with its partner, LUKOIL, the Company has finished drilling six wells of the approved 10 Chicontepec well appraisal program for the Amatitlán block:
The first two wells drilled, Amatitlán 1708 and 1649, both having intersected several thick Chicontepec sands, were fracture treated for gross stimulated sand thickness of 145 meters and 110 meters, respectively;
Amatitlán 1708 was placed on production approximately three weeks ago with the well currently producing 180 bbls/d of 100% 43° API light oil;
Amatitlán 1649 has been placed on production for approximately 10 days and is currently flowing back frac fluid in combination with 41° API oil;
The third and fourth wells drilled, Amatitlán 1754 and 1718, also encountered multiple stacked sands in the Chicontepec formation, are now undergoing completion operations;
The fifth and sixth wells, Amatitlán 1718 and 1776, have now been drilled, logged and are undergoing completion designs; and
The rig has been mobilized to the third multi-well drilling pad, which is expected to provide the final four drilling locations to fulfill the current Chicontepec well appraisal program.
As we reach the midpoint of the Chicontepec drilling program, operations have been efficient, below budget with drilling times faster than expected. From spud date to rig release, the Renaissance LUKOIL partnership is delivering directional wells, on average, in 12 days. Further, the operations team is pioneering new completion techniques, fracture stimulating two adjacent wells simultaneously, thereby reducing costs and time to bring new wells on production.
"We are delighted with the initial success of the Chicontepec wells which encountered significant pay zones. The Chicontepec strategy has been to locate wells in areas where multiple stacked sands have been identified on seismic, providing the highest likelihood of maximizing sand quality and thickness" stated Craig Steinke , Chief Executive Officer of Renaissance. "Conversely, the Upper Jurassic shales, the target of the deeper unconventional play, are relatively uniform, averaging 200 meters thick and exist under the entire 60,000 acre Amatitlán block."
Renaissance has now received initial authorization from the relevant Mexican authorities to proceed with the work program on the Company's 100% held producing properties in the state of Chiapas . This drilling program comprises: 1) heavy work-overs on three existing wells, 2) drilling three Cretaceous wells and 3) coring other zones of interest. Civil works to prepare roads and drilling pads will begin immediately allowing for phase one of the work program, the heavy work-overs, to start by mid April. Drilling services for the three new wells are now being negotiated with expectations of the first spud on or before the first week of June.
Renaissance is pleased to announce it has been named a 2018 TSX Venture 50® company in an annual ranking of the exchange's top 50 publicly traded companies identified as leaders in creating shareholder value based on three equally weighted criteria: market capitalization growth, share price appreciation and trading volume.
Renaissance is featured in a TSX Venture 50 video available a
ROE is drilling down in Mexico right now .
Per the company presentation on there website the rig moved to the second well pad after drilling 2 wells on the first pad. Guess they are fracing the first 2 wells and should be done and we are waiting on results
Today’s Top OTC Winners:: Renaissance Oil Corp. (OTCQB: RNSFF) +20.99%: Shares of the Canadian oil company climbed 20.99% today, but there was no news or press from the company. Overall, the stock saw volume of 2.75 million shares on the day.
http://emerginggrowth.com/emerginggrowth-com-daily-dozen-winners-vs-losers-298/
$RNSFF Bullish investor stock report BUY Rating .... http://allpennystocks.bullishinvestor.com/co-brand/stock-quote/?s=RNSFF
$RNSFF gets American Bull Buy Rating today https://www.americanbulls.com/SignalPage.aspx?lang=en&Ticker=RNSFF
$RNSFF https://freeburgstandard.com/2018/02/26/technicals-in-focus-tracking-shares-of-renaissance-oil-corp-rnsff/Technicals in Focus: Tracking Shares of Renaissance Oil Corp (RNSFF)
Freeburg Standard - 6h ago
Crunching the numbers for Renaissance Oil Corp (RNSFF), we have recently spotted that the -DI is higher than the +DI. Traders may be keeping close tabs to see if the stock is displaying signs of bearish momentum.Technicals in Focus: Tracking Shares of Renaissance Oil Corp (RNSFF)
Freeburg Standard - 6h ago
Crunching the numbers for Renaissance Oil Corp (RNSFF), we have recently spotted that the -DI is higher than the +DI. Traders may be keeping close tabs to see if the stock is displaying signs of bearish momentum.
$RNSFF I hope so!! If you own the stock, you would love some promotion.....that's what the stock market is all about Promotion.
Stocks with no pump, are worthless stocks. no movement, no gains
Best to be in early if true pump,,, either way, stock wants to go higher and extremely strong volume, for this stock.
Looks like a new HOD shortly
Does this mean that one of the penny stock promoters is about to do a quick pop promo on the company?
$RNSFF Funny, no one here. Price up 23% right now. Seems to be growing larger and larger legs...Could go much higher.
Watch close.
Could explode up shortly
presidents message
PRESIDENT'S MESSAGE
Renaissance has made significant progress in the initiation of its field evaluation program at the Amatitlán block in Veracruz, Mexico, including the repair of approximately 30 kms of existing community roadways and the building and reconditioning of several large multi-well pads for drilling and workovers. The Company has now conducted workover and repair operations on four wells of a scheduled six well workover program. The Comisión Nacional de Hidrocarburos (the "CNH") has approved drilling permits for the Chicontepec multi-well drilling program on the Amatitlán block with drilling rig mobilization expected to commence early December 2017.
The Company is diligently working to obtain the permit to spud a deeper unconventional well on Amatitlán targeting the Upper Jurassic shale formations. Renaissance plans to drill an initial vertical hole to evaluate the entire Upper Jurassic section, followed by a horizontal well within a specifically targeted Upper Jurassic interval and complete the well with a high energy stimulation. Based on proprietary geochemical evaluation, Renaissance believes the Upper Jurassic section throughout the Amatitlán block is a high potential reservoir. Based on the success of the first well, the 60,000 acre block has the potential for an aggressive unconventional development program. Renaissance has taken the lead role in operations and holds options to increase its interest in Amatitlán to 62.5% of current partner's interest, upon successful development of the property.
Read more at http://www.stockhouse.com/news/press-releases/2017/11/28/renaissance-reports-third-quarter-2017-results-and-operational-update#JjMjSlSjtL6dG0oL.99
per reports ROE to start drilling in a few days
Today was the AGM meeting and guys that went said nothing new , see insiders bought more again
ROE / RNSFF has started the upward climb
could start drilling soon and then with good results we will be in the cat bird seat !!!!
Renaissance Oil successfully brings Amatitlán back into production
NEWS PROVIDED BY
Renaissance Oil Corp.
Nov 06, 2017, 07:00 ET
VANCOUVER, Nov. 6, 2017 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V: ROE) is pleased to announce, in conjunction with its partner Lukoil, the Company has progressed the field evaluation program to production for the Amatitlán block in Veracruz, Mexico. Renaissance has now:
Completed the third workover of a scheduled six well workover program with the fractured recompletion of a lower zone in the Chicontepec formation in a previously non-producing well;
Gross production from the three workovers has stabilized at approximately 110 bbls/d of 38° API light oil;
Gross cost for the three workovers is estimated at C$650,000, or under C$6,000 per producing barrel;
The workover rig has now been redeployed to the fourth location, with expected completion of the operation by mid-November; and
Drilling rig crews and equipment have now received all required certifications and expected to be moved to the first drilling location in the coming weeks, subject to finalizing drilling permits.
"In keeping with the committed work program, Renaissance and Lukoil are efficiently re-establishing production on Amatitlán through light and heavy workovers and are rig ready to commence drilling the shallower Chicontepec and deeper Upper Jurassic Shales," stated Craig Steinke, Chief Executive Officer of Renaissance.
Non-Brokered Private Placement
The Company has entered into a non-brokered private placement with certain members of the Renaissance technical team for 4 million units at a price of C$0.25 per unit for gross proceeds to the Company of C$1 million (the "Offering"). Each unit comprises one common share of Renaissance (a "Share") and one common share purchase warrant (a "Warrant") each Warrant exercisable to acquire one additional Share of Renaissance at a price of C$0.50 for 5 years. All securities issued under this Offering will be subject to a hold period of four months and one day from issuance, in accordance with applicable Canadian securities laws. It is expected the Offering will be completed in approximately two weeks, subject to acceptance by the TSX Venture Exchange. The proceeds from the Offering will be used to develop Company properties in Mexico and for general corporate purposes.
The Company further announces that pursuant to the Company's stock option plan, it has granted to directors, officers, consultants and employees of the Company options to purchase an aggregate of 1,200,000 common shares of the Company at a price of C$0.25 per share for a period of up to ten years, subject to regulatory approval.
Renaissance continues to make progress on its journey to become a major Mexican energy producer.
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, without limitation, statements with respect to the acceptance of the Offering by the TSX Venture Exchange and the anticipated use of proceeds from the Offering. 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.
For further information: Craig Steinke, Chief Executive Officer | Tel: 604-536-3637; Kevin J. Smith, Vice President, Business Development | Tel: 403-200-9047
Organization Profile
Renaissance Oil Corp.
$RNSFF UP 27% TODAY
I'm assuming the spike in the price of oil is the main driver, but OTCQB certification probably didn't hurt. The OTCQB is a smart and cost-efficient way to establish credibility without the ridiculous expense of the established exchanges. When the "big reset" hits (probably in 2018) $RNSFF should be well positioned.
http://www.otcmarkets.com/financialReportViewer?symbol=RNSFF&id=180167
This PR is great news for RNSFF / ROE.V ! Glad I loaded up on the cheap 15 to 17 cents USA , now I can sit back and count the $$$$$$ I'm making
$RNSFF NEWS
Renaissance Oil Gets Ready to Drill Amatitlán and Closes Financing
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.
For further information: Please visit www.renaissanceoil.com or contact us at 1-604-536-3637.
Organization Profile
Renaissance Oil Corp.
Roe is moving with volume today ,,,last sale 23 cents Canadian
Must be expecting great news next week
People keep a eye on this stock , leases they have in Mexico could be good stuff
Renaissance announces acquisition of its fourth block in Mexico, operations update and key additions to management
2:00 am ET August 26, 2016 (Dow Jones) Print
Renaissance announces acquisition of its fourth block in Mexico, operations update and key additions to management
Canada NewsWire
VANCOUVER, Aug. 25, 2016
VANCOUVER, Aug. 25, 2016 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V: ROE) is pleased to announce the Company has entered into a license contract for the development of the Pontón block in Veracruz, Mexico. Pontón is approximately 12km(2) (2,965 acres) and now the fourth property, in Mexico, to be operated by Renaissance. Although not currently producing, Pontón has cumulatively produced approximately 800,000 barrels of light oil (34deg API). Renaissance is preparing field development plans with the objective to re-establish and grow production on this block. The Pontón license contract includes the entire stratigraphic column and was awarded to Renaissance with an additional royalty of only 21.39%, significantly contributing to the Company's objective of reducing the average royalty rate of its portfolio properties in Mexico.
Renaissance is also pleased to announce it has completed the 90 day transition period and has now assumed full operatorship of the one hundred percent (100%) held Mundo Nuevo, Topén and Malva blocks in Chiapas, Mexico (the "Chiapas Blocks"). The Company has subsequently entered into a sale and purchase agreement with Petróleos Mexicanos ("PEMEX") for the oil and natural gas production from the Chiapas Blocks, ensuring access to market for future production. Aggregate production from the Chiapas Blocks for July averaged approximately 1,700 barrels of oil equivalent per day of which approximately 45% comprises crude oil.
Renaissance has now opened its field operations office in Villahermosa, Tabasco, which is in close proximity to the Chiapas Blocks. Preparations are actively underway for field development including numerous work overs and drilling of new wells. These operations are expected to commence in the first quarter of 2017.
Renaissance is pleased to announce the promotion of Carol Law to the position of Chief Operating Officer. Ms. Law joined Renaissance in September 2015 and has been a key contributor to our evaluation of the Chiapas Blocks and other opportunities in Mexico. Ms. Law has exploration and operational experience in more than 40 countries, and has led teams to major discoveries on four continents. She most recently managed the Anadarko exploration and appraisal of the world class Prosperidad Gas discovery in the Rovuma Basin, offshore Mozambique. Over the course of her 32- year career, Ms. Law has held senior management roles with Anadarko Petroleum, Kerr McGee Oil & Gas, BP/Amoco and Conoco Inc.
Renaissance has also appointed and welcomes Luis Miguel Labardini to the position of Country Manager. Mr. Labardini has been a valued advisor to the Company for the past 18 months in his consulting role with Marcos y Asociados. Mr. Labardini brings extensive industry experience to Renaissance having held several high profile positions including Senior Advisor to the CFO of PEMEX, Deputy Director for Trade Financing at the Mexican Ministry of Finance and the Deputy Director for Foreign Investment at the Mexican Ministry of Finance.
Renaissance continues to make progress on its journey to become a major Mexican energy producer.
For further information, please visit our website at www.renaissanceoil.com.
RENAISSANCE OIL CORP.
Per:
Craig Steinke
Chief Executive Officer
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 MMcf/d million cubic feet per day
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 the Company optimizing field efficiencies to increase the production and cash flow from the properties in Mexico and the Company becoming a major Mexican energy producer. 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.
/CONTACT:
Craig Steinke, Chief Executive Officer, Tel: +1 604-536-3637; Kevin J. Smith, Vice President, Business Development, Tel: +1 403-200-9047
Copyright CNW Group 2016
(END) Dow Jones Newswires
August 26, 2016 02:00 ET (06:00 GMT)
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