Renaissance to partner with lukoil in mexico to develop amatitlán oil block – renaissance oil corp


January 11, 2017 – Vancouver, Canada – Renaissance Oil Corp. British pound to us dollar conversion (“Renaissance” or the “Company”) (TSX-V:ROE) is pleased to announce that PJSC LUKOIL (“LUKOIL”), one of the world’s largest oil producers, has chosen Renaissance as their partner for the Integrated Exploration and Production Contract for the 230 km 2 (56,800 acres) Amatitlán block, near Poza Rica, Veracruz, Mexico.

The Amatitlán block is located within the Tertiary aged Chicontepec paleochannel formation, in East Central Mexico.

Market futures for today The Chicontepec formation, referred to as Aceite Terciario del Golfo in Mexico, covers approximately 3,800 km 2 and contains the country’s largest hydrocarbon resource, with certified original oil in place estimated at 59 billion barrels of oil equivalent 2.

“The Upper Jurassic shale interval is widely considered to be the major carbonate source rock for the oil-rich Chicontepec formation but the Upper Jurassic formations have not been commercially developed,” stated Dan Jarvie, Chief Geochemist of Renaissance. Amazon commission rates “Renaissance’s analysis indicates the Upper Jurassic interval is an oil-rich, hybrid system in the Amatitlán block and is highly prospective for targeted stacked pay development of this thick unconventional resource.”

“Innovations in drilling and completion techniques have dramatically improved recoveries in tight oil formations and shales throughout the United States and Canada”, commented Nick Steinsberger, Drilling and Completions Advisor for Renaissance. Cnn futures market “Our goal is to apply modern oilfield development technologies in Amatitlán to re-establish production in the underdeveloped Chicontepec formation and to commercialize the Upper Jurassic shale formations.”

Discovered in 1962, and still largely undeveloped, the main field Amatitlán has produced over 175,000 bbls of light oil ranging from 34° to 44° API with peak production of 650 bbl/d in 2005. The box As a result of the lack of recent drilling and development activities on the Amatitlán Block, production has currently declined to negligible volumes. Us stock chart The Comisión Nacional de Hidrocarburos evaluation of resources effective January 1, 2016 1 estimates Amatitlán contains, in the Chicontepec formation only, 4.2 billion bbls of crude oil and 3.33 trillion cubic feet of natural gas originally in place. Usd pound Previous exploration wells on the Amatitlán block have shown the presence of oil and natural gas at various depths of drilling throughout the block. Canadian dollar news today The Integrated Exploration and Production Contract for Amatitlán allows for the development of the full stratigraphic column, however, to date oil has been produced only from the Chicontepec formation.

Renaissance has entered into a definitive agreement with LUKOIL and Marak Capital S.A. Dollar index chart live (“Marak”) whereby the Company will acquire an indirect 25% interest from Marak in Petrolera de Amatitlán S.A.P.I. Stock futures live market (“Petrolera”), the contractor of the Integrated Exploration and Production Contract for the Amatitlán block for US$1,750,000 (the “Transaction”). Convert usd to euro Marak currently owns a 50% indirect interest in Petrolera, with the remaining 50% held by LUKOIL.

The Company and LUKOIL have agreed that Renaissance will take the lead role in operations for Petrolera for joint development of the Amatitlán block currently held by Pemex-Exploración y Producción. Amazon prime rates The Integrated Exploration and Production Contract is expected to migrate into a Contract of Exploration and Extraction in Q4 2017 with an improved fiscal regime, pursuant to the constitutional amendments of December 20, 2013 reforming the Mexican Energy Industry. Call and put options for dummies Upon closing of the Transaction, and with the expected migration to a Contract of Exploration and Extraction (“CEE”), the Amatitlán CEE will join the existing portfolio of four CEEs now held by Renaissance.

Renaissance is finalizing separate option agreements whereby Renaissance will have an exclusivity period to increase its participating interest in Petrolera up to 62.5%, by acquiring a further 12.5% from Marak and 25% from LUKOIL, upon migration of the Integrated Exploration and Production Contract to a CEE.

“Renaissance, while playing the lead role in operations, is delighted to be working alongside LUKOIL in order to fully develop this high potential property,” stated Craig Steinke, Chief Executive Officer of Renaissance. Family dollar stock price “Amatitlán is a strong strategic fit for Renaissance as the leading independent on-shore oil field operator in Mexico with a solid technical team of global experts in shale resource development.”

At 11:00 a.m. Usd ringgit exchange rate (Eastern Time) on Thursday, January 12, 2017, Renaissance will conduct a conference call to discuss the Transaction. Pound usd converter Craig Steinke, President & Chief Executive Officer, will host the conference call. Usd jpy technical analysis Persons wishing to participate in the conference call may do so by calling 1-888-231-8191 or 647-427-7450 and ask for the Renaissance Conference Call (passcode 52094642). Binary code to text A recording of the conference call will also be available until January 19, 2017 by dialing 1-855-859-2056 (passcode 52094642).

• Comisión Nacional de Hidrocarburos 1P, 2P and 3P Evaluation of Original Volumes, Reserves and Accumulated Production of Hydrocarbons as at January 1, 2016:

This news release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to the commencement of trading of the common shares and warrants of the Company and the composition of the Company’s board of directors following the Meeting. 1 usd to zar 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. Gbp to usd exchange rate 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. Joy news ghana 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. 2000 usd to inr 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. Conversion of usd to rupees 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 secure shareholder approval required to approve the matters to come before shareholders at the Meeting. 1 usd to sek Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.