Source CANADA NEWSWIRE
Date 09/07/2017
Time 04:01:33 AM
Company Renaissance Oil Corp.
Title Renaissance Announces Option to Acquire Additional Acreage in Shale
Play
CDNX Symbol: ROE
Press Release
" BC-RenaissanceOilShale 09-07 0897
News release via Canada NewsWire, Toronto 416-863-9350 -ME-
Attention Business Editors:
^Renaissance Announces Option to Acquire Additional Acreage in Shale
Play@
VANCOUVER, Sept. 7, 2017 /CNW/ - Renaissance Oil Corp. ("Renaissance" or
the "Company") (TSX-V:ROE) is pleased to announce it has entered into an
Option Agreement and a Technical Services Agreement with Constructora y
Perforadora LATINA ("Latina"). Under the terms of the Technical Services
Agreement, Renaissance will assist Latina in the performance of operations
under the Pitepec Integrated Exploration and Production Contract ("Pitepec
CIEP") with Pemex-Exploración y Producción ("Pemex").
The Pitepec CIEP is a 248 km2 (61,300 acres) service contract for the
exploration and production of oil and gas near Poza Rica, Veracruz, Mexico,
and is positioned to migrate into a Contract of Exploration and Extraction
("CEE"), pursuant to the constitutional amendments of the Mexican Energy
Reform.
The Option Agreement provides Renaissance, subject to Pemex and
government consent, with the exclusive right to acquire up to 50% of Latina's
interest in the Pitepec block at fair market value, following migration.
Additionally, subject to Pemex and government consent, Renaissance holds the
right to operate the Pitepec CEE post migration. The Pitepec block is adjacent
to the North of the 243 km2 (60,000 acres) Amatitlán block, currently operated
by Renaissance, under the Amatitlán Integrated Exploration and Production
Contract.
ABOUT PITEPEC
The Pitepec block is located in the Tertiary aged Chicontepec
paleochannel formation, in East Central Mexico, and is on trend with the
deeper Upper Jurassic shale formations that are widely considered to be the
main source rocks for Mexico's prolific conventional oil production. While the
more shallow Chicontepec formation has been the predominant producing zone for
the Pitepec block, Renaissance's log and core analysis, from previous wells
testing the Upper Jurassic shale formations, indicate these deeper source
rocks are high potential reservoirs for commercial development.
Discovered in 1943, and still largely undeveloped, Pitipec reached
initial peak production of 150 barrels of oil per day, in 2012. Under the
operations of the Pitepec CIEP, Latina has drilled 21 new Chicontepec wells
since 2016 and has increased production to the current level of 1,075 bbls/d
of light crude oil, with density ranging between 32° to 40° API. Mexico's
Comisión Nacional de Hidrocarburos official estimates for the Pitepec block
are 6.4 billion barrels of oil and 2.5 trillion cubic feet of natural gas,
originally in place1.
ABOUT LATINA
Constructora y Perforadora LATINA is a Mexico City based private energy
and drilling company, established in 1947, with over 700 employees and
achieved over $100 million of revenue in 2016. As a leading provider of
integrated oil field services in Mexico, Latina is the operator of a modern
fleet of onshore and offshore drilling rigs and is the largest geothermal
drilling company in Latin America. Latina has deep knowledge and experience as
a driller and operator of oil and gas fields, in Mexico, and has a
long-standing relationship with Pemex, jointly developing petroleum projects
both on-shore and in shallow water.
"Working with Latina and their modern fleet of drilling rigs on the
Pitepec block is a significant advancement in a core area. The deal structure
with Latina positions Renaissance, on a gross basis, to double the Company's
acreage in the Upper Jurassic shale trend," stated Craig Steinke, Chief
Executive Officer of Renaissance. "With the availability of numerous well
logs, core samples and 88.6% of the area having 3D seismic information,
Renaissance, Latina and Pemex are well positioned to develop the significant
potential for the Pitepec block."
Renaissance continues to make progress on its journey to become a major
Mexican energy producer.
RENAISSANCE OIL CORP.
Per:
Craig SteinkeChief Executive Officer
___________________________________________________________
Footnotes Source:
<<
1. Comisión Nacional de Hidrocarburos. http://portal.cnih.cnh.gob.mx
>>
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 StatementsThis news release
contains certain "forward-looking statements" within the meaning of Canadian
securities legislation, including, without limitation, statements with respect
to increase production, the initiation of and success of the drilling program
at Amatitlán and at the Chiapas Blocks 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.
View original content:
http://www.newswire.ca/en/releases/archive/September2017/07/c2511.html
-0- 09/07/2017
/For further information: visit our website at www.renaissanceoil.com or
contact: Craig Steinke, Chief Executive Officer | Tel: +1-604-536-3637; Kevin
J. Smith, Vice President, Business Development | Tel: +1-403-200-9047/
(ROE. RNSFF)
CO: Renaissance Oil Corp.
ST: British Columbia
IN: OIL GAS FIN
SU:
-30-
-
Taux annuel fixe de 2,337 %, payable en
versements semestriels égaux, échéant le 22
juillet 2021 525
000 525 000
Taux annuel fixe de 3,095 %, payable en
versements semestriels égaux, échéant le 5
novembre 2018 400
000 400 000
Taux variable équivalant au taux des
acceptations bancaires à 3 mois majoré de 59
points de base, payable trimestriellement,
échéant le 16 mars 2020 300
000 -
Taux variable équivalant au taux des
acceptations bancaires à 3 mois majoré de 54
points de base, payable trimestriellement,
échus le 16 mai 2017
- 274 834
Facilité de crédit renouvelable non garantie échéant le 14 décembre
2021
- 130 000
Intérêt à payer sur les billets non garantis de premier
rang 4
635 3 809
----- -----
Total de la
dette
1 479 635 1 333 643
(equal sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal
sign)(equal sign)(equal sign) (equal sign)(equal
sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal
sign)(equal sign)
Aux
(en milliers de
dollars)
30 juillet 29 janvier
2017 2017
$ $
(equal sign)(equal sign)(equal sign) (equal
sign)(equal sign)(equal sign)
Le tableau suivant présente un rapprochement du total de la dette et de la
dette nette :
Total de la
dette
1 479 635 1 333 643
Trésorerie et équivalents de
trésorerie
(79 226) (62 015)
------- -------
Dette
nette
1 400 409 1 271 628
(equal sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal
sign)(equal sign)(equal sign) (equal sign)(equal
sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal sign)(equal
sign)(equal sign)
2) La croissance des ventes des magasins
comparables constitue une mesure de
l'augmentation ou de la diminution,
selon le cas, en pourcentage des
ventes des magasins ouverts depuis
au moins 13 mois d'exercice complets
par rapport à la période
correspondante de l'exercice
précédent, y compris les magasins
délocalisés et agrandis.
3) La marge brute correspond au profit
brut divisé par les ventes. Les
frais généraux en pourcentage des
ventes correspondent aux frais
généraux divisés par les ventes. La
marge d'exploitation correspond au
résultat d'exploitation divisé par
les ventes. La marge du BAIIA
correspond au BAIIA divisé par les
ventes.
4) À la clôture de la période.
SOURCE Dollarama inc.
Consulter le contenu original : http://www.newswire.ca/fr/releases/archive/September2017/07/c3694.html -0- 09/07/2017 /Renseignements: Investisseurs : Michael Ross, FCPA, FCA, Chef de la direction financière, 514 737-1006, poste 1237, michael.ross(at)dollarama.com; Médias : Lyla Radmanovich, 514 845-8763, media(at)rppelican.ca; www.dollarama.com/ /Web Site: www.dollarama.com / (DOL.) CO: Dollarama inc. ST: Québec IN: REA SU: ERN DIV