Renaissance Reports Third Quarter 2018 Results

(firmenpresse) - Renaissance Reports Third Quarter 2018 Results

November 30, 2018, Vancouver, Canada - Renaissance Oil Corp. (Renaissance or the Company) (TSX-V:ROE / OTCQB: RNSFF) reports its third quarter 2018 results. All dollar figures are Canadian dollars, unless otherwise noted.

THIRD QUARTER 2018 HIGHLIGHTS
- Revenue and operating netback in the third quarter of 2018 reached Company records of $7.1 million and $0.8 million, respectively;
- On the 60,000 acre Amatitlán block, Renaissance, with its partner LUKOIL, completed a 17 shallow well drilling program targeting the Chicontepec tight sand formations and additionally, spud a 3,550 meter well to evaluate important deeper zones, and;
- Strong crude oil and natural gas prices continued into the third quarter as sales of crude oil averaged $84.27/bbl, compared to $80.68/bbl in the previous quarter and $54.09/bbl in the third quarter of 2017, while sales of natural gas averaged $5.03/Mcf compared to $4.51/Mcf in the previous quarter and $4.24/Mcf in the third quarter of 2017.


Three Months Ended
Sep 30, Jun 30, Sep 30,
201 201 201
8 8 7
Producti
on

Crude oil (Bbl/d) 547 596 641
Natural gas (Mcf/d) 6,010 6,360 5,957
Total (Boe/d) 1,548 1,656 1,634

Prices
Crude oil ($/Bbl) 84.27 80.68 56.54
Natural gas ($/Mcf) 5.03 4.51 4.24

Revenue 7,108,917,035,895,437,19
4 7 9

Royalties (5,749,2(5,675,1(4,344,4
79) 60) 92)

Operating Costs (561,836(677,977(407,367
) ) )

Operating netback 797,799 682,760 685,340

Net loss (136,928(1,710,8(500,824
) 87) )

Per share, basic & diluted (0.00) (0.01) 0.00


PRESIDENTS MESSAGE

Operations during and subsequent to the third quarter of 2018 reached a milestone in the ongoing development of the Amatitlán block (Veracruz, Mexico) by Renaissance and LUKOIL. A 17 well drilling program has been completed, intersecting the shallow Tertiary Chicontepec formations. These wells have undergone completion operations and been brought onto production. Renaissance has also completed work-overs and repair operations on eight existing Chicontepec wells. Further, the Renaissance Lukoil partnership has now drilled and cored a deep 3,550 meter well which, with the 17 Chicontepec wells and work-overs, completes the US$45.5 million work program commitment on Amatitlán.

Renaissance produced an average of 1,548 boe/d at the Mundo Nuevo, Topén and Malva blocks (the Chiapas Blocks). Third quarter production on the Chiapas blocks was reduced from the previous quarter due to a temporary shut in of the Topén-3 well while the Company conducts a work-over on this well and negotiates land access for the upcoming new drilling and work-over operations.

Strong prices for crude oil and natural gas continued into the third quarter of 2018 resulting in a record high quarterly revenue of $7.1 million and record operating netbacks of $0.8 million.

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

For further information contact:
Craig Steinke, Chief Executive Officer | Tel: +1-604-536-3637
Kevin J. Smith, Vice President, Business Development | Tel: +1-403-200-9047

Suite 3123, 595 Burrard Street
Vancouver, BC V7X 1J1 Canada
Tel: 1. 604.536.3637
www.renaissanceoil.com

This news release should be read in conjunction with the Companys financial statements for the three and nine months ended September 30, 2018 and related managements discussion and analysis. These filings are available for review on SEDAR at www.sedar.com.

Abbreviations:

bbl obarrel or Mcf: thousand
r barrels cubic
feet
bbls:
bbls/barrels per day Mcf/dthousand
d: : cubic feet
per
day

boe: barrels of oil MMcf:million
equivalent cubic
feet

boe/dbarrels of oil MMcf/million
: equivalent per d: cubic feet
day per
day


Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Canadian securities legislation, including, without limitation, statements with respect to increase production, reduce field operating costs and increase operating netbacks, future prices received for crude oil and natural gas, 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 targets, expects, plans, anticipates, believes, intends, estimate, projects, aims, continue, 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 Companys 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 including risks and uncertainties are discussed in this news release and the Companys audited financial statements and managements discussion and analysis for the year ended December 31, 2017 as filed at www.sedar.com. Although the Company has attempted to take into account important factors that could cause actual results to differ materially from those anticipated, there may be other factors that cause the results of the Companys business not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as 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 managements beliefs, estimates or opinions, or other factors, should change. The forward-looking statements included in this news release are expressly qualified in their entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements.

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.

Unternehmensinformation / Kurzprofil:
Leseranfragen:
Bereitgestellt von Benutzer: irw
Datum: 30.11.2018 - 18:49 Uhr
Sprache: Deutsch
News-ID 584830
Anzahl Zeichen: 7946

contact information:
Town:

Wien

Kategorie:

Business News

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