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Renaissance Oil Becomes Mexico's 2nd Largest Petroleum Producer after PEMEX

Source: www.gulfoilandgas.com 6/20/2016, Location: South America

Renaissance Oil Corp. has received payment for its first sale of crude oil, condensate and natural gas to the Mexican state oil company, Petroleos Mexicanos (PEMEX). The combined hydrocarbon production, from the Company's three properties in Mexico, was approximately 1,700 barrels of oil equivalent per day. As a result, Renaissance is the second largest petroleum producer in Mexico after PEMEX.

Since the May 10, 2016 signing of the 25 year license contracts for the Mundo Nuevo, Topen and Malva blocks in Chiapas, Mexico, Renaissance has entered into a 90-day transition period whereby PEMEX is transferring operations of the properties to the Company. During this period, the Company has been receiving detailed production reports, including daily estimates of production and crude oil and natural gas compositions. Production for these properties, over the period of May 10–31, 2016, was reported at approximately 708 bbls/d of crude oil and 5.9 MMcf/d of natural gas. Renaissance received an average price of US$39.59 per bbl for its crude oil and condensate production and US$2.77 per Mcf of natural gas. After deductions for operating costs and royalties, Renaissance is generating positive operating cash flow from its Mexico properties.

"Renaissance is pleased with the quality of detailed information received and competent, low cost operations of our properties," stated Craig Steinke, Chief Executive Officer. ''As Renaissance transitions into the properties as operator, our focus is to optimize field efficiencies and to increase the production and cash flow from these properties."

Renaissance continues to make progress on its journey to become a major Mexican energy producer.

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