Renaissance Oil Corp. (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 12km2 (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 (34° 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.
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