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On behalf of the Board of Directors,<\/p>\n
RENAISSANCE CLEARED FOR DEVELOPMENT ON CHIAPAS BLOCKS AND ACQUIRES RIGHT OF FIRST REFUSAL ON SHALE LANDS<\/strong><\/p>\n July 9, 2018 \u2013 Vancouver, BC \u2013 Renaissance Oil Corp. (\u201cRenaissance\u201d or the \u201cCompany\u201d)\u00a0(TSX-V: ROE) (OTCQB: RNSFF)\u00a0is pleased to announce it has now received final authorizations from the relevant Mexican authorities to proceed with the development program on the Company\u2019s three 100% held producing properties in the state of Chiapas (the \u201cChiapas Blocks\u201d).\u00a0\u00a0This development program, designed to significantly enhance production along with the exploration of new formations, comprises:<\/p>\n 1) Major work-overs on three existing wells, one at Malva and two at Top\u00e9n; Major work-overs are scheduled to commence in August 2018.\u00a0\u00a0The wells are tied into the existing pipeline infrastructure, allowing for immediate increases in production from the average of 1,643 boe\/d for the month of May 2018.<\/p>\n The first of the four new wells is scheduled to spud in Q4, 2018.\u00a0\u00a0All three of the Chiapas Blocks have infrastructure in place, with significant excess capacity to Pemex facilities, allowing for cost effective tie-ins and short cycle time to first production.<\/p>\n Pitepec Block Right of First Refusal \u201cAs a result of our comprehensive analysis, the Pitepec block displays all of the attributes of a premier unconventional tight oil play\u201d, stated Dan Jarvie, Chief Geochemist of Renaissance.\u00a0\u00a0\u201cThe Upper Jurassic shales are organically rich with thermal maturity measurements indicative of greater than 40\u00b0 API light oil.\u00a0\u00a0The high carbonate content (averaging over 50%) is indicative of a brittle rock fabric that readily fractures and releases retained oil.\u201d<\/p>\n
\n2) Drilling up to four Cretaceous wells, two at Malva, one Mundo Nuevo and one at Top\u00e9n; and
\n3) Extensive coring in new zones of interest across the Chiapas Blocks.<\/p>\n
\nRenaissance recently signed a Right of First Refusal (\u201cROFR\u201d), for the Pitepec block, adjacent to the north of the Amatitl\u00e1n block in the Tampico Misantla Basin.\u00a0\u00a0The Pitepec property, spanning over 248 km2(61,300 acres), is currently producing 1,487 bbls\/d of light oil from the shallow Chicontepec formation and, importantly, much like the Amatitl\u00e1n block, is in the main Upper Jurassic shale fairway.\u00a0\u00a0While the more shallow Chicontepec formation has been the predominant producing zone for the Pitepec block to date, Renaissance\u2019s log and core analysis from previous wells testing the unconventional Upper Jurassic shale formations indicate these deeper source rocks are high potential reservoirs for commercial development.\u00a0\u00a0The ROFR expires on May 31, 2019.<\/p>\n
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