Renaissance Oil Corp. (“Renaissance” or the “Company”) (TSX-V:ROE) reports its second quarter 2017 (“Q2 2017”) results. All dollar figures are Canadian dollars, unless otherwise noted.
As quoted in the press release:
Crude oil production increased by 3% and natural gas production decreased by 10% in Q2 2017 compared with the previous quarter;
Revenues were $5,372,763 in Q2 2017 compared with $5,531,569 in the previous quarter, resulting from general decreases in crude oil and natural gas prices in Mexico and fluctuations in natural gas production;
Operating costs of $2.88 per boe were consistent in Q2 2017 with the previous quarter, and declined by 35% from $4.33per boe, in the fourth quarter of 2016; and
In Q2 2017, Renaissance completed the final closing of a brokered private placement of equity for gross proceeds of approximately $12.8 million.