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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $2.83 to $67.88 on the New York Merc, while Brent for July lost $2.35 to $76.44 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.15 to WTI ($50.73), unchanged. Natural gas for June lost a fraction of a cent to $2.94. The TSX energy index lost 5.51 points to 198.37.

Craig Steinke and Ian Telfer's Renaissance Oil Corp. (ROE) lost 1.5 cents to 24 cents on 275,300 shares, more than giving back the 0.5 cent that it gained yesterday after releasing its first quarter results. It produced 1,249 barrels of oil equivalent a day from its Chiapas blocks in Mexico, down from 1,667 barrels a day in the previous quarter, as the company halted production on some properties to negotiate surface access rights from landowners. After finally securing the agreements, Renaissance went back to drawing 1,663 barrels a day in April.

Elsewhere in Mexico, so far this year, Renaissance has drilled 10 wells of a 14-well program at its Amatitlan block. Six of the 10 wells are now producing. The company has so far been targeting the shallow Chicontepec formation, but it is not leaving the deeper Upper Jurassic shale untouched for long. It plans to spud its first well targeting the Upper Jurassic in June or July. Renaissance has $14.8-million cash and cash equivalents at the end of the first quarter, including proceeds of $11.14-million from a private placement at 25 cents. Cannacord Genuity analyst Jenny Xenos is "eagerly awaiting" the results from the Upper Jurassic well. She is also pleased with the production results from Chiapas. Ms. Xenos calls Renaissance an "attractive" opportunity. She maintains her rating of speculative buy with a price target of 80 cents.

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