Renaissance Oil : Completion of Conversion in Full of Convertible Debentures

May 14, 2021, Vancouver, Canada - Renaissance Oil Corp. ('Renaissance' or the 'Company') (TSX-V: ROE) (OTCQB: RNSFF) is pleased to announce that, pursuant to the receipt of notices of conversion from all of the holders of the Company's previously outstanding C$5,000,000 convertible debentures (the 'Debentures'), the Debentures have now been extinguished in full through the issuance of 20,328,976 common shares of the Company (the 'Common Shares'), which includes a total of 328,976 Common Shares issued on account of accrued and unpaid interest owing on the Debentures at the time of conversion at a deemed price of approximately $0.3123 per share (the 'Interest Shares').

The Company received approval of the TSX Venture Exchange to issue the Interest Shares. The Interest Shares are subject to a four month hold period in accordance with applicable Canadian securities laws.