Chame Energy Corporation entered into a definitive agreement to acquire Mexico operations of Renaissance Oil Corp for $7.5 million on October 25, 2023. A wholly-owned subsidiary of RenCan had provided a loan to RenCan in the amount of $7.5 million. RenCan, in turn, provided a loan in equal amount to ReconAfrica.

Under the terms of a finder's fee agreement between the Company and Willem Veltman and Kevin Smith the Company is obligated to pay to the Finders the aggregate amount of US$200,000 upon closing of the transaction.