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February 13, 2016 1:51 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Serinus Energy Inc.

Company Overview

Serinus Energy Inc., together with its subsidiaries, engages in the exploration for and development of oil and gas properties. The company, through its 70% controlling ownership interest in KUB-Gas LLC, holds four producing gas fields, two service rigs, and four gas processing facilities in the north-eastern part of Ukraine. The company also owns a 100% working interest in the Chouech Essaida, Ech Chouech, Sanrhar, and Zinna concessions, as well as a 45% working interest in the Sabria concession located in Tunisia. In addition, it has a 60% working interest in the onshore Satu Mare concession covering an area of approximately 2,949 square kilometers located in north western Romania. The comp...

700-4th Avenue SW

Suite 1500

Calgary, AB T2P 3J4

Canada

Phone:

403-264-8877

Fax:

403-264-8861

Key Executives for Serinus Energy Inc.

Chief Executive Officer, President, Director, Member of Compensation & Corporate Governance Committee, Member of Reserves Committee and Member of Audit Committee
Age: 53
Total Annual Compensation: $468.0K
Chief Financial Officer
Total Annual Compensation: $231.0K
Chief Operating Officer and Executive Vice President
Total Annual Compensation: $360.0K
Compensation as of Fiscal Year 2014.

Serinus Energy Inc. Key Developments

Burisma Seeks To Acquire KUB-Gas Ltd

Burisma Holdings Limited may become the new owner of Kub-Gas company. Burisma is in talks to buy a 70% stake in Kub-Gas from Serinus Energy.

Serinus Energy Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter Ended September 30, 2015; Reports Impairment Charges for the Third Quarter of 2015; Provides Production Guidance for the Fourth Quarter of 2015

Serinus Energy Inc. announced unaudited consolidated earnings results for the third quarter ended September 30, 2015. For the quarter, the company reported oil and gas revenue of $20,449,000 against $46,407,000 a year ago. Net loss was $29,504,000 against net income of $6,551,000 a year ago. Net loss per basic and diluted share was $0.38 against net income per basic and diluted share of $0.08 a year ago. Net loss allocable to company was $30,281,000 or $0.39 per basic and diluted share against net income of $3,793,000 or $0.05 per basic and diluted share a year ago. Capital expenditures was $1,943,000 against $15,553,000 a year ago. Funds from operations (allocable to company) was $3,620,000 or $0.05 per basic and diluted share against $14,311,000 or $0.18 per basic and diluted share a year ago. The drop versus last year was due substantially to lower production and commodity prices. Funds from operations (as reported) was $5,190,000 or $0.07 per basic and diluted share against $17,895,000 or $0.23 per basic and diluted share a year ago. The company reported an impairment charge of $44.3 million against its Tunisian assets for the third quarter of 2015. Average daily production for the fourth quarter to date is approximately 3,870 boe/d (959 bbl/d of oil, 17.1 MMcf/d of gas, 53 bbl/d of liquids).

Serinus Energy Inc. Provides an Update for Operations for the Month of October and Third Quarter of 2015; Provides Capital Expenditures Guidance for 2015

Serinus Energy Inc. provided an update for operations for the month of October and third quarter of 2015. For the quarter, average corporate production was approximately 4,078 boe/d (SEN WI), representing a 2% increase from 3,993 boe/d in the second quarter. The primary cause for the increase was the restoration of production at the Sabria Field after being shut in due to protests from late May to late July. Serinus' working interest production from Tunisia for third quarter was 1,343 boe/d, 11% higher than the 1,206 boe/d in second quarter. Oil averaged 1,053 bbl/d, and gas was 1.7 MMcf/d. The increase was due substantially to the return of the Sabria Field, and the resolution of operational issues with STEG (the national gas utility and transmission utility) related to high ambient temperatures in late June which limited gas sales from Chouech Es Saida. Average production for October to date has been 3,795 boe/d. Production for October to date has averaged 1,120 boe/d. The WIN-12bis well, which was producing over 1,000 boe/d (450 boe/d SEN WI), is currently shut-in and undergoing remedial work to remove blockage in the production tubing. Estimated realized prices in Tunisia during the quarter were $51.31/bbl and $7.93/Mcf. There were two tanker lifts of oil during third quarter of 2015. The company anticipates $17 million of total capital expenditures for 2015 (SEN WI), unchanged from the guidance given in prior press releases this year.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
December 23, 2015
KUB-Gas Holdings Limited
 

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