October 26, 2016 12:37 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 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. It also 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 company is headquartered in Calgary, Canada. Serinus Energy Inc. is a subsidiary of Kulczyk Investments, S.A.

700-4th Avenue SW

Suite 1500

Calgary, AB T2P 3J4






Key Executives for Serinus Energy Inc.

Chief Financial Officer
Total Annual Compensation: $199.4K
Vice President of Exploration
Total Annual Compensation: $172.0K
Age: 54
Total Annual Compensation: $468.0K
Total Annual Compensation: $360.0K
Compensation as of Fiscal Year 2015.

Serinus Energy Inc. Key Developments

Serinus Energy Inc. Announces Resignation of Stephen Akerfeldt and Mr. Michael Mcvea from the Board

Serinus Energy Inc. announced changes to its Board of Directors. Mr. Stephen Akerfeldt and Mr. Michael McVea have both resigned from the Board with immediate effect.

Serinus Energy Inc. Announces Management Changes

Serinus Energy Inc. announced changes to its senior executive and Board of Directors. Mr. Timothy Elliott, President and Chief Executive Officer, and Mr. Jock Graham, Executive Vice President and Chief Operations Officer are retiring effective August 31, 2016. At the company's request, both Mr. Elliott and Mr. Graham will remain as advisors to assist the Company during the transition. Mr. Norman Holton, Vice Chairman of the Company and a director since 1993, and Mr. Gary King, a director since 2007, will also retire from the Board on August 31, 2016. Mr. Jeffrey Auld has been appointed as the new Chief Executive Office effective August 31, 2016, to coincide with Mr. Elliott's retirement. The Board has also decided to appoint Mr. Dominik Libicki and Mr. Auld to the Board effective August 31, 2016. Dominik Libicki is Chief Operating Officer and Member of the Management Board of Kulczyk Investments S.A.

Serinus Energy Inc. Announces Earnings and Operating Results for the Second Quarter Ended June 30, 2016; Provides Operating Guidance for the Third Quarter of 2016

Serinus Energy Inc. announced earnings and operating results for the second quarter ended June 30, 2016. For the quarter, the company reported oil and gas revenue was USD 4,080,000 against USD 6,815,000 a year ago. The decrease in revenue against 2015 was due substantially to lower commodity prices. Net loss was USD 3,994,000 or USD 0.05 basic and diluted per share against USD 1,123,000 or USD 0.01 basic and diluted per share a year ago. Comprehensive net loss was USD 3,994,000 or USD 0.05 basic and diluted per share against profit of USD 3,483,000 or USD 0.04 basic and diluted per share a year ago. Funds from operations was negative to USD 714,000 or USD 0.01 basic and diluted per share against positive to USD 1,860,000 or USD 0.02 basic and diluted per share a year ago. Capital expenditures was USD 611,000 against USD 2,531,000 a year ago. For the quarter, the company reported average oil production was 882 bbl/d against 951 bbl/d a year ago. Average gas production was 1,942 Mcf/d against 1,531 Mcf/d a year ago. Average BOE production was 1,206 boe/d against 1,206 boe/d a year ago. Average oil sales price was USD 41.25 per bbl against USD 63.48 per bbl a year ago. Average gas sales price was USD 4.35 per mcf against USD 9.50 per mcf a year ago. Average BOE sales price was USD 37.18 per boe against USD 62.12 per boe a year ago. Tunisian netbacks were USD 11.71/boe in the second quarter, significantly lower than the USD 24.32/boe achieved in the second quarter 2015, due substantially to the effects of lower commodity prices. The company expected average daily production (SEN WI) for the 2016 third quarter to date was approximately 998 boe/d (822 bbl/d of oil, 1.1 MMcf/d of gas). Management estimates that rectification of these issues will restore approximately 900 Mcf/d and 100 bbl/d of production respectively.

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