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July 28, 2015 9:50 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
President of Winstar Tunisia B V
Total Annual Compensation: $255.5K
Vice President of Legal, General Counsel and Corporate Secretary
Age: 44
Total Annual Compensation: $212.9K
Compensation as of Fiscal Year 2014.

Serinus Energy Inc. Key Developments

Serinus Energy Inc. Reports Operating and Earnings Results for the First Quarter Ended March 31, 2015; Reports Production Results for the Month of April 2015

Serinus Energy Inc. reported production and earnings results for the first quarter ended March 31, 2015. For the quarter, the company oil and gas revenue was $25,155,000 compared with $35,863,000 for the same period last year. Net loss was $4,123,000 or $0.05 per share, basic and diluted compared with net income of $2,734,000 or $0.02 per share, basic and diluted for the same period last year. Funds from operations were $4,344,000 or $0.06 per share against $15,762,000 or $0.20 per share a year ago. Funds from operations (allocable to SEN) were $3,167,000 or $0.04 per share against $11,315,000 or $0.14 per share a year ago. Capital expenditures were $11,246,000 against $10,251,000 a year ago. Production in the first quarter was 4,406 boe/d, down 9% compared to first quarter 2014, and 19% lower than the 5,413 boe/d in fourth quarter 2014. Production was significantly below capacity due to the effects of legislation in Ukraine that reserved a large share of the natural gas market for the state owned National Joint Stock Company Naftogaz. Average daily production (SEN WI) for April 2015 was approximately 4,480 boe/d (1,235 bbl/d of oil, 19.1 MMcf/d of gas, 69 bbl/d of liquids). This reflects a slight increase in production in Ukraine now that the legislation restricting the gas market has been overturned.

Serinus Energy Inc. Provides an Update on the Winstar-13 Well in Sabria Field in Central Tunisia

Serinus Energy Inc. provided an update on the Winstar-13 well in Sabria Field in central Tunisia. Production testing of WIN-13 commenced on April 28, 2015, initially through on-site equipment, and was switched into the flowline on May 5. It is producing 41.5 API light oil and solution gas, consistent with the rest of the field. Initial flow was mostly water as drilling and completion fluids that had been lost to the formation during those operations were recovered. The water cut has dropped continuously since then to its current level of 19%. The current oil rate is fluctuating between 125 - 175 bbl/d with a gas-oil ratio of 2,200 ft per bbl and a flowing wellhead pressure of 403 psi. In contrast, the Winstar-12bis well averaged 553 bbl/d at a flowing pressure wellhead pressure of 2,550 psi during its first week of production in December 2014. The company believes that this disparity is due to a combination of wellbore damage and some type of obstruction in the tubing string. This assessment is based on: The casing pressures on WIN-13 have been varying between 1,700 - 1,800 psi. This indicates obstruction in the tubing since the friction losses normally expected at these production rates cannot account for this large a difference between the tubing and casing pressures at the wellhead; Prior to opening the well for testing, several days of bailing were required in order to reach and remove the plug set in the tubing before the drilling rig moved off. The material recovered during bailing operations was a combination of drilling mud, barite and lost circulation material, with small amounts of formation sand. Management believes that this same combination of material is resulting in significant wellbore damage and inhibiting reservoir inflow. The company is currently preparing a work program using chemical solvents and coiled tubing to address these issues. The requisite equipment and materiel is available in country, and laboratory tests of the solvent on drilling mud samples from both WIN-13 and WIN-12bis have been very encouraging. Operations are expected to commence in mid to late May. In the interim, the well will remain on production to see if it will continue to clean up incrementally on its own. The Sabria Field covers approximately 11,250 acres and is 45% owned and operated by Winstar Tunisia B.V.

Serinus Energy Inc. Presents at New Ukraine Investment Conference, May-13-2015 12:05 PM

Serinus Energy Inc. Presents at New Ukraine Investment Conference, May-13-2015 12:05 PM. Venue: InterContinental Kiev, Kyiv, Ukraine.

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