July 24, 2017 4:21 PM 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 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 765,000 acres in northwest Romania. The company was formerly known as Kulczyk Oil Ventures Inc. and changed its name to Serinus Energy Inc. in June 2013. 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

Canada

159 Employees

Phone:

403-264-8877

Fax:

403-264-8861

Key Executives for Serinus Energy Inc.

CEO, President & Non-Independent Director
Age: 50
Total Annual Compensation: $69.2K
CFO & Executive Officer
Total Annual Compensation: $192.5K
Advisor
Age: 55
Total Annual Compensation: $312.0K
Advisor
Total Annual Compensation: $240.0K
Compensation as of Fiscal Year 2016.

Serinus Energy Inc. Key Developments

Serinus Energy Inc. Announces Resignation of Duncan Nightingale as Board of Director

Serinus Energy Inc. announced that Mr. Duncan Nightingale has resigned from the board of directors of the company due to personal reasons. This resignation is effective immediately. The company has initiated a search for a new director to replace Mr. Nightingale.

Serinus Energy Inc. Announces Temporarily Shut-In Production at Sabria Field in Tunisia

Serinus Energy Inc. announced that it has temporarily shut-in production at the Sabria field in Tunisia due to continued social unrest in the southern part of the country. Protestors in the region are demanding employment and regional development initiatives from the government. These protest actions have blocked all roads leading to the southern oilfields of Tunisia including the company's Sabria field. As a result of the road blockages, the company has been unable to ship its oil production to market and has resulted in the company filling its storage tanks at Sabria to capacity.

Serinus Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2017; Provides Production Guidance for the Second Quarter of 2017

Serinus Energy Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported oil and gas revenue (net of royalties) of $2,642,000 compared to $3,400,000 a year ago, due to lower production. Net loss from continuing operations was $2,099,000 or $0.02 per basic and diluted share compared to $4,137,000 or $0.05 per basic and diluted share a year ago. Funds from continuing operations were $166,000 compared to $2,628,000 or $0.03 per basic and diluted share a year ago. Capital expenditures were $858,000 compared to $999,000 a year ago. Loss before tax were $1,696,000 compared to $3,134,000 a year ago. Net loss for the period were $2,099,000 compared to $34,794,000 a year ago. Loss attributable to common shareholders was $2,099,000 compared to $35,515,000 a year ago. For the quarter, the company reported average oil production of 525 Bbl/d compared to 901 Bbl/d a year ago. Average gas production of 1,037 Mcf/d compared to 1,518 Mcf/d a year ago. Barrels of Oil Equivalent production was 698 boe/d compared to 1,154 boe/d a year ago. Lower production during 2017 was due to the shut-in of the Chouech Es Saida field for 54 days of the quarter, due to labour issues. The company's production has been significantly curtailed in the first quarter of 2017 because of the shut-in of the Chouech Es Saida field in Tunisia from February 28, 2017, to date. Assuming the continued shut-in, production is projected to be approximately 620 boe/d for the second quarter of 2017. Increasing full year production for 2017 is dependent on the resolution of the associated security and safety issues that would allow for successful resumption of production at the Chouech Es Saida field, as well as the timing of the above-mentioned capital program in Sabria.

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