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September 01, 2015 10:27 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 Earnings and Production Results for the Second Quarter Ended June 30, 2015; Provides Production Guidance for the Third Quarter of 2015

Serinus Energy Inc. reported earnings and production results for the second quarter ended June 30, 2015. For the quarter, the company oil and gas revenue was $22,343,000 compared with $41,635,000 for the same period last year. Net income as reported was $549,000 or $0.01 per share, basic and diluted compared with $8,733,000 or $0.11 per share, basic and diluted for the same period last year. Net income allocable to the company was $49,000 or $0.00 per share, basic and diluted compared with $5,344,000 or $0.07 per share, basic and diluted for the same period last year. Funds flow from operations as reported was $5,168,000 or $0.07 per share, basic and diluted compared with $20,840,000 or $0.27 per share, basic and diluted for the same period last year. Funds flow from operations allocable to the company was $4,489,000 or $0.06 per share, basic and diluted compared with $15,778,000 or $0.20 per share, basic and diluted for the same period last year. Capital expenditures were $3,686,000 compared with $16,059,000 for the same period last year. Production for the second quarter of 3,993 boe/d decreased by 9% against first quarter of 2015 (4,406 boe/d). Average oil production was 951 Bbl/d against 982 Bbl/s a year ago. Average gas production was 17,870 Mcf/d against 23,293 Mcf/d a year ago. Average liquids was 64 Bbl/d against 101 Bbl/d a year ago. Average daily production (SEN WI) for the third quarter to date was approximately 3,970 boe/d (966 bbl/d of oil, 17.7 MMcf/d of gas, 55 bbl/d of liquids). Since the re-start of the Sabria Field in late July, production has averaged 4,392 boe/d (1,240 bbl/d of oil, 18.6 MMcf/d of gas, 57 bbl/d of liquids).

Serinus Energy Inc. Announces Production Results for the Second Quarter and First Half Ended July 2015

Serinus Energy Inc. announced production results for the second quarter and first half ended July 2015. For the quarter, the company reported average corporate production of approximately 3,994 boe/d (SEN WI), representing a 9% decrease from 4,406 boe/d in the first quarter. The major cause for the decline was the shut-in of the Sabria Field. For the first half of July, production averaged 3,533 boe/d. Overall production continues to be significantly below capacity due to the lingering effects of Ukrainian government legislation that attempted to reserve a large share of the natural gas market for the state owned National Joint Stock Company Naftogaz.

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.

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