CALGARY, ALBERTA--(Marketwired - Aug. 31, 2016) - Serinus Energy Inc. ("Serinus" or the "Company") (TSX:SEN)(WARSAW:SEN) today announces changes to its senior executive and Board of Directors (the "Board").
Mr. Timothy Elliott, President and Chief Executive Officer, and Mr. Jock Graham, Executive Vice President and Chief Operations Officer are retiring effective August 31st, 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 31st, 2016.
Mr. Jeffrey Auld has been appointed as the new Chief Executive Office effective August 31st, 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 31st, 2016.
Helmut Langanger, Serinus' Chairman of the Board, expressed appreciation and gratitude to Mr. Elliott and Mr. Graham for their service, and their agreement to the Board's request that they serve in an advisory role to support the Company and help ensure a seamless leadership transition. He also thanked both Mr. Holton and Mr. King for their long service and counsel as board members.
Mr. Elliott commented, "When Jock and I became officers of the Company, there was no production, reserves or other employees. Since then, Serinus grew from zero in early 2010 to over 20 MMboe of 2P reserves and 6,000 boe/d in 2014 before the geopolitical issues in Ukraine made continuing operations there untenable. Fortunately, the acquisition of Winstar Resources in 2013 provided Serinus with an alternate production base in Tunisia, and very significant exploration and development potential in both Tunisia and Romania, which allowed the Company to survive the loss of 60% of its assets. It has been my great privilege and honour to lead a dedicated team of people whose hard work led to Serinus' success, and I thank them and the members of the Board of Directors for their support."
Jeffrey Auld has a wealth of financial and commercial experience, and extensive knowledge, of upstream oil and gas development and production. He is currently a director of Lansdowne Oil and Gas plc. His career has involved periods working for exploration and production companies including Premier Oil, PetroKazakhstan and Equator Exploration; as well as time spent in financial institutions such as Goldman Sachs, Canaccord Genuity and Macquarie. Jeffrey brings a solid mix of capital markets and upstream development financing experience that will be crucial to the Company's future development.
Dominik Libicki is Chief Operating Officer and Member of the Management Board of Kulczyk Investments S.A. ("KI"), the largest shareholder of Serinus. He is a recognized manager in the electronic media, telecommunications and new-tech market and has vast experience of the public markets. He joined KI in January 2016. Between 2001-2015 Dominik was the President and CEO of Cyfrowy Polsat S.A. the largest media-telecommunication group in Poland and one of the largest in Europe. He was also the Vice-President of the board of Polkomtel and a member of the supervisory board of Polsat Television. In 2005-2008 (Vice-President during 2006 to 2008) he was a member of the supervisory board of Polska Telefonia Cyfrowa (operator of the mobile network Era, now T-Mobile). In 1999-2011 he was a member of the board of Polskie Media, broadcaster of the Polish TV channels TV4 and TV6. He also held the position of the President of the Private Media Employers Organization operating within the Polish Confederation „Leviatan. Dominik holds a Master's Degree from the Environmental Protection Faculty of the Wroclaw University of Technology.
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
For further information, please refer to the Serinus website (www.serinusenergy.com).
Translation: This news release has been translated into Polish from the English original.
Forward-looking Statements This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial, political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.