Serinus Energy Inc.

Serinus Energy Inc.

April 02, 2015 13:00 ET

Serinus Energy Inc.: Romania - Moftinu-1001 Well Tests 7.4 MMcf/d

CALGARY, ALBERTA--(Marketwired - April 2, 2015) - Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX:SEN) (WARSAW:SEN), is pleased to report that production testing on the Moftinu-1001 well has been completed and the maximum flow rate achieved was 7.4 MMcf/d through an 40/64 inch choke at a flowing wellhead pressure of 813 psi. Only trace amounts of water and 19 bbl/d of condensate were produced. The flow test was conducted over approximately 48 hours, after which it was shut in for a pressure build up test.

Moftinu-1001 was drilled in November/December of 2014 to test the hydrocarbon potential of an anomaly defined by 3D seismic. The well encountered three Pliocene/Miocene aged sands with an aggregate potential net pay of 17 metres and porosity ranging between 24% and 36% indicated by the wireline logs. It is located in the Satu Mare Concession ("Satu Mare"), a 765,000 acre exploration block in northwest Romania which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus.

Pending evaluation of the pressure build up test, the Company has begun evaluating its alternatives to bring this new discovery on production. This will require an application to the National Agency for Mineral Resources for a Production Concession to be carved out of Satu Mare. That application will include, among other things, a proposed development plan which may involve the building of new plant facility at Moftinu or utilizing existing surface infrastructure.

Jock Graham, the Chief Operating Officer of Serinus said "We are extremely pleased with the test results on Moftinu-1001. Although we are still awaiting confirmation from the pressure data analysis, we believe this is a significant step towards a new development opportunity for Serinus, similar to the Company's operations in Ukraine. In particular the 260 km2 of 3D seismic data shows significant exploration upside in a license area 8 times larger than the area under license in Ukraine."


bbl Barrel(s) bbl/d Barrels per day
boe Barrels of Oil Equivalent boe/d Barrels of Oil Equivalent per day
Mcf Thousand Cubic Feet Mcf/d Thousand Cubic Feet per day
MMcf Million Cubic Feet MMcf/d Million Cubic Feet per day
Mcfe Thousand Cubic Feet Equivalent Mcfe/d Thousand Cubic Feet Equivalent per day
MMcfe Million Cubic Feet Equivalent MMcfe/d Million Cubic Feet Equivalent per day
Mboe Thousand boe Bcf Billion Cubic Feet
MMboe Million boe Mcm Thousand Cubic Metres
UAH Ukrainian Hryvnia USD U.S. Dollar
CAD Canadian Dollar

Note: Serinus reports in US dollars. All dollar amounts referred to herein are in USD, unless specifically noted otherwise.

Cautionary Statement:

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Test results are not necessarily indicative of long-term performance or of ultimate recovery. The test data contained herein is considered preliminary until full pressure transient analysis is complete.

About Serinus

Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Ukraine, Tunisia, and Romania.

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.

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