Serinus Energy Inc.
TSX : SEN
WARSAW : SEN

Serinus Energy Inc.

January 15, 2015 05:15 ET

Serinus Energy Inc.-Romania: Moftinu-1002bis Finds Hydrocarbons in Seven Zones

CALGARY, ALBERTA--(Marketwired - Jan. 15, 2015) - Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX:SEN)(WARSAW:SEN), is pleased to report preliminary results from the Moftinu-1002bis exploration well in Romania.

Moftinu-1002bis is located in the Satu Mare Concession ("Satu Mare") in northwest Romania and is the second of a two well 2014 drilling program by the Company in that concession. It was spud in early December, and reached a total depth of 2,083 metres on December 27, 2014. Open hole wireline logs, mud logs and/or drill cuttings indicate seven Cenezoic aged sandstones with an aggregate of 90.5 metres of hydrocarbon bearing rock, and 22 metres of potential net pay.

Moftinu-1002bis Zone Summary
Zone Top of Zone Gross Potential
Hydrocarbon Column
Potential
Net Pay
Porosity
(m) (m) (m) (%)
G 1368.5 10.5 2 9
F 1382.0 19 7 9
E 1424.0 4 1 12
D 1601.5 23.5 * *
C 1641.0 12 4 9
B 1665.0 7 1* 9 - 12*
A 1687.5 14.5 7* 9 - 12*
90.5 22
* Preliminary petrophysical estimates or not yet available due to incomplete electric log data

Only a limited electric log suite was obtainable over three of the lower zones due to several well stabilization issues which resulted in hole collapse and washout. The net pay in those zones was determined primarily from strip logs, mud logs, and observation of fluorescence. The wellbore instability appears to be due to increased tectonic stress at the top of the structure.

A liner has been set and cemented in place at a depth of 1,742 metres, and Serinus will now file a completion and testing program with the Romanian regulators. That approval is expected to be granted in or around early February.

Completion and testing of both Moftinu-1002bis and the previously drilled Moftinu-1001 will commence in mid-February and is expected to be complete in early March. These two wells, along with the 180 square kilometre 3D seismic program in the Santau area shot in late 2014 and associated filings to the Government, will fulfil both the Government and partner minimum work commitment for Satu Mare Concession, Phase 2.

Jock Graham, Executive Vice President and Chief Operating Officer of Serinus said "Despite our inability to get a complete log suite over the entire wellbore, we are pleased with the overall results in Moftinu-1002bis, and look forward to testing the various prospective zones. Pending successful testing of this well and Moftinu-1001, we hope that this will be the first commercial development for the Company in Romania. We also anticipate increasing our inventory of prospects and leads in Satu Mare as we continue with the processing and interpretation of the recently acquired Santau 3D seismic data this year."

Satu Mare is a 765,000 acre exploration block located in northwest Romania which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus. The other 40% is owned by a subsidiary of KMG International, a company with a wide variety of interests in the Romanian energy sector.

About Serinus

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

Contact Information