Serinus Energy Inc.
TSX : SEN
WARSAW : SEN

Serinus Energy Inc.

July 27, 2015 05:46 ET

Serinus Energy - Sabria Field in Tunisia Returns to Production

CALGARY, ALBERTA--(Marketwired - July 27, 2015) - Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX:SEN) (WARSAW:SEN) is pleased to announce that production has resumed at the Sabria Field in Tunisia.

Resumption of Production at Sabria

As previously reported in the Company's press release of June 1, 2015, the Sabria Field in central Tunisia was shut in due to local protests. These protests were against the lack of development, investment and job creation in the area, and not directed at the Company. Operating staff were able to safely shut-in the wells and the Central Operating Facility ("CPF"). Prior to the shut-down, the Sabria Field was producing approximately 700 boe/d (SEN WI), or 1,550 boe/d (gross). The protests were orderly and there have been no incidents.

Since that time, there has been a series of discussions involving local and central government officials, the protestors, Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the state owned oil company, and Company executives. The result is that the government has committed to several initiatives to increase employment and development in the Governate of Kebeli where the Sabria Field is located.

The Company is pleased to report that the CPF is operating and the wells have been restarted. Management expects that it will take several days for production rates to stabilize, but early indications are that the field will return to pre-shut-in levels.

Jock Graham, Executive Vice President and Chief Operating Officer of Serinus said "We are very pleased that production has re-started at Sabria, particularly since it was done with the involvement and cooperation of the government, ETAP, other operators in the area and local community representatives. Sabria is stabilizing at rates similar to pre-shut-in levels, and we can now get back to the business of increasing production and recoverable reserves from this underdeveloped asset."

Serinus, through its wholly owned subsidiary Winstar Tunisia B.V., holds a 45% working interest in Sabria and is the operator, with the remaining 55% held by ETAP.

Abbreviations

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 $M Thousands of Dollars
$MM Millions of Dollars

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.

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.

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

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