Serinus Energy Year-End 2P Reserves Increase 119%

CALGARY, ALBERTA--(Marketwired - March 20, 2014) - Serinus Energy Inc. ("Serinus Energy", "SEN" or the "Company") (TSX:SEN)(WARSAW:SEN), an international upstream oil and gas exploration and production company, is pleased to report the results of the year-end evaluation of its oil and gas reserves. The evaluation was prepared by RPS Energy Canada Ltd. ("RPS") in accordance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, and includes the reserves in Serinus' Ukraine licences, and in its Tunisian properties.

All of the reserves volumes as well as the net present values attributed to the Ukraine Reserves disclosed herein, refer to Serinus' 70% effective ownership interest in the assets though its 70% indirect ownership in KUB-Gas LLC ("KUB-Gas"), which owns and operates the five licence areas near the City of Lugansk in northeast Ukraine.

Company Reserves - Using Forecast Prices

Highlights

• 1P reserves increased 59%, and their after-tax value discounted at 10% increased by 48% over year end 2012.
• 2P reserves increased 119%, and the after-tax value discounted at 10% increased by 88% over year end 2012.
• 3P reserves increased 129%, and the after-tax value discounted at 10% increased by 77% over year end 2012.
• The main driver for these increases was the acquisition of Winstar Resources in mid-2013, which added 1P, 2P and 3P reserves of 3.74, 11.5 and 23.9 million barrels of oil equivalent ("MMboe") respectively (as evaluated at year-end 2013).
• Overall reserves growth (net of production) in Ukraine was slightly negative, due to downward revisions of 1.95 and 4.2 Bcf (1P and 2P respectively) to the gas reserves assigned to the K-7 well. The 2013 reserves were estimated using new test data obtained in 2013 which indicated the extent of the pool was more limited than estimated based on the 2012 test data.
• Average production (including the Tunisia production averaged over the entire calendar year) for 2013 was 4,081 barrels of oil equivalent per day ("boe/d"), with an exit rate of 4,986 boe/d compared to 2,655 boe/d and 3,154 boe/d respectively for 2012.
• The Reserves Life Index ("RLI") for 1P and 2P reserves is 4.7 years and 11.3 years respectively (using 2013 exit production rates).

Net Present Value - After Tax, Using Forecast Prices, 10% Discount Rate

Finding and Development Costs ("F&D")

As previously mentioned in the highlights, the reserve additions in Ukraine were negatively affected by the writedown of the gas reserves associated with the K-7 well.

Reserve Evaluator Price Forecasts

RPS used the following commodity price forecasts in preparing its evaluation of Serinus' oil and gas properties.

About Serinus

Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei, Tunisia, Romania and Syria and with a risk profile ranging from exploration in Brunei, Romania and Syria to production and development in Ukraine and Tunisia. The common shares of the Company trade under trading symbol "SEN" on both the WSE (Warsaw Stock Exchange) and the TSX.

In Ukraine, Serinus owns an effective 70% interest in KUB-Gas LLC through its 70% shareholding of KUBGas Holdings Limited. The assets of KUB-Gas LLC consist of 100% interests in five licences near to the City of Lugansk in the northeast part of Ukraine. Four of the licences are gas producing.

In Tunisia, Serinus owns a 100% working interest in the Chouech Essaida, Ech Chouech, Sanrhar and Zinnia concessions, and a 45% working interest in the Sabria concession. Four of the concessions are currently producing oil or gas.

In Brunei, Serinus owns a 90% working interest in a production sharing agreement which gives the Company the right to explore for and produce oil and natural gas from Block L.

In Romania, Serinus has a 60% working interest in the onshore Satu Mare concession, a 2,949 square kilometre exploration and development block, in north western Romania.

In Syria, Serinus holds a participating interest of 50% in the Syria Block 9 production sharing contract which provides the right to explore for and, upon the satisfaction of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre area in northwest Syria. The Company has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities, and which, if approved, would leave the Company with a remaining effective interest of 45% in Syria Block 9. Serinus declared force majeure, with respect to its operations in Syria, in July 2012.

The main shareholder of the Company is Kulczyk Investments S.A., an international investment house founded by Polish businessman Dr. Jan Kulczyk.

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.