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CORRECTED: Serinus Announces Competent Person’s Report on Reserves

Serinus Energy Inc. (“Serinus”, “SEN” or the “Company”) (TSX:SEN, WSE:SEN), announces a correction to the previously released press release issued on December 4, 2017, and titled “ Serinus Announces Competent Person’s Report on Reserves.” The December 31, 2016 values in the table “Net Present Value – After Tax, Using Forecast Prices” incorrectly had the values for the December 31, 2015 reserves report. Below is the corrected table. All other information in the December 4, 2017 press release is correct as stated.

Net Present Value – After Tax, Using Forecast Prices

September 30, 2017 (CPR)   December 31, 2016 (NI 51-101)
0% 10% 15%   0% 10% 15% Change for PV10
(US$ millions) (US$ millions) %
TUNISIA
Proved
Producing            (9.3)              (4.4)             (3.0)              (18.4)            (2.8)              0.8 57%
Non-Producing            (1.0)              (0.5)             (0.4)                  0.7              4.7              4.9 -111%
Undeveloped              6.3                 3.1               1.6                  9.9              2.3              0.4 35%
Total Proved (1P)            (4.0)              (1.8)             (1.8)                (7.8)              4.3              6.1 -142%
Probable            89.5              41.7             28.2              115.7            70.3            49.9 -41%
Total Proved & Probable (2P)            85.5              39.9             26.4                107.9            74.6            56.0 -47%
ROMANIA
Proved
Producing                 –                   –                 –                     –                 –                 – N/A
Non-Producing                 –                   –                 –                     –                 –                 – N/A
Undeveloped            14.3              12.5             11.8                     –                 –                 – N/A
Total Proved (1P)            14.3              12.5             11.8                       –                 –                 – N/A
Probable            38.8              31.0             27.9                     –                 –                 – N/A
Total Proved & Probable (2P)            53.1              43.5             39.7                       –                 –                 – N/A
TOTAL COMPANY
Proved
Producing            (9.3)              (4.4)             (3.0)              (18.4)            (2.8)              0.8 57%
Non-Producing            (1.0)              (0.5)             (0.4)                  0.7              4.7              4.9 -111%
Undeveloped            20.6              15.6             13.4                  9.9              2.3              0.4 578%
Total Proved (1P)            10.3              10.7             10.0                  (7.8)              4.3              6.1 149%
Probable          128.3              72.7             56.1              115.7            70.3            49.9 3%
Total Proved & Probable (2P)          138.6              83.4             66.1                107.9            74.6            56.0 12%

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

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
CAD Canadian Dollar MMbtu Million British Thermal Units
USD U.S. Dollar

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.

About Serinus

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) or contact the following:

Serinus Energy Inc.

Calvin Brackman

Vice President, External Relations & Strategy

Tel.: +1-403-264-8877

cbrackman@serinusenergy.com

Serinus Energy Inc.

Jeffrey Auld

Chief Executive Officer

Tel.: +1-403-264-8877

jauld@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.