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.