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CALGARY, ALBERTA--(Marketwired - Mar 16, 2016) - Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX:SEN)(WARSAW:SEN), is pleased to report its financial and operating results for the year ended December 31, 2015.
|Notes: Serinus prepares its financial results on a consolidated basis, which includes 100% of its indirectly 70% owned subsidiary, KUB-Gas LLC ("KUB-Gas"). Unless otherwise noted by the phrases "allocable to Serinus", "net to Serinus", "attributable to SEN shareholders" or "SEN WI", all values and volumes refer to the consolidated figures. Serinus reports in US dollars; all dollar values referred to herein, whether in dollars or per share values are in US dollars unless otherwise noted.|
Summary Financial Results (US$ 000's unless otherwise noted)
|Three Months Ending December 31||Year Ending December 31|
|Oil and Gas Revenue||4,794||10,034||(52||%)||25,975||45,002||(42||%)|
|Net Income from Discontinued Operations||(385||)||(2,277||)||(83||%)||4,352||21,802||(80||%)|
|Net Income (as reported)||(14,720||)||(41,979||)||(65||%)||(47,798||)||(23,961||)||99||%|
|per share, basic and diluted||($0.19||)||($0.53||)||($0.61||)||($0.30||)|
|Net Income (allocable to Serinus)||(14,604||)||(41,295||)||(65||%)||(49,104||)||(30,501||)||61||%|
|per share, basic and diluted||($0.19||)||($0.53||)||($0.62||)||($0.39||)|
|Comprehensive Net Income||(18,657||)||(48,714||)||(62||%)||(59,855||)||(58,069||)||3||%|
|per share, basic and diluted||($0.24||)||($0.62||)||($0.76||)||($0.74||)|
|Funds from Operations (as reported)||2,127||10,424||(80||%)||16,829||65,311||(74||%)|
|per share, basic and diluted||$0.03||$0.13||$0.21||$0.83|
|Funds from Operations (allocable to SEN)||$831||$8,040||(90||%)||$12,061||$49,444||(76||%)|
|per share, basic and diluted||$0.01||0.10||$0.15||$0.63|
|Average Production (net to Serinus, including discontinued operations)|
|Average Sales Price|
|December 31||December 31|
|Cash & Equivalents||6,594||11,096||6,594||11,096|
|Long Term Debt||-||32,204||-||32,204|
|Average for period||78,629,941||78,629,941||78,629,941||78,627,711|
|* With the agreement to sell the Ukraine assets, the Ukraine segment is presented as discontinued operations and a disposal group held for sale as at and for the year ended December 31, 2015. The 2014 financial results have been restated to be shown on a comparable basis.|
General & Financial Highlights
Average working interest production in 2016 in Tunisia to the end of February was approximately 1,140 boe/d (926 bbl/d of oil, 1.3 MMcf/d of gas). Average daily production in Ukraine until the closing of the sale to Resano was 15.6 MMcf/d and 67 bbl/d (both values SEN 70% WI).
In light of the current low commodity price environment, the Company's focus will be on reducing costs wherever possible while maintaining existing production in Tunisia. The 2016 budget will be re-examined on an ongoing basis in the event of a significant movement in Brent crude oil prices.
In Romania, Serinus will concentrate on developing the Moftinu-1001 discovery. Management is currently refining the development drilling program and has commenced preliminary design of the required surface facilities. Pending gazetting of the Phase 3 extension of the Satu Mare Licence and the various permits and approvals required, drilling and construction could commence in mid-2016. The Company is considering taking on a joint venture partner to assist in financing the Moftinu project.
At its meeting on March 16, 2016, the Board of Directors of Serinus (the "Board") accepted the resignation of Mr. Vanja Baros with immediate effect, and also with immediate effect, nominated Mr. Łukasz Rędziniak as a non-executive director. Mr. Rędziniak is an attorney-at-law with more than 20 years of experience in private and public service. He is also General Counsel and a board member of Kulczyk Investments S.A., the Company's largest shareholder.
The Company and the Board thank Mr. Baros for his service over the past year.
The full Management Discussion and Analysis ("MD&A") and Financial Statements have been filed in English on www.sedar.com and in Polish and English via the ESPI system, and will also be available on www.serinusenergy.com.
|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|
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.
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).
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.
Serinus Energy Inc. - Canada
Norman W. Holton
Serinus Energy Inc. - Canada
Gregory M. Chornoboy
Director - Capital Markets & Corporate Development
Serinus Energy Inc. - Poland
Jakub J. Korczak
Vice President Investor Relations & Managing Director CEE
Tel.: +48 22 414 21 00