Independent Investigation Results of Moftinu-1001 Well Control Incident

CALGARY, Alberta, March 19, 2018 (GLOBE NEWSWIRE) — Serinus Energy Inc. (“Serinus”, “SEN” or the “Company”) (TSX:SEN) (WARSAW:SEN), announces the results of an independent investigation of the loss of well control that occurred with the Company’s Moftinu-1001 gas well on 18 December 2017 during operations to prepare the well for production. The Board of the Company retained RPS International to conduct the investigation, and the final report submitted by stated the following conclusions:

In summary, the main conclusion for the well blowout and resulting fire was due to an error in monitoring the well fluid level during the well kill operation to remove the well head and install the Blow-out Prevention Unit. It resulted in the inability to detect a gas kick and maintain the appropriate fluid level in the well.

In addition, the operation to install the Blow-out Preventer after the removal of the Christmas tree was significantly longer than such an operation normally takes due to BOP installation problems. As such, there was no ability to mechanically control the well from the surface, thereby resulting in the blow-out.

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.

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