EBRD Board Approves Project with Serinus for Development of Serinus Assets in Tunisia

CALGARY, ALBERTA--(Marketwired - July 24, 2013) - Serinus Energy Inc. (TSX:SEN)(WARSAW:SEN) (formerly Kulczyk Oil Ventures Inc. - "Serinus" or the "Company"), an international upstream oil and gas exploration and production company, is pleased to announce that the European Bank for Reconstruction and Development (the "EBRD") has announced that their board has approved, pending signing, a project with Serinus (the "Project") involving the EBRD providing up to USD 60 million in long-term financing to Serinus with specific use of proceeds towards the development of the Company's Tunisian oil and gas fields. The Project is subject to due diligence, finalization of the definitive loan agreements and related security documents, Serinus board approval and TSX approval.

The EBRD announced the following in relation to the Project:

Project Description

The project comprises financing the development of four oil and gas fields in Tunisia (Sabria, Chouech Essaida, Ech Chouech and Sanrahr) between 2013 and 2017. It will finance a multi-year continuous drilling programme, including the stimulation of existing wells and the drilling of new production wells, securing dedicated drilling and service rigs.

EBRD Finance

Up to USD 60 million long-term financing to Serinus with specific use of proceeds towards the development of the Company's Tunisian oil and gas fields.

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. 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, a 1,123 square kilometre area covering onshore and offshore areas in northern Brunei.

In Romania, Serinus owns an undivided 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 contains forward-looking statements made as of the date of this announcement with respect to a potential financing project and future activities of the Company in Tunisia. 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 conditions remaining for the financing will be satisfied and that the financing will be implemented consistent with these forward-looking statements. In particular, there may be other material terms and conditions as the definitive documents and remaining approvals are obtained. Various factors that could impair or prevent the Company from completing the financing 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.