CALGARY, ALBERTA--(Marketwired - Dec. 11, 2013) - Serinus Energy Inc. (TSX:SEN)(WARSAW:SEN) ("Serinus" or the "Company"), an international upstream oil and gas exploration and production company, announces that Mr Paul Rose CA, Serinus' Chief Financial Officer ("CFO") has advised the Company of his intention to retire effective January 2014, after thirty five years in the industry including 7 years with Serinus. Paul will continue his relationship with Serinus in a consulting role to assist as required.
Mr Rose stated: "My time with Serinus has been the most professionally rewarding experience of my career, and has culminated in a company with, at this point, in excess of 5,000 BOE's per day of high-value production, and a diversified portfolio of future prospects. I've had the great pleasure over the last seven years of working with a professional and dedicated group of people at Serinus who together have built a successful and profitable mid-cap international exploration and production company. The Company will be in good hands with Ms Heck joining an experienced and able senior management group."
Serinus is pleased to announce the appointment of Ms Tracy Heck CA as the Company's new Chief Financial Officer effective as of January 1, 2014. Ms Heck is an accomplished and experienced financial professional with many years of experience in the international and domestic oil and gas industry. Her professional career started in the United Kingdom with KPMG, and continued in Canada where she eventually held the position of Associate Partner in KPMG Calgary's audit practice. From October 2005 until joining Serinus as Director of Finance in June 2012, Ms Heck was the Controller for a domestic upstream oil and gas company with combined production of approximately 47,000 barrels of oil equivalent per day ("boe/d").
Tim Elliott, President & Chief Executive Officer of the Company says "while we were surprised by Paul's decision to retire, we are happy that Paul will continue to work with us going forward, albeit in a different capacity. Paul recruited Tracy a year and half ago and she quickly made her mark on the Company. It was the view of both Paul and the senior management that Tracy would be an excellent replacement and we wholeheartedly supported Paul's recommendation that Tracy become our new CFO, and indeed were very happy to have been able to recruit his replacement from within the Company. Lastly, I would like to take this opportunity to thank Paul for his contribution to the success of the company. When Paul joined the company nearly 7 years ago, we had a few employees and our business was at that time a dream with no production. We are quite a different company today and that is certainly partly due to Paul's efforts."
About Serinus Energy
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 and the TSX.
In Ukraine, Serinus owns an effective 70% interest in KUB-Gas LLC through its 70% shareholding of KUBGas Holdings Limited. 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 Es Saida, 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.
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 subject to the approval of Syrian authorities. 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 Energy 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 of Serinus that are not 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.
|Suite 1170, 700-4th Avenue S.W., Calgary, Alberta, Canada|
|Al Shafar Investment Building, Suite 123, Shaikh Zayed Road,|
|Box 37174, Dubai, United Arab Emirates|
|00-511 Warsaw, Poland|
|Telephone: +48 (22) 414 21 00|
|Facsimile: +48 (22) 412 48 60|