Mr. Norman Holton reports

SERINUS ENERGY INC.-ROMANIA: DRILLING PROGRAM UPDATE

Serinus Energy Inc. has provided an update on its upcoming two-well drilling program in the Satu Mare licence in northwest Romania.

The company has entered into a contract with Tacrom Drilling SRL, which will provide its rig No. 3 for the program. The first well, Moftinu-1001, is expected to spud on or about Nov. 8, pending the rig's release from its current job. Moftinu-1001 will be followed immediately by Moftinu-1002bis. The two wells are expected to take approximately 45 days in total to drill and case, including time for the rig move between the two locations. Each will test seismically defined gas prospects at depths of approximately 1,800 to 2,000 metres. Pending success, completion and testing of both wells is anticipated during the first quarter of 2015. The wells are operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus.

The Satu Mare licence covers 765,000 acres in northwest Romania bordering Hungary, in which Winstar Satu Mare holds a 60-per-cent working interest. The concession contains a significant number of oil and gas tests including the Santau oil pool, and the company has developed over 50 leads and prospects thereon.

Tacrom Drilling, which is a subsidiary of CAT GmbH, an oil and gas field service contractor and equipment manufacturer based in Celle, Germany, currently operates three drilling rigs in Romania and will before end of October, 2014, commission its fourth. Rig No. 3 (Futura-3) was completely refurbished in 2013 and has since successfully drilled 11 wells ranging in depth from 1,300 to 1,800 metres.

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