Serinus Announces Filing of Final Short Form Prospectus, Expected Closing of Offering for Gross Proceeds of CDN$25.2 Million and Refiling of Annual Information Form

CALGARY, ALBERTA--(Marketwired - Feb. 21, 2017) -

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Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX:SEN)(WARSAW:SEN) is pleased to announce that it has filed its final short form prospectus (the "Prospectus") dated and filed on February 21, 2017, in each of the provinces of Canada other than Québec (the "Qualifying Provinces") and received a receipt therefor in connection with a marketed offering (the "Offering") of 72,000,000 common shares in the capital of the Company (the "Offered Shares") at a price of CDN$0.35 per share for aggregate gross proceeds of CDN$25.2 million (the "Total Offering"). The Offering is being led by GMP FirstEnergy (the "Agent") on a "commercially reasonable efforts" agency basis.

The Offering is expected to close on or about February 24, 2017, subject to the satisfaction of all conditions to closing the Offering set out in the agency agreement entered into between the Company and the Agent. The Offering will not be completed unless the Total Offering is raised.

For further details regarding the Offering, please see the Prospectus, a copy of which is available under the Company's profile on www.sedar.com.

In connection with the filing of the Prospectus, the Corporation has also filed a Revised Annual Information Form dated February 21, 2017 for the year ended December 31, 2015 (the "Revised AIF"), which is incorporated by reference in the Prospectus. The Revised AIF supersedes and replaces the Annual Information Form for the Corporation dated March 30, 2016 (the "Original AIF"), and has been revised to supplement certain disclosures regarding contingent resources data of Serinus in Appendix A of the Original AIF, including the deletion of "Form 51-101F1" from the summary of oil and gas risked contingent resources as of December 31, 2015, using forecast prices and costs, on page 20 of Appendix A of the Original AIF (which summary now appears on page 3 of Appendix A.1 of the Revised AIF), the addition of the required cautionary statements, the forecast prices used in estimating the contingent resources data, the risks and the level of uncertainty associated with recovery of the contingent resources, the significant positive and negative factors relevant to the estimate, a description of the applicable project(s), including the estimated total cost required to achieve commercial production, the general timeline of the project, including the estimated date of first commercial production, the recovery methodology and whether the project is based on a conceptual or pre-development study, and the specific contingencies which prevent the classification of the contingent resources as reserves. The Revised AIF also clarifies the status of the Zinnia field since its last assessment by the Company's independent qualified reserves evaluator and auditor in 2013.