CALGARY, ALBERTA--(Marketwired - Jul 24, 2013) - Serinus Energy Inc. (SEN.TO)(SEN.TO) (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.