Serinus Energy Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported oil and gas revenue (net of royalties) of $2,642,000 compared to $3,400,000 a year ago, due to lower production. Net loss from continuing operations was $2,099,000 or $0.02 per basic and diluted share compared to $4,137,000 or $0.05 per basic and diluted share a year ago. Funds from continuing operations were $166,000 compared to $2,628,000 or $0.03 per basic and diluted share a year ago. Capital expenditures were $858,000 compared to $999,000 a year ago. Loss before tax were $1,696,000 compared to $3,134,000 a year ago. Net loss for the period were $2,099,000 compared to $34,794,000 a year ago. Loss attributable to common shareholders was $2,099,000 compared to $35,515,000 a year ago.

For the quarter, the company reported average oil production of 525 Bbl/d compared to 901 Bbl/d a year ago. Average gas production of 1,037 Mcf/d compared to 1,518 Mcf/d a year ago. Barrels of Oil Equivalent production was 698 boe/d compared to 1,154 boe/d a year ago. Lower production during 2017 was due to the shut-in of the Chouech Es Saida field for 54 days of the quarter, due to labour issues.

The company's production has been significantly curtailed in the first quarter of 2017 because of the shut-in of the Chouech Es Saida field in Tunisia from February 28, 2017, to date. Assuming the continued shut-in, production is projected to be approximately 620 boe/d for the second quarter of 2017. Increasing full year production for 2017 is dependent on the resolution of the associated security and safety issues that would allow for successful resumption of production at the Chouech Es Saida field, as well as the timing of the above-mentioned capital program in Sabria.