Serinus Energy Inc. (TSE:SEN), a Canadian upstream oil and gas exploration and production company, advanced to the highest in two weeks after more than doubling its reserves at the year-end, helped by the acquisition of Winstar Resources.
Shares of the Calgary, Alberta–based company rose 2.8 percent to C$3.30, the highest intraday price since March 7, at 9:58 a.m. in Toronto.
The company, which has projects in Ukraine, Brunei, Tunisia, Romania and Syria, said total proved & probable reserves, or 2P, rose 119 percent to 20.5 million barrels of oil equivalent at the end of 2013, from 9.4 million boe.
Total proved reserves, or 1P, increased 59 percent to 8.5 million boe, while total proved, probable and possible reserves, or 3P, grew 129 percent to 39.8 million boe, the company said in a statement late yesterday.
Serinus attributed these increases to the acquisition of Winstar Resources in mid-2013, which added 1P, 2P and 3P reserves of 3.74, 11.5 and 23.9 million boe respectively.
The shares have lost 17.1 percent so far this year, leaving the company with a market value of C$252.3 million.