KUB Cub Energy Inc

Cub Energy Inc. (TSX VENTURE:KUB) ("Cub", or the "Company") announces that the
Olgovskoye-24 ("O-24") well has been cased to total depth ("TD") as a potential
gas producer. The O-24 well is operated by KUB-Gas LLC ("KUB-Gas"), a
partially-owned subsidiary in which Cub has a 30% ownership interest through its
30% shareholding of KUBGas Holdings Limited.


Olgovskoye-24

The O-24 well commenced drilling in August with an original planned TD of 2,900
metres. During the course of the drilling it was decided to deepen the well to
further test the Serpukhovian zone first discovered in the M-16 well and later
in the O-15 well. Consequently the O-24 well was drilled to a final TD of 3,300
metres and logged. The logs indicate four potential gas-bearing zones in both
the Bashkirian and Serpukhovian zones. Production testing of the well is
scheduled to occur prior to year-end.


The KUB-Gas owned K-200 drilling rig used to drill the O-24 well will now be
moved to drill the Makeevskoye-17 ("M-17") well, approximately 14 kilometres to
the southeast. The M-17 well will be drilled to a target depth of 3,450 metres
and will evaluate the gas potential of the Serpukhovian S5 and S6 zones. The
M-17 well location is about 1 kilometre to the northwest of Makeevskoye-16
("M-16"). The M-16 was drilled to a TD of 4,300 metres in the third and fourth
quarter of 2012 and subsequently tested gas from the S6 zone at a maximum rate
of 4.3 MMcf/d (1.3 MMcf/d net to Cub). The M-16 well was tied-in for commercial
production in June 2013 and current production from the S5 zone is more than 3.6
MMcf/d (more than 1.1 MMcf/d net to Cub).


About Cub Energy Inc.

Cub Energy Inc. (TSX VENTURE:KUB) is an upstream oil and gas company, with a
proven track record of exploration and production cost efficiency in the Black
Sea region. The Company's strategy is to implement western technology and
capital, combined with local expertise and ownership, to increase value in its
undeveloped land base, creating and further building a portfolio of producing
oil and gas assets within a high pricing environment.


For further information please contact us or visit our website www.cubenergyinc.com.

Reader Advisory

Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur. Cub believes that the expectations reflected in the forward-looking
information are reasonable; however there can be no assurance those expectations
will prove to be correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in the
forward-looking information.


Forward-looking information is based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking information.
Some of the risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information include, but
are not limited to: general economic conditions in the Ukraine, Turkey and
globally; industry conditions, including fluctuations in the prices of natural
gas; governmental regulation of the natural gas industry, including
environmental regulation; unanticipated operating events or performance which
can reduce production or cause production to be shut in or delayed; failure to
obtain industry partner and other third party consents and approvals, if and
when required; competition for and/or inability to retain drilling rigs and
other services; the availability of capital on acceptable terms; the need to
obtain required approvals from regulatory authorities; stock market volatility;
volatility in market prices for natural gas; liabilities inherent in natural gas
operations; competition for, among other things, capital, acquisitions of
reserves, undeveloped lands, skilled personnel and supplies; incorrect
assessments of the value of acquisitions; geological, technical, drilling,
processing and transportation problems; changes in tax laws and incentive
programs relating to the natural gas industry; failure to realize the
anticipated benefits of acquisitions and dispositions; and the other factors.
Readers are cautioned that this list of risk factors should not be construed as
exhaustive.


This cautionary statement expressly qualifies the forward-looking information
contained in this news release. We undertake no duty to update any of the
forward-looking information to conform such information to actual results or to
changes in our expectations except as otherwise required by applicable
securities legislation. Readers are cautioned not to place undue reliance on
forward-looking information.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cub Energy Inc.
Mikhail Afendikov
Chairman and Chief Executive Officer
(713) 677-0439
mikhail.afendikov@cubenergyinc.com


Cub Energy Inc.
Lionel C. McBee
Director of Investor Relations
(713) 577-1955
lionel.mcbee@cubenergyinc.com
www.cubenergyinc.com

Cub Energy (TSXV:KUB)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Cub Energy (TSXV:KUB)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024