Cub Energy Inc. Divests Interest in Turkish Assets
13 Marzo 2014 - 3:00PM
Marketwired
Cub Energy Inc. Divests Interest in Turkish Assets
HOUSTON, TEXAS--(Marketwired - Mar 13, 2014) - Cub Energy Inc.
("Cub", or the "Company") (TSX-VENTURE:KUB) announces that it and
the Company's joint venture ("JV") partner in Turkey, Calik Petrol
a subsidiary of Calik Enerji ("Calik"), have mutually agreed to end
their partnership. Through its acquisition of Anatolia Energy Corp
in June of 2013, Cub acquired a 25% interest in the Bismil licence
and pursuant to its JV agreements, had the right to earn a 50%
interest in three other licence areas in Turkey.
Pursuant to the settlement agreement, Cub divested all the
Turkish licences in the JV and is released from any further
liabilities and claims with respect to the Turkish licences. The
Company continues to examine further upstream oil and gas
opportunities in Turkey.
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 Ukraine, the Black Sea Region 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.
Cub Energy Inc.Mikhail AfendikovChairman and Chief Executive
Officer(713) 677-0439mikhail.afendikov@cubenergyinc.comCub Energy
Inc.Lionel C. McBeeDirector of Investor Relations(713)
577-1955lionel.mcbee@cubenergyinc.comwww.cubenergyinc.com
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