Cub Energy Inc.: M-17 Well Cased TD with Gas Shows and O-24 Well Flows Gas
19 Marzo 2014 - 6:00AM
Marketwired
Cub Energy Inc.: M-17 Well Cased TD with Gas Shows and O-24 Well
Flows Gas
HOUSTON, TEXAS--(Marketwired - Mar 19, 2014) - Cub Energy Inc.
("Cub" or the "Company") (TSX-VENTURE:KUB) a Black Sea
region-focused upstream oil and gas company, announces that the
Makeevskoye-17 ("M-17") exploration well has been cased to total
depth ("TD") of 3,445 meters. The Olgovskoye-24 ("O-24") well has
also produced gas during a test, and will be added to the inventory
of wells to be stimulated in 2014.
The operator, KUB-Gas LLC ("KUB- Gas") is now preparing to
complete, test and tie in M-17. KUB-Gas is a partially-owned
subsidiary in which Cub has a 30% effective ownership interest
through its 30% shareholding of KUBGas Holdings Limited.
Mikhail Afendikov, Chairman and Chief Executive Officer of Cub
said - "Despite the current political climate in Ukraine, our
operations have not been affected and we continue our work program
for 2014. With the success we have had in this S6 zone, we plan
further development of this Serpukhovian discovery with two
additional wells in Makeevskoye this year."
Makeevskoye-17 Well
Drilling of the M-17 well commenced in late-November 2013 and
reached TD in March 2014. The M-17 was drilled to appraise the new
pool gas discovery made in the S6 sandstone in the Company's
Makeevskoye-16 ("M-16") well. The M-17 is located about one
kilometre to the northwest of the M-16 well and within the same
structural closure.
Wireline logs indicate 9 metres of net gas pay in the S6, with
no gas-water contact encountered. The logs also indicated 2.5
metres of net pay in the S5 carbonates. The M-17 is the third well
within Company licences to find gas in the S6 sandstone, after the
M-16 and the O-15 well in the Olgovskoye field to the
northwest.
Additionally, there appears to be resource potential in the R30c
and S7 sands. The R30c showed 22 metres of gas charged sand over a
water leg. The S7 showed several porosity stringers that may
contain gas. Both zones will require additional analysis and study
to verify this potential.
Olgovskoye-24 Well
In October 2013, Cub announced that the O-24 well had been
drilled to a depth of 3,300 meters, cased to TD, and that logs
indicated three potential hydrocarbon-bearing zones. The first two
zones tested (B6 and B4b) were not successful. The third test, in
the R-30c, flowed gas at low rates. The well has been suspended,
and will be included in the Company's upcoming stimulation program.
The R30c zone has been successfully stimulated in the O-4, O-5, O-6
and O-8 wells.
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 realise 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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