Cub Energy Inc. Commences Drilling of Olgovskoye-11 Well
07 Abril 2014 - 7:00AM
Marketwired
Cub Energy Inc. Commences Drilling of Olgovskoye-11 Well
HOUSTON, TEXAS--(Marketwired - Apr 7, 2014) - Cub Energy Inc.
("Cub", or the "Company") (TSX-VENTURE:KUB) announces that the
Olgovskoye-11 ("O-11") development well has commenced drilling. The
O-11 well is operated by KUB-Gas LLC ("KUB-Gas"), a partially-owned
subsidiary in which Cub has a 30% effective ownership interest
through its 30% shareholding of KUBGAS Holdings Limited.
Olgovskoye-11 Well
The O-11 well will be drilled as a step-out to the O-9 well for
the R30c zone in the Bashkirian and an appraisal of the O-15 well
in the S6 zone of the Serpukhovian. The well is located
approximately one kilometre southeast of the Company's
Olgovskoye-15 ("O-15"), which was drilled last year and began
producing from the S6 in July 2013.
The well will be drilled with the KUB-Gas owned K-200 drilling
rig and the Company expects that both zones targeted in the O-11
will require fracture stimulation. The O-11 well is expected to
take approximately 70 days to reach TD.
Olgovskoye Field
The Company's Olgovskoye ("O") field comprises approximately 43%
of gross KUB-Gas production and is Cub's second highest producing
field. Given the success last year in the Serpukhovian with the
O-15, and the M-16 well on the Makeevskoye field, the Company's new
exploration and development efforts have been expanded to include
the deeper Serpukhovian targets.
About Cub Energy Inc.
Cub Energy Inc. 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 and political conditions in Ukraine 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
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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