KUB Cub Energy Inc

Cub Energy Inc. ("Cub", or the "Company") (TSX VENTURE:KUB) announces the
Rusko-Komarovske-21 ("RK-21") development well, on the Rusko-Komarovske ("RK")
licence, in western Ukraine has tested gas at a maximum rate flow rate of 2.6
million cubic feet per day ("MMcf/d") through a 12-millimetre choke. Cub is the
owner and operator of the RK-21 well and has a 100% working interest in the RK
licence.


RK-21 Well 

The RK-21 well location was identified by 3-D seismic acquired by Cub in 2013
and is the second well drilled by Cub on the RK licence. The RK-21 spud in
mid-March 2014 and multiple potential gas bearing zones were encountered in the
targeted middle Miocene Dorobratovskaya and Badenian sands locally referred to
as the D-1 through D-5 and B-1 through B-5 sands. 


The D-3 sands were perforated over a four-metre interval between 1,111 metres
and 1,114 metres then subsequently flow tested through various choke sizes. The
well achieved a maximum stabilised natural gas flow rate of 2.6 MMcf/d through a
12-millimetre choke with a flowing tubing pressure of 545 pound-force per square
inch ("psi") and a shut-in casing pressure of 672 psi. 


Mikhail Afendikov, Chief Executive Officer of Cub Energy, commented, "We are
excited about the success of this 100-percent working interest well and our
entire 2014 drilling program. This success is a testament to our team's hard
work and efforts. Our operations and this year's work program continue
uninterrupted and we move forward with our efforts of increasing the Company's
reserves and production profile from our assets in the black-sea region."


The Company expects to have the RK-21 on production by May 16, 2014 and is
currently evaluating additional completions options in the remaining zones
identified. The Esta Well Services rig used to drill the RK-21 is now being
mobilised to the RK-1 location where Cub will re-enter the well for a test of
the deeper Mesozoic sands that logs show to be potentially gas charged.


About Cub Energy Inc. 

Cub Energy 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 

Oil and Gas Equivalents 

A barrel of oil equivalent ("boe") or units of natural gas equivalents ("Mcfe")
is calculated using the conversion factor of 6 Mcf (thousand cubic feet) of
natural gas being equivalent to one barrel of oil. A boe conversion ratio of 6
Mcf: 1 bbl (barrel) or an Mcfe conversion of 1bbl: 6 Mcf is, based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead and is not based on either
energy content or current prices. While the boe ratio is useful for comparative
measures, it does not accurately reflect individual product values and might be
misleading, particularly if used in isolation. As well, given that the value
ratio, based on the current price of crude oil to natural gas, is significantly
different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio
may be misleading as an indication of value.


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, 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.


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

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