Cub Energy Announces North Makeevskoye-4 Commences Drilling
18 Junio 2014 - 7:00AM
Marketwired
Cub Energy Announces North Makeevskoye-4 Commences Drilling
HOUSTON, TEXAS--(Marketwired - Jun 18, 2014) - Cub Energy Inc.
("Cub" or the "Company") (TSX-VENTURE:KUB) announces that the North
Makeevskoye-4 ("NM-4") exploration well commenced drilling on June
16, 2014. NM-4 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 ("KUB Holdings").
NM-4 is located approximately 3 kilometres west of the NM-3 well
drilled in July 2013. It is a combination structural/stratigraphic
play targeting Moscovian aged channel sands, defined from amplitude
anomalies observed on 3D seismic data. The NM-4 prospect is
estimated to have 1 Bcf of prospective resources (best estimate) by
the Company's independent third party evaluator (as of December 31,
2013). The planned total depth is 2,000 metres and the well is
expected to take 41 days to drill.
If NM-4 is successful, it will strengthen the chances of success
on two more fault blocks within the same channel system, and could
open up a new exploration fairway within the Olgovskoye,
Makeevskoye and North Makeevskoye licences.
North Makeevskoye Licence
North Makeevskoye is the largest of the five licences in which
Cub participates through its working interest in KUB-Gas. It does
not yet have production, but the NM-3 well drilled in 2013 tested
small amounts of oil from the Visean section. A stimulation is
planned for later this year to try to achieve a commercial flow
rate.
Further Dividends from KUB Holdings
KUB Holdings has declared dividends of approximately $12.6
million ($3.8 million net to Cub) year-to-date in 2014, including
$9.2 million ($2.8 million net to Cub) so far in the second
quarter.
Mikhail Afendikov, Cub's Chief Executive Officer said,
"These dividends reflect the continued success of
operations in eastern Ukraine -- without interruption -- despite
the isolated political violence ongoing in the eastern region of
the country."
The proceeds of the dividends are continuing to fund the
Company's exploration and development efforts in western Ukraine -
namely, Cub's 100%-owned Rusko-Komarovske ("RK") licence and for
general working capital.
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. Prospective resources are those
quantities of petroleum estimated, as of a given date, to be
potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources
have both an associated chance of discovery and a chance of
development. There is no certainty that it will be commercially
viable to produce any portion of the prospective
resources.
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.Patrick McGrathChief Financial Officer(713)
577-1948patrick.mcgrath@cubenergyinc.comwww.cubenergyinc.com
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