So as we expected, Q1 was not going to be good. Reason being that around $500,000 USD was spent on the M30 well and that was factored into this quarter. At the same time, KUB has $6.1 million USD in cash(minus $1.7 mil with RK field equipment purchase as of recent), and then the company presentation below shows work happening on all 5 leases this year. On top of that, cost cutting measures were implemented(see below) where 11 team members were layed off, not sure if that includes the $60k a year director, along with other savings. So I feel that the cost reductions will help a lot. New company presentation: http://www.cubenergyinc.com/_resources/corporate-presentation.pdf?v=4.2 2020-05-21 14:49 MT - News Release Mr. Mikhail Afendikov reports CUB ENERGY ANNOUNCES FIRST QUARTER OF 2020 RESULTS Cub Energy Inc. has released its unaudited financial and operating results for the interim three months ended March 31, 2020. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC ("Kub-Gas"), which Cub has a 35% equity ownership interest, Tysagaz LLC ("Tysagaz"), Cub's 100% owned subsidiary and CNG LLC ("CNG"), which Cub has a 50% equity ownership interest. Mikhail Afendikov, Chairman and CEO of Cub said: "In April 2020, we made a capital commitment to purchase two Jenbacher power generation units in order to better utilize the Company's RK field in western Ukraine to generate potential cashflow for the Company." Operational Highlights Achieved average natural gas price of $3.45/Mcf and condensate price of $36.25/bbl during the three months March 31, 2020 as compared to $7.11/Mcf and $42.57/bbl for 2019. The decrease is due, in large part, to increased volumes of gas stored in Europe and a warmer than expected winter in Europe. Production averaged 646 boe/d (97% weighted to natural gas and the remaining to condensate) for the three months March 31, 2020 as compared to 895 boe/d for 2019. In April 2020, the Company has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. Each power generation unit will have the capacity to produce as much as 1.5 megawatts ("MW") of power each or 3 MW in total. The RK field was materially suspended on April 1, 2016 and this new plan should result in the restart of the RK field. Financial Highlights The Company reported a net loss of $706,000 or $0.00 per share during the three months March 31, 2020 as compared to net income of $962,000 or $0.00 per share during 2019. Netbacks of $5.40/boe or $0.90/Mcfe were achieved for the three months March 31, 2020 as compared to netback of $24.49/Boe or $4.08/Mcfe for 2019. The Company has implemented certain cost-cutting initiatives during the second quarter of 2020, including the layoff of eleven team members, salary and director fee reductions, the signing of office leases at lower rent levels and a general decrease in the use of external consultants. Reader Advisory With the current cash resources, negative working capital, suspension of the RK field, uncertainty surrounding the successful installation of the Jenbacher power generation units, fluctuating commodity prices, dividend uncertainty, currency fluctuations, reliance on a limited number of customers, and impact on carrying values, the Company may not have sufficient cash to continue the exploration and development activities. These matters raise significant doubt about the ability of the Company to continue as a going concern and meet its obligations as they become due. Three Months Ended Three Months Ended (in thousands of US Dollars) March 31, 2020 March 31, 2019 Petroleum and natural gas revenue 66 49 Pro-rata petroleum and natural gas revenue(1) 1,262 3,452 Revenue from gas trading(2) 2,204 4,479 Net income (loss) (706) 962 Income (loss) per share - basic and diluted (0.00) 0.00 Funds generated from (used in) operations 350 (35) Capital expenditures(3) - - Pro-rata capital expenditures(3) 851 56 Pro-rata netback ($/boe) 5.40 24.49 Pro-rata netback ($Mcfe) 0.90 4.08 March 31, 2020 December 31, 2019 Cash and cash equivalents 6,100 6,206 Notes: Pro-rata petroleum and natural gas revenue is a non-IFRS measure that adds the Company's petroleum and natural gas revenue earned in the respective periods to the Company's 35% equity share of the KUB-Gas natural gas sales that the Company has an economic interest in. During the three and twelve months ended March 31, 2020, the Company recorded $2,204,000 (2019 - $4,479,000) and $2,070,000 (2019 - $4,240,000) in revenue for gas trading and $134,000 (2019 - $239,000). Capital expenditures include the purchase of property, plant and equipment and the purchase of exploration and evaluation assets. Pro-rata capital expenditures are a non-IFRS measure that adds the Company's capital expenditures in the respective periods to the Company's 35% equity share of the KUB-Gas and 50% equity share of CNG Holdings capital expenditures that the Company has an economic interest in. Supporting Documents Cub's complete quarterly reporting package, including the unaudited interim financial statements and associated Management's Discussion and Analysis, have been filed on SEDAR (www.sedar.com) and has been posted on the Company's website at www.cubenergyinc.com. About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. 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. We seek Safe Harbor. © 2020 Canjex Publishing Ltd. All rights reserved.
I spoke to Patrick(CFO) and he's not worried because they're making those cost cuts, most of the debt owed on the books is to the CEO who owns 140 million KUB shares. Plus that new RK field project selling electricity, that takes a dead asset from 2016 and turns it into a revenue generator, plus diversifies the company somewhat. It's going to take another 5-6 months, but I see us creeping back to 5-6 cents.
KUB rollback finally removed after 5 years: https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00027219
https://stockhouse.com/news/press-r...esults-from-the-annual-and-special-meeting-of HOUSTON, TX / ACCESSWIRE / June 17, 2020 / Cub Energy Inc. ("Cub" or the "Company") (TSXV:KUB) announces the following results from the Annual and Special Meeting of Shareholders ("ASM") held at Cub's Houston, Texas office on June 17, 2020: Davidson & Company LLP -- was appointed as the Company's auditors for 2020 Election of Cub's Board of Directors as follows: Mikhail Afendikov, also appointed Chairman of the Board Frank Mermoud Patrick McGrath John Booth At the ASM, shareholders also passed two proposed resolutions, approving amendment of the By-Laws and renewal of the Company's Stock Option Plan. There were 205,095,164 shares represented at the meeting, representing 65.3 percent of Cub's issued and outstanding shares. Including proxy voting, shareholders voted in favor of the election of directors and all other matters by more than 99 percent. About Cub Energy Inc. Cub Energy Inc. (TSX-V:KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. 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 Mikhail Afendikov Chairman and Chief Executive Officer (713) 677-0439 [email protected] Patrick McGrath Chief Financial Officer (713) 577-1948 [email protected]
I think Cub Energy will recover for sure, but we might have to wait until year end to get that 6-7 cent price again. Still, 6 months for a 200-250% ROI isn't bad. They got the following going on, which I read in the last MD&A and Patrick the CFO told me when I called: - Reduced expenses - improving gas prices - more recompletion wells to do this summer in the East - hopefully management can get another exploratory well in the west started in the fall - RK field generator (This is the big game changer, but won't be done until end of 2020 to early 2021)
2020-11-17 15:45 MT - News Release Mr. Mikhail Afendikov reports CUB ENERGY ANNOUNCES THIRD QUARTER OF 2020 RESULTS Cub Energy Inc. has released its unaudited financial and operating results for the interim nine months ended Sept. 30, 2020. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC, which Cub has a 35-per-cent equity ownership interest, Tysagaz LLC, Cub's 100-per-cent-owned subsidiary, and CNG LLC, which Cub has a 50-per-cent equity ownership interest in. Mikhail Afendikov, chairman and chief executive officer of Cub, said: "We are pleased to report the two Jenbacher units have arrived on site on the RK field and currently undergoing the installation, commissioning and ultimately connecting to the power grid. The company plans to have the units commercially operative in early 2021." Operational highlights Achieved average natural gas price of $3.59/thousand cubic feet (Mcf) and condensate price of $40.33/barrel (bbl) during the nine months Sept. 30, 2020, as compared with $5.85/Mcf and $48.43/bbl for 2019. The decrease is due, in large part, to increased volumes of gas stored in Europe, a warmer-than-expected winter in Europe and the impact of COVID. Production averaged 638 boe/d (97 per cent weighted to natural gas and the remaining to condensate) for the nine months Sept. 30, 2020, as compared with 873 barrels of oil equivalent per day (boe/d) for 2019. In April, 2020, the company has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in Western Ukraine at local market rates. The two units were manufactured and delivered to the RK field in late October, 2020, to begin installation and commissioning. Each power generation unit will have the capacity to produce as much as 1.5 megawatts (MW) of power or three MW in total. The RK field was materially suspended on April 1, 2016, and this new plan should result in the restart of the RK field. Financial highlights The company reported a net loss of $2,274,000 or one cent per share during the nine months Sept. 30, 2020, as compared with net income of $260,000 or zero cents per share during 2019. Netbacks of $9.13/boe or $1.52/Mcfe were achieved for the nine months Sept. 30, 2020, as compared with netback of $18.49/boe or $3.42/Mcfe for 2019. The company has implemented certain cost-cutting initiatives during the second and third quarters of 2020, including the layoff of 11 team members, salary and director fee reductions, the signing of office leases at lower rent levels, and a general decrease in the use of external consultants. Reader advisory With the current cash resources, negative working capital, suspension of the RK field, uncertainty surrounding the successful installation of the Jenbacher power generation units, fluctuating commodity prices, dividend uncertainty, currency fluctuations, reliance on a limited number of customers and impact on carrying values, the company may not have sufficient cash to continue the exploration and development activities. These matters raise significant doubt about the ability of the company to continue as a going concern and meet its obligations as they become due. Supporting documents Cub's complete quarterly reporting package, including the unaudited interim financial statements and associated management's discussion and analysis, has been filed on SEDAR and has been posted on the company's website. About Cub Energy Inc. Cub Energy is an upstream oil and gas company with a proven record of exploration and production cost-efficiency in Ukraine. 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. We seek Safe Harbor.
New company presentation from Cub Energy below. Keeping in mind that their RK Field project after 5 years will be going into production in the next 60 days. Rather than the RK field producing natural gas, it will now produce electricity (converted from high nitrogen natural gas) which is in more demand and more lucrative in Ukraine. This project is 100% owned by the company and they had to write off tens of millions of dollars in the past because they couldn’t get their NRU unit completed. Therefore, this will add tremendous shareholder value once producing, as it should be added back to the balance sheet as a productive asset. Below is information on the two RK wells which both produced over 2MMCF, or a total of 777boed. http://www.cubenergyinc.com/_resources/corporate-presentation.pdf Cub Energy Annual Information 2020 Page 27: RK field: proven commercial production currently shut-in since April 1, 2016 due to its inability to meet pipeline specifications; but began selling rich gas from a deep well (RK1) in the Mesozoic formation resulting in minor production in 2017, 2018 and 2019. Given the low rate of production for the past three years and unspecified future date of commercial production, proven reserves are classified as contingent resources should commercial production begins again. Cub Energy 2019 Management Discussion (Released March 2020) There were impairment charges that impacted net losses in 2019. During the quarter ended December 31, 2019, the Company recorded impairment charges due to the carrying value of its petroleum and natural gas assets exceeding the net present value of expected future cash flows using a discount rate of 26%. The high discount rate relates to the local discount rate in Ukraine and related country risk at that time. During the fourth quarter of 2019, the Company took a $5,014,000 impairment charge relating to the RK field and an impairment on its equity investment in Kub Holdings of $5,864,000. During the year ended December 31, 2017, the Company recorded impairment charges due to the carrying value of its petroleum and natural gas assets exceeding the net present value of expected future cash flows using a discount rate of 26%. The high discount rate relates to the local discount rate in Ukraine and related country risk. During 2017, the Company took a $5,300,000 impairment charge relating to the RK field and an impairment on its equity investment in Kub Holdings of $10,700,000. News Release Cub Energy Inc. Q4 Operations Update and RSU Grant Houston, Texas – January 23, 2015 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announces fourth quarter production and operational update, including a 2014 exit rate of approximately 2,407 barrels of oil equivalent (“boe/d”) (a 16% increase over the Company’s 2013 exit rate of 2,070 boe/d). This update includes ongoing operations from KUB-Gas LLC (“KUBGas”), which Cub has a 30% ownership interest, and Tysagaz LLC (“Tysagaz”), Cub’s 100% owned subsidiary. Fourth Quarter Production Average production for the fourth quarter was approximately 2,112 boe/d, representing a 3% decrease from 2,174 boe/d in the third quarter of 2014 and a 25% increase over the 2013 fourth quarter average production of 1,687 bod/d. Production for the first 20 days of January has averaged 2,063 boe/d. Production increased in the fourth quarter as a result of the Rusko-Komarovske 23 (“RK-23”) well that tested gas at a rate of over 2.3 million cubic feet per day (“MMcf/d”) through an eight millimetre choke in November 2014 and was subsequently tied in. The RK-23 well is 100% owned and operated by Cub in western Ukraine. The RK-23 well produced an average of 2.1 MMcf/d during the latter half of the fourth quarter. Production at KUB-Gas decreased during the fourth quarter by approximately 11% substantially due to: · The existing surface facilities are having difficulty meeting sales gas dew point specifications, and some wells have been choked back. This will be addressed with new compression in the Olgovskoye field due to be installed in May 2015. · The M-16, M-17 and O-12 wells were shut in for approximately three days each for their annual build-up tests. · M-16 was shut in in November to recomplete the well to the S5 zone, as it was determined that the M-17 well is capable of fully draining the S6 pool in which both wells were originally completed. M-22 Drilling Update and RK-21 Workover As previously disclosed, the KUB-Gas M-22 well reached TD in late December, and logs and drilling data indicate 18 metres of net pay in two zones, including the S13a, which has not been previously tested in the area. The well also encountered four other zones with aggregate thickness of 22 metres that have resource potential. The well has been cased and completion and testing is ongoing. A flowline was pre-built earlier in 2014, and the tie-in is anticipated to be finished by the first quarter of 2015, pending regulatory approvals. The RK-21 well, originally completed in a single zone in May of 2014, indicated the presence of a number of potentially productive intervals that could be added to maintain a steady rate of production from the well. Rather than completing all of the intervals at the same time, management decided to open additional intervals to maintain a reasonable steady production 2 stream from the well. Recently, the company added the fourth, fifth and sixth sets of perforations to the well. The well responded favorably by displaying an immediate increase in flowing tubing pressure with a corresponding increase of production from a 5-day average of 0.8 MMcf/d to over 2.6 MMcf/d for the subsequent 5-day period. These perforations were added over a two-day period at small incremental cost.
Ukraine natural gas prices are back to $7.50 an MCF as per the link below. https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/ If you look at past prices and profitability, Cub Energy was making good money when pricing was over $7 an MCF. Add in the cost cut measures put in place this year and the RK field about to go into production, there is some good upside coming. January 2021 7 540,06 7 443,85 7 573,23 December 2020 6 329,75 5 943,76 6 344,48 November 2020 6 101,31 6 186,71 6 039,92 October 2020 5 983,81 6 051,61 5 555,96 September 2020 4 702,90 4 521,84 4 853,50
No cheap gas in 2021: Why Ukraine cannot increase blue fuel production? https://112.international/finance/n...nnot-increase-blue-fuel-production-57745.html
EU To Label Gas to Electricity Plants As "Green" https://www.euractiv.com/section/en...green-finance-label-under-certain-conditions/ EU to offer gas plants a green finance label, under certain conditions The European Union plans to label some gas power plants as sustainable investments, after an initial proposal to deny them a green label faced a backlash from a group of 10 EU member states. The European Commission’s new proposal, shared with EU countries on Saturday, would class gas-fuelled plants that generate power plus heating or cooling as a green investment if strict conditions on emissions are met and they are operating by 2025. The EU’s updated proposal for gas plants is part of its Sustainable Finance Taxonomy, which defines what economic activities can be marketed in Europe as sustainable investments from next year. The full text of the proposal was published online by specialised news site Contexte. The Commission declined to comment on the draft proposal. It plans to finalise the sustainable finance rules by April 21. The EU’s aim is to steer more capital into environmentally friendly projects to help it deliver on its plan to rapidly slash the greenhouse gas emissions causing climate change. But the taxonomy has become mired in disputes between EU countries over how to treat investments in natural gas, forcing the Commission to rewrite its original proposal from November. Natural gas, a fossil fuel, produces roughly half the carbon dioxide (CO2) emissions of coal when burned in a power plant and countries such as Poland and Germany plan to use gas to wean themselves off the more polluting fuel. However, gas is not emissions-free and there are growing concerns that leaks of potent planet-warming methane from gas infrastructure could cancel out the benefits of switching to gas from coal. Strict conditions Under the draft plan, gas plants that generate power and also provide heating or cooling can be classed as a green investment if they replace a high-emitting fossil fuel-based facility and result in a cut in greenhouse gas emissions of at least 50% per kilowatt hour (kWh) of energy produced. The gas plant must be operating by 2025, have the potential to use low-carbon fuels in future, and emit no more than 270 grams of CO2 equivalent per kWh of energy. For plants only producing power, or those that also provide heating or cooling but do not replace a more polluting plant, the Commission stuck to its plan to restrict the green label to plants with life-cycle emissions below 100g of CO2 equivalent per kWh, according to the draft document. That means gas power plants operating now would need to add technology to capture their emissions to qualify. Sean Kidney, chief executive of the Climate Bonds Initiative, said it was a major win for climate action that the Commission had not weakened this 100g emissions limit. “That is a key marker for electricity generation that we need to spread globally,” said Kidney, a member of the EU’s advisory group on the sustainable finance taxonomy. James Watson, secretary general of gas industry group Eurogas, declined to comment on the draft proposal but said the 100g limit was a barrier to switching to gas from coal. “The taxonomy must leverage all viable technology, including highly efficient gas-fired solutions and renewable and low-carbon gas-ready units,” Watson said. The new proposal aims to placate countries split over the finance rules, as it would take a majority of the bloc’s 27 members to veto them. A group of 10 EU countries, including Bulgaria and Poland, had urged the Commission to label gas power as green by giving plants a feasible threshold they could meet. States including Denmark and Spain, however, have warned Brussels not to weaken its initial plan to deny gas a green label.
Cub Energy Announces Appointment of Board Member and Power Generation Update Houston, Texas – March 23, 2021 – Cub Energy Inc. (“Cub” or the “Company”) a Ukraine-focused power and upstream oil and gas company, announces the appointment of Eugene Chaban as a member of the board of directors effective immediately. Mr. Chaban has been working with the Company in a management position since 2014 and was appointed Chief Financial Officer on February 2, 2021. Mr. Chaban has worked in the energy sector in Ukraine for over 10 years including oil and gas, power generation and energy trading. The Company’s two Jenbacher gas power generation engines were successfully tested and installed to the local power grid in February 2021. To commence commercial production, the Company requires government regulatory approval which is still pending and the Company believes will be granted in due course. This should result in the restart of the RK field in western Ukraine. About Cub Energy Inc. Cub Energy Inc. is a power and upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. 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 assets within a high pricing environment. For further information please contact us or visit our website: www.cubenergyinc.com Patrick McGrath Interim Chief Executive Officer (713) 577-1948 [email protected]
$165,000 USD profit for Q4. This is with lower natural gas pricing compared to 2021 and without the RK producing, which is currently awaiting government approval. Cub Energy Announces 2020 Results http://www.cubenergyinc.com/_resources/news/nr_2021-03-31.pdf Houston, Texas – March 31, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), a Ukraine-focused upstream oil and gas company, announced today its audited financial and operating results for the year ended December 31, 2020. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC (“Kub-Gas”), which Cub has a 35% equity ownership interest, Tysagaz LLC (“Tysagaz”), Cub’s 100% owned subsidiary and CNG LLC (“CNG”), which Cub has a 50% equity ownership interest. Patrick McGrath, Interim CEO of Cub said: “We are pleased to report the two Jenbacher power units arrived on site on the RK field in Q4 2020 and were successfully installed and tested during Q1 2021 and just awaiting final regulatory approval to start selling into the local power grid. While the commercialization has taken longer than expected, we look forward to the commencement of power production. Due to stronger gas trading margins in the fourth quarter of 2020, the Company reported net income of $165,000 during the three months ended December 31, 2020.” Operational Highlights • Achieved average natural gas price of $3.79/Mcf and condensate price of $41.07/bbl during the year December 31, 2020 as compared to $5.36/Mcf and $49.51/bbl for 2019. The decrease in gas price is in large part due to the impact of COVID-19. To date in 2021, the Company has seen the price of natural gas in Ukraine rebound to the $5/Mcf-$6/Mcf range. • Production averaged 619 boe/d (97% weighted to natural gas and the remaining to condensate) for the year December 31, 2020 as compared to 784 boe/d for 2019. • In 2020, the Company has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. The two units were manufactured and delivered to the RK Field in the fourth quarter of 2020 to begin installation and commissioning. Each power generation unit will have the capacity to produce as much as 1.5 megawatts (“MW”) of power or 3 MW in total. Financial Highlights • The gross profit on the Company’s gas trading business increased to $1,523,000 during the year ended December 31, 2020 as compared to $825,000 in gross profit in 2019. • The Company reported net income of $165,000 or $0.00 per share during the three months ended December 31, 2020 as compared to a net loss of $11,320,000 or $0.04 per share during 2019. The Company reported a net loss of $2,109,000 or $0.01 per share during the year December 31, 2020 as compared to a net loss of $11,060,000 or $0.04 per share during 2019. Excluding the one-time impairment and provision charges in 2019, the Company would have had net income of $262,000. • Netbacks of $8.55/boe or $1.43/Mcfe were achieved for the year December 31, 2020 as compared to netback of $15.88/Boe or $2.65/Mcfe for 2019. • The Company has implemented certain cost-cutting initiatives during 2020, including the layoff of eleven team members, salary and director fee reductions, the signing of office leases at lower rent levels and a general decrease in the use of external consultants.
Cub Energy Inc. Reports Year-End Reserves for 2020 http://www.cubenergyinc.com/_resources/news/nr_2021-03-31b.pdf Houston, Texas – March 31, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announces the results of its independent reserves evaluations as of December 31, 2020 on its oil and gas properties in Ukraine. The evaluation was performed on the Company’s 35% working interest in KUB-Gas LLC (“KUB-Gas”) and was conducted by Ryder Scott Petroleum Consultants (“Ryder Scott”), an independent qualified reserves evaluators and auditor (“Reserves Report”). The 100% owned RK field, held by the Company’s wholly-owned subsidiary Tysagaz LLC, was not subject to a Reserve Report in 2020 given the Company is awaiting the commencement of commercial production at the power generation project which will utilize the gas at the RK field. The Company expects to re-evaluate the reserve category of the RK field in 2021. Patrick McGrath, Interim CEO of Cub said: “The natural gas price assumptions in the 2020 reserve report were approximately 15%-20% lower than the World Bank forecasts for the same period which had a negative impact on the value of the 2020 reserve results. However, to date in 2021, the Company has seen the price of natural gas in Ukraine rebound to the $5/Mcf-$6/Mcf range. In addition, the Company hopes to have its RK field re-evaluated to a reserve category in 2021 upon the material re-start of the RK field.” All evaluations were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and are in accordance with Canadian Securities Administrators National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Cub’sNI 51-101 disclosure for the year ended December 31, 2020 is in its Form 51-101 F1 filed on SEDAR www.sedar.com and posted on the Company’s website at www.cubenergyinc.com
Cub Energy Inc. April 2021 Company Presentation & Natural Gas Pricing In Ukraine http://www.cubenergyinc.com/_resources/corporate-presentation.pdf https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/# Based on the natural gas pricing in Ukraine, which was substantially lower in 2020 compared to 2021, Cub Energy should have much larger profitable quarters going forward, especially when the RK field begins producing.
Cub Energy Announces Sale of CNG Interest http://www.cubenergyinc.com/_resources/news/nr_2021-04-30.pdf Houston, Texas – April 30, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), announces it has entered into a share purchase agreement (“SPA”) to sell its 50% interest in CNG Holdings Netherlands B.V. (“CNG”), which in turn owns CNG LLC (Ukraine LLC), the 100% owner of the Uzghorod licence in western Ukraine. Cub is to receive consideration of €800,000 (US $970,000) for its 50% interest in CNG. The consideration consists of €600,000 (US $728,000) in cash on closing and €200,000 (US $242,000) is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval. The Company expects the closing in approximately one to two months’ time and will use the cash for general working capital. Patrick McGrath, Cub’s Interim Chief Executive Officer, said “Cub decided to divest its interest in CNG as we view it as a non-core asset that will likely be capital intensive in the near future as it is at the exploration stage.” About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is a power and upstream oil and gas company. 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 power and oil and gas assets within a high pricing environment. For further information please contact us or visit our website: www.cubenergyinc.com Patrick McGrath Interim Chief Executive Officer (713) 577-1948 [email protected]
Cub Energy Announces Commencement of Power Generation Houston, Texas – May 17, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), a Ukraine-focused power and energy company, announces that its 100% owned subsidiary, Tysagaz LLC (“Tysagaz”), has commenced commercial production of its Jenbacher gas power generation units in western Ukraine. “Cub is pleased to report it has successfully executed on its power generation plan and has had over ten days of sales into the local power grid” Patrick McGrath, Interim CEO of Cub stated “I would like to thank the Cub team members for their work in bringing the project to fruition and maximizing the value of our RK field. We’ll continue to review additional opportunities in the energy and power sectors.” The Jenbacher power units are converting natural gas produced from the RK field into power that is being sold into the local power grid. The Jenbacher units can also utilize gas from the nearby pipeline. The power generation units have the capacity to produce as much as 3 megawatts (“MW”) per hour of power. The local power rates are approximately $73/MW per hour and subject to local market fluctuations. The Company also announces the appointment of Patrick McGrath as Chairman of the Company. Mr. McGrath is currently the Interim CEO and a Director. About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is a power and upstream oil and gas company. 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 power and oil and gas assets within a high pricing environment. For further information please contact us or visit our website: www.cubenergyinc.com Patrick McGrath Interim Chief Executive Officer (713) 577-1948 [email protected]
Cub Energy Inc. May 2021 Company Presentation - http://www.cubenergyinc.com/_resources/corporate-presentation.pdf
