HOUSTON, TEXAS--(Marketwire - Nov. 13, 2012) - Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas company, announces that on 12 November 2012 it filed a revised annual information form ("Revised AIF") for the fiscal year ended June 30, 2011, updated with respect to certain information, with the relevant securities regulators and on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
The Revised AIF was filed to amend information in the annual information form dated October 17, 2012, which was filed on October 18, 2012 ("Original AIF"), in respect of National Instrument 51-101F1, attached as Exhibit "I" to the Original AIF, which assigned too much capital to the development programme on the Company's eastern Ukraine assets. This over-assignment resulted in Cub's reserves being undervalued by approximately $11,000,000.
In addition, the Company announces today that it has filed on SEDAR a revised National Instrument 51-101F2 to correct the value of net present value of future net revenue (the "Revised Form 51-101F2"). The Revised Form 51-101F2 supercedes and replaces the National Instrument 51-101F2 attached as Exhibit "II" to the Revised AIF.
The Revised AIF and the Revised Form 51-101F2 include the disclosure and reports related to reserves data and other oil and gas information as at July 1, 2012 as required pursuant to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), of the Canadian Securities Administrators. With this news release, Cub is reporting the filings as required by NI 51-101. A copy of these filings may be found at www.sedar.com or www.cubenergyinc.com.
About Cub Energy Inc.
Cub Energy Inc. (TSX VENTURE:KUB) is a Ukraine-focused upstream oil and gas company, with a proven track record of exploration and production cost efficiency. The Company has offices in Houston, Toronto and Kyiv. Cub has 110,000 net acres, in nine exploration and production licences, in the two major producing basins within Ukraine. The Company's strategy is to use western technology and capital, combined with local expertise to create value in its undeveloped land base, building a portfolio of high margin producing oil and gas assets. Cub shares are traded in Toronto under the stock symbol KUB.
The Company's production and revenue are derived from nine licences; four licences in Western Ukraine in which Cub has a 100% ownership interest and five licences in Eastern Ukraine owned and operated by KUB-Gas, LLC a subsidiary in which Cub Energy has a 30% ownership interest.
For further information please contact us or visit our website www.cubenergyinc.com.
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.