Cub Energy Inc.

Cub Energy Inc.

August 10, 2012 12:35 ET

Cub Energy Inc. Announces Officer Resignation

HOUSTON, TEXAS--(Marketwire - Aug. 10, 2012) - Cub Energy Inc. ("Cub", or the "Company") (TSX VENTURE:KUB) announces the resignation of its Chief Financial Officer, Alyson Patrick Beicker. Ms. Beicker joined Cub in March 2012 and was appointed Chief Financial Officer in June. The office will be filled on an interim basis by Wally Rudensky. Mr. Rudensky is a chartered accountant with over 25 years experience in public accounting. He provides contract corporate finance and accounting services and served as Cub's Chief Financial Officer from August 2010 until Ms. Beicker's appointment in June 2012.

Cub plans to announce its financial results for the second quarter ended June 30, 2012 on schedule in late August 2012.

"We thank Ms. Beicker for her efforts, wish her well and are pleased that Mr. Rudensky can return to Cub and provide near seamless continuity of accounting and financial reporting", said Mr. Mikhail Afendikov, Chairman and CEO.

About Cub Energy Inc.

Cub Energy Inc. is focused on the exploration and development of oil and gas in Ukraine. The Company is headquartered in Houston, Texas with offices in Kyiv, Ukraine. Cub has 110,000 net acres, in nine fields, 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 on the TSX Venture Exchange under the stock symbol KUB.

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.

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.

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