HOUSTON, TEXAS -- (Marketwire) -- 03/22/13 -- Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE: KUB) notes that Kulczyk Oil Ventures Inc. issued a news release disclosing and made the required annual filing on SEDAR of its NI 51-101 statement of reserves data and other oil and gas information as at December 31, 2012 regarding its 70% interest in reserves of its partially owned subsidiary, KUB-Gas LLC ("KUB-Gas"), in which Cub owns the additional 30%.
Cub's interest in KUB-Gas comprises the majority, but not all of Cub's oil and gas reserves in Ukraine. In addition to the KUB-Gas assets in Eastern Ukraine, Cub owns four additional licenses covering over 80,000 acres in western Ukraine. The Company anticipates receipt of the completed and consolidated report from RPS Energy Consultants LLC ("RPS") of its 2012 Reserves Report by 26 March 2013. Upon receipt and after management review and board approval, the Company will issue a news release reporting its oil and gas reserves for year-end 2012. The Company expects this release to be made on or about 28 March 2013.
About Cub Energy Inc.
Cub Energy Inc. (TSX VENTURE: KUB) is an upstream oil and gas company with 110,000 net acres in nine exploration and production licences within the two major producing basins of 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.
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. 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 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.
Lionel C. McBee
Director of Investor Relations
Cub Energy Inc.
Chairman and Chief Executive Officer
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