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Cub Energy to Drill 2-3 Ukraine Wells in 2016
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Cub Energy Inc. has provided the following update for its operations for the first quarter of 2016.
This update includes ongoing operations from KUB-Gas LLC (KUB-Gas), which Cub has a 35%-ownership interest (increased from 30% effective February 8, 2016), and Tysagaz LLC (Tysagaz), Cub's 100%-owned subsidiary.
Outlook The Company continues to evaluate its 2016 work programs. KUB-Gas plans to drill two wells and perform several fracture stimulations in 2016 which the Company expects will be self-funded by KUB-Gas.The Company may drill one new well on its 100%-owned western Ukraine licences pending sufficient operating cashflow and satisfactory blending arrangement. First Quarter Production and Realized Prices Average production for the first quarter was approximately 1,644 barrels of…
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