Exploration & Production | Top Story | Quarterly / Earnings Reports
Cub Talks Turkish Shale Progress, Upcoming Spud; Updates Ukraine Ops
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Cub Energy Inc. has reported its unaudited interim financial and operating results for the three and six months ended June 30, 2013.
Operational Highlights Production averaged 1,490 Boe/d (96% natural gas) an increase of 24% over second quarter 2012; Current Production of 1,575 Boe/d; Fifth consecutive quarter of production growth; Net back of $37.21/Boe or $6.20/Mcfe for the current period decreased by 27% from $50.95/Boe or $8.49/Mcfe in 1H 2012 due to an increase in royalty payable from 18% to 25% and due to increased production expenses for Kub Gas (operating staff increases and to a non-recurring bonus payment); Natural gas price of $11.66/Mcf and condensate price of $90.08/bbl; Record production levels were reached with KUB-Gas gross production of 28.5 MMcfe/d (8.55 MMcfe/d net to…Finish this article — free account or subscription
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