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Cub Energy Inc. has appointed Mr. Richard "Dick" K. Stoneburner as a director of the Company. Mr. Stoneburner formerly served as President of the North America Shale Production Division for BHP Billiton and as President and Chief Operating Officer for Petrohawk Energy Corporation.
Mr. Stoneburner has over thirty-five years experience in the energy business and upstream operations and will serve on Cub's Audit and Reserves committees.
Mikhail Afendikov, Chairman and CEO of Cub, commented, "We are delighted by the addition of Mr. Stoneburner to the Cub Board. Dick brings a wealth of experience in various shale plays, an extensive background in upstream oil and gas, in growing businesses and increasing shareholder value. We welcome Dick and his experience and guidance. I look forward to working with him at the board level."
In addition, on 3 September 2013, subject to regulatory approval, the Company granted Mr. Stoneburner 450,000 stock options, at a 30-day trailing average price, of which entitles him to acquire Cub shares at an exercise price of $0.19.
Further, Cub issued 555,000 stock options to Ms. Rebecca Gottsegen, who was appointed effective 1 September 2013, as General Counsel, Chief Compliance Officer and Corporate Secretary. Ms. Gottsegen, on a pro rata basis, will be entitled to exercise 25% of the options granted at a price of $0.30 and 75% at a price of $0.40.
The term of the options granted is for a period of five years from date of grant and a two-year vesting period with 12.5% of the grants vesting every three months. The options were granted pursuant to Cub's stock option plan and subject to regulatory approval.