Cub Energy Inc. Announces Board of Directors Appointment and Grant of Stock
HOUSTON, TEXAS -- (Marketwired) -- 09/04/13 -- Cub Energy Inc.
("Cub", or the "Company") (TSX VENTURE:KUB) today announced, subject
to regulatory approval, it 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.
About Cub Energy Inc.
Cub Energy Inc. is an upstream oil and gas company, with a proven
track record of exploration and production cost efficiency in the
Black Sea region. 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
For further information please contact us or visit our website
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.
Chairman and Chief Executive Officer
Cub Energy Inc.
Lionel C. McBee
Director of Investor Relations
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