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cub energy inc (TPNEF) Snapshot

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cub energy inc (TPNEF) Details

Cub Energy Inc., a junior oil and gas company, explores for and develops oil and gas in Ukraine. The company holds 12 licenses with approximately 180,000 net acres in Ukraine. Cub Energy Inc. is headquartered in Houston, Texas.

65 Employees
Last Reported Date: 03/26/14

cub energy inc (TPNEF) Top Compensated Officers

Executive Chairman and Chief Executive Office...
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: $115.5K
Chief Operating Officer and Executive Vice-Pr...
Total Annual Compensation: $270.0K
Chief Compliance Officer, General Counsel and...
Total Annual Compensation: $74.0K
Compensation as of Fiscal Year 2013.

cub energy inc (TPNEF) Key Developments

Cub Energy Inc. Announces Production Results for the Fourth Quarter of 2014

Cub Energy Inc. announced fourth quarter production and operational update, including a 2014 exit rate of approximately 2,407 barrels of oil equivalent ("boe/d") (a 16% increase over the Company's 2013 exit rate of 2,070 boe/d). Average production for the fourth quarter was approximately 2,112 boe/d, representing a 3% decrease from 2,174 boe/d in the third quarter of 2014 and a 25% increase over the 2013 fourth quarter average production of 1,687 bod/d. Production for the first 20 days of January has averaged 2,063 boe/d. Production increased in the fourth quarter as a result of the Rusko-Komarovske 23 ("RK-23") well that tested gas at a rate of over 2.3 million cubic feet per day ("MMcf/d") through an eight millimetre choke in November 2014 and was subsequently tied in. The RK-23 well is 100% owned and operated by Cub in western Ukraine. The RK-23 well produced an average of 2.1 MMcf/d during the latter half of the fourth quarter.

Cub Energy Inc. Announces Makeevskoye-22 Results

Cub Energy Inc. announced the Makeevskoye-22 (M-22) exploration well has reached its total depth of 3,629 metres, and has encountered gas in six zones. Two of those zones appear to be net pay, with the other four having resource potential. Casing has been run and cemented, and the operator, KUB-Gas LLC (KUB-Gas), is now preparing to complete, test and tie-in the well. Cub has a 30% ownership interest in KUB-Gas through its 30% shareholding of KUBGAS Holdings Limited. Also, Ukraine`s Parliament recently passed new legislation, which includes amendments to the Tax Code of Ukraine concerning gas royalties. More specifically, the amendments include a permanent royalty rate of 55% (which has been in effect since August 1, 2014, as a temporary measure), and are silent on the discounted royalty rate for newly drilled wells. M-22 Log Results: M-22 was spud on October 1, 2014, and is located on the southwest side of the major fault that runs through the Makeevskoye and Olgovskoye licenses. The table below shows the breakdown of the log results for the six prospective zones: The S6 and S13a zones appear to be the most promising. The S6 is commercially productive in the nearby M-16, M-17 and O-15 wells. The S-13a has the best log calculated porosity of the six zones and had gas shows during drilling, but it remains untested within KUB-Gas's licenses. The well is being cased to total depth, and test programs for both zones are being planned. The S5, S7, S13 and S13b zones have resource potential. All appear tighter than the S6 and S13a. The S13 and S13b zones have underlying water legs, which will require additional study and analysis to verify their production potential. In addition to potential production and reserves increases (pending successful testing), the M-22 well has two significant impacts on the exploration and development program in the Makeevskoye and Olgovskoye licenses: It validates gas potential on the southwest side of the major bounding fault that runs through the area. KUB-Gas has identified two new development locations, and will look for additional exploration targets after incorporating the M-22 results into its geological model. Pending a successful test, the S13a is a new productive zone, the deepest in which commercial gas has been discovered, which could expand the prospect inventory across both licenses.

CUB Energy Inc. Announces Earnings and Operating Results for the Third Quarter and Earnings Results for the Nine Months Ended September 30, 2014

CUB Energy Inc. announced earnings and operating results for the third quarter and earnings results for the nine months ended September 30, 2014. For the quarter, the company reported petroleum and natural gas revenue of $1,444,000 against $627,000 a year ago. Net loss was $19,399,000 or $0.06 per basic and diluted share against net profit of $875,000 a year ago. Funds generated from operations were $2,873,000 against funds used in operations of $515,000 a year ago. Capital expenditures were $2,671,000 against $4,833,000 a year ago. For the nine months, the company reported petroleum and natural gas revenue of $4,838,000 against $2,505,000 a year ago. Net loss was $18,122,000 or $0.06 per basic and diluted share against net profit of $1,477,000 or $0.01 per basic and diluted share a year ago. Funds generated from operations were $5,249,000 against $1,792,000 a year ago. Capital expenditures were $6,779,000 against $6,062,000 a year ago. Production averaged 2,174 barrels of oil equivalent a day (boe/d) (95% natural gas) for the three months ended September 30, 2014 for an increase of 44% over 1,513 boe/d in the same period in 2013. Netback of $29.64/Boe or $4.94/Mcfe for the quarter ended September 30, 2014, which decreased as a result of the temporary increase in royalty rates as compared to a netback of $41.46/boe or $6.91/Mcfe for the quarter ended June 30, 2014.

 

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