RK Rockhaven Resources Ltd

Cub Energy Inc. ("Cub", or the "Company") (TSX VENTURE:KUB) provides an
operational update and announces the Rusko-Komarovske-21 ("RK-21") development
well on the Rusko-Komarovske ("RK") licence in western Ukraine has reached a
total measured depth ("TMD") of 1,818 metres and has been cased to TMD with
multiple potential gas bearing zones identified. The RK-21 well is operated by
Cub's wholly-owned subsidiary, JSC Tysagaz. 


RK-21 Well

The RK-21 well spud in mid-March 2014 and is the second well for Cub to drill on
the RK licence. The well encountered multiple zones which appear to be
gas-bearing based upon drilling information and interpretation of wireline logs.
Potential gas bearing zones were encountered in the targeted middle Miocene
Dorobratovskaya and Badenian sands, locally referred to as the D-1 through D-5
and B-1 through B-5 sands. The Company has commenced completion operations and
will subsequently begin testing selected zones. 


Operations Update

Western Ukraine 

Cub will now mobilise the Esta Well Services rig to the RK-1 previously
abandoned well location to begin re-entry operations, which will attempt to
complete a deeper zone in the Mesozoic sands that previously tested gas at a
depth of approximately 3,800 metres. Later this year, Cub plans to drill the
RK-24 and RK-23 wells, which will target the shallower D and B series of sands
on this 100% owned asset.


Eastern Ukraine 

On March 19, 2014, KUB-Gas LLC ("KUB-Gas"), a partially owned subsidiary in
which Cub has a 30% effective ownership interest through its 30% shareholding of
KUBGAS Limited, announced it had finished drilling the M-17 well and logs
indicated pay in the S5 and S6 zones, and resource potential in the R30c and S7
sections. The well was cased, and the service rig began completion operations on
April 10, 2014. KUB-Gas is in the process of completion and testing operations
on all the prospective zones.


The O-11 well was spud on April 4, 2014 after the drilling rig was moved from
the M-17 location. The well has a planned total depth of 3,200 metres, which
targets the R30c and S6 formations. The O-11 is a development well, located
approximately one kilometre southeast of the O-15 discovery well, which began
producing from the S6 zone in July 2013 and produced an average of 1.0 MMcf/d
during the month of March 2014. The Company expects drilling time of the O-11
well to be 70 days from spud and that both the R30c and S6 targets will require
fracture stimulations as has been the case with other wells completed in those
formations.


Outlook

To date the political unrest in Ukraine has had no material impact on the
Company's operations. Cub continues with its planned work program for 2014 on
both its eastern and western Ukraine assets. 


In the month of April, Cub has realised a natural gas price of approximately
$9.41/Mcf using an exchange rate effective April 23, 2014 of 11.6:1 Ukraine
Hryvnia per U.S. Dollar.


About Cub Energy Inc. 

Cub Energy Inc. (TSX VENTURE:KUB) 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 pricing environment.


For further information please contact us or visit our website
www.cubenergyinc.com. 


Reader Advisory

Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur. Cub believes that the expectations reflected in the forward-looking
information are reasonable; however there can be no assurance those expectations
will prove to be correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in the
forward-looking information. 


Forward-looking information is based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking information.
Some of the risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information include, but
are not limited to: general economic conditions in Ukraine, the Black Sea Region
and globally; industry conditions, including fluctuations in the prices of
natural gas; governmental regulation of the natural gas industry, including
environmental regulation; unanticipated operating events or performance which
can reduce production or cause production to be shut in or delayed; failure to
obtain industry partner and other third party consents and approvals, if and
when required; competition for and/or inability to retain drilling rigs and
other services; the availability of capital on acceptable terms; the need to
obtain required approvals from regulatory authorities; stock market volatility;
volatility in market prices for natural gas; liabilities inherent in natural gas
operations; competition for, among other things, capital, acquisitions of
reserves, undeveloped lands, skilled personnel and supplies; incorrect
assessments of the value of acquisitions; geological, technical, drilling,
processing and transportation problems; changes in tax laws and incentive
programs relating to the natural gas industry; failure to realise the
anticipated benefits of acquisitions and dispositions; and other factors.
Readers are cautioned that this list of risk factors should not be construed as
exhaustive. 


This cautionary statement expressly qualifies the forward-looking information
contained in this news release. We undertake no duty to update any of the
forward-looking information to conform such information to actual results or to
changes in our expectations except as otherwise required by applicable
securities legislation. Readers are cautioned not to place undue reliance on
forward-looking information. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cub Energy Inc.
Mikhail Afendikov
Chairman and Chief Executive Officer
(713) 677-0439
mikhail.afendikov@cubenergyinc.com


Cub Energy Inc.
Lionel C. McBee
Director of Investor Relations
(713) 577-1955
lionel.mcbee@cubenergyinc.com
www.cubenergyinc.com

Rockhaven Resources (TSXV:RK)
Historical Stock Chart
From Nov 2024 to Dec 2024

Rockhaven Resources (TSXV:RK)
Historical Stock Chart
From Dec 2023 to Dec 2024