Cub Energy Inc. announces the Olgovskoye-11 (“O-11”) development well has been drilled to its total depth of 3,230 meters. Logging is now complete and has identified net pay in four zones of Bashkirian or Serpukhovian age, three of which have been established as productive within the Company’s Ukrainian Licences. O-11 is operated by KUB-Gas LLC, which has set production casing and a testing program will begin once the workover rig currently on the Makeevskoye-17 (“M-17”) well finishes its operations there.
The company continues to see success in its active drilling program. As the political situation in Ukraine fades from the front page of the newspaper we could see a revaluation higher of Cub Energy as the company continues to positively execute their development plan. Cub Energy is the 2014 stock of the year selection.