Wednesday, June 11, 2014

More good news from Cub Energy

The 2014 stock of the year Cub Energy reported more good news on the production front:

Cub Energy Inc. announces production testing has been completed on the S6 sandstone in the Makeevskoye-17 (“M-17”) well, and the maximum flow rate achieved was 6.6 million cubic feet per day through an 8 mm choke at a flowing wellhead pressure of 2,970 psi. The well has been shut in for a pressure build up, after which the recorders will be retrieved and the well will be tied in for production.

M-17 represents a significant step out and possible reserve addition for the S6 interval. The well results suggest an expansion of the pool area to the north that will need verification with additional drilling.

Mikhail Afendikov, Cub’s Chief Executive Office said, “I am proud of our KUB-Gas team striking continued success despite the stressful environment in Eastern Ukraine. We continue to operate without interruption due to the exceptional leadership and dedication of our KUB-Gas employees.”

This continued exploration and development success will hopefully lead to an increase in the share price once the political situation calms down in Ukraine.

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