Cub Energy announces that it has closed the sale of its 100% interest in 3P International Energy Ltd and its wholly-owned Ukraine subsidiary, Tysagaz LLC as previously announced on July 29, 2022 and July 12, 2022. The sale was for a nominal consideration of $1 and the buyer assumed all of 3P's and Tysagaz' liabilities. The buyer group is two officers of the Company, Eugene Chaban, the Company's Chief Financial Officer and [...]
Cub Energy announces that it has signed a definitive Share Sale and Purchase Agreement for the sale of its 100% interest in 3P International Energy Ltd and its wholly-owned Ukraine subsidiary, Tysagaz LLC as previously announced on July 12, 2022. The sale is for nominal consideration of $1 and the buyer assuming all of 3P's and Tysagaz' liabilities. The buyer group is two officers of the Company, Eugene Chaban, the [...]
Cub Energy Inc. announces that it has entered into a letter agreement dated July 8, 2022 to sell its 100% interest in 3P International Energy Ltd and its wholly-owned Ukraine subsidiary, Tysagaz LLC . The sale is for a nominal consideration of $1 and the buyer assuming all of 3P's and Tysagaz' liabilities including the Ukraine bank debt that is guaranteed by Cub and all provisions for reclamation costs. Since the [...]
Cub Energy Inc. , a Ukraine-focused energy company, announced today its unaudited financial and operating results for the three months ended March 31, 2022. All dollar amounts are expressed in United States Dollars unless otherwise noted. Patrick McGrath, CEO of Cub said: "Cub finished the quarter ended March 31, 2022 with $8,916,000 cash on hand and working capital of $7,593,000. This was a result of the corporate [...]
Cub Energy Inc. , a Ukraine-focused energy company, announced today its audited financial and operating results for the year ended December 31, 2021. All dollar amounts are expressed in United States Dollars unless otherwise noted. The audited financials includes results from KUB Holdings Limited and its 100% owned operating Ukraine subsidiary, KUB-Gas LLC , which Cub had a 35% equity ownership interest and Tysagaz LLC [...]
Cub Energy Inc. announces that the Alberta Securities Commission has accepted the Company's application for a temporary management cease trade order under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults , which prohibits trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer until such time as the Required Filings and all continuous disclosure [...]
Cub Energy Inc. announces it has filed the results of its independent reserves evaluations as of December 31, 2021 on its oil and gas properties in Ukraine. The evaluation was performed on the Company's 100% working interest in the RK Field held by Tysagaz LLC and was conducted by GLJ Ltd. , an independent qualified reserves evaluators and auditor . The Reserve Report is effective December 31, 2021 and does not include [...]
Cub Energy Inc. comments on the newly enacted law concerning gas royalty rates in Ukraine. The Ukraine Parliament passed a new law increasing the royalties on natural gas production. The law was published on March 22, 2022 and entails a partially sliding scale royalty rate. The new royalty rates are retroactive to March 1, 2022 and shall remain effective throughout the military and/or emergency state. The royalty rates [...]
Cub Energy Inc. announces it has closed the sale of its 35% interest in KUBGAS Holdings Limited . The sale was for a deemed consideration of approximately US $10.9 million. The consideration was comprised of a cash payment of US $2.6 million and the settlement of US $8.3 million in debt. The US $8.3 million in debt was settled in full through the repayment of debt and the simultaneous issuance of US $7.9 million in [...]
Cub Energy Inc. announces it has closed the sale of its 50% interest in CNG Holdings Netherlands B.V. , which in turn owns CNG LLC , the 100% owner of the Uzhgorod licence in western Ukraine as originally announced on April 30, 2021. Cub is to receive consideration of up to €800,000 for its 50% interest in CNG consisting of €600,000 in cash received on closing and €200,000 as a contingent payment on certain future events [...]
Cub Energy Inc. , a Ukraine-focused energy company, announced today its unaudited financial and operating results for the interim nine months ended September 30, 2021. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC , which Cub has a 35% equity ownership interest, Tysagaz LLC , Cub's 100% owned subsidiary and CNG LLC , which Cub has a 50 [...]
Cub Energy Inc. , a Ukraine-focused energy company, announced today it has entered into a letter agreement dated September 3, 2021 with its partner to sell its 35% interest in KUBGAS Holdings Limited. . The sale is for a deemed consideration of approximately US $10.6 million. The consideration comprises a cash payment of US $2.6 million and the settlement of approximately US $8.0 million in debt that the Company owes [...]
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