Houston, Texas – May 15, 2018 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), a Ukraine-focused upstream oil and gas company, announced today its unaudited financial and operating results for the first quarter of 2018. All dollar amounts are expressed in United States Dollars unless otherwise noted.  This update includes results from KUB-Gas LLC (“KUB-Gas”), which Cub has a 35% equity ownership interest, Tysagaz LLC (“Tysagaz”), Cub’s 100% owned subsidiary and CNG LLC (“CNG”), which Cub has a 50% equity ownership interest.
Mikhail Afendikov, Chairman and CEO of Cub said: “We are pleased to report net income $0.8 million during the first quarter of 2018 including income from our equity investment of $1.7 million. During the first quarter of 2018, the Company received $1.1 million in dividends from its eastern Ukraine investment and we repaid $1.1 in loans from KUB-Gas in conjunction with their maturity. We look forward to an active 2018, including the anticipated drilling of the Uzhgorod and West Olgovskoye licence prospects in western and eastern Ukraine, respectively.”
Operational Highlights


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