Houston, Texas – April 21, 2020 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), a Ukraine-focused energy company, announces the appointment of Patrick McGrath to the Board effective immediately. Dr. Timothy Marchant has resigned from the Board and the Company wishes to thank Dr. Marchant for his significant contributions over the past seven years.

Mr. McGrath is a Chartered Professional Accountant (CPA, CGA) and has been the Chief Financial Officer of the Company since 2013. Mr. McGrath has over twenty years’ experience in finance and management, particularly in international oil and gas and mineral exploration companies.

About Cub Energy Inc.
 
Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas and power generation company, with a proven track record of exploration and production cost efficiency in Ukraine. 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 energy assets.

 
For further information please contact us or visit our website: www.cubenergyinc.com
 
Mikhail Afendikov
Chairman and Chief Executive Officer
(713) 677-0439
mikhail.afendikov@cubenergyinc.com
 
Patrick McGrath
Chief Financial Officer
(713) 577-1948
patrick.mcgrath@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 and globally; political unrest and security concerns in Ukraine; industry conditions, including fluctuations in the prices of natural gas and foreign currency; governmental regulation of the power and natural gas industries, 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 fourth party consents and approvals, if and when required; successful installation of the Jenbacher units, competition for and/or inability to retain 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 and power; liabilities inherent in natural gas and power 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 and power industries; failure to realize the anticipated benefits of acquisitions and dispositions; and the 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.