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cub energy inc (P36) Snapshot

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52 Week High
10/7/13 - €0.19
52 Week Low
08/8/14 - €0.05
Market Cap
22.8M
Average Volume 10 Days
34.3K
EPS TTM
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Shares Outstanding
311.7M
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cub energy inc (P36) Details

Cub Energy Inc., a junior oil and gas company, explores for and develops oil and gas in Ukraine. The company holds 12 licenses with approximately 180,000 net acres in Ukraine. Cub Energy Inc. is headquartered in Houston, Texas.

65 Employees
Last Reported Date: 03/26/14

cub energy inc (P36) Top Compensated Officers

Executive Chairman and Chief Executive Office...
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: $115.5K
Chief Operating Officer and Executive Vice-Pr...
Total Annual Compensation: $270.0K
Chief Compliance Officer, General Counsel and...
Total Annual Compensation: $74.0K
Vice President of Operations
Total Annual Compensation: $208.8K
Compensation as of Fiscal Year 2013.

cub energy inc (P36) Key Developments

Cub Energy Inc. Reports Unaudited Financial and Operating Results for the Second Quarter and Six Months Ended June 30, 2014

Cub Energy Inc. reported unaudited financial and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported petroleum and natural gas revenue of $1,693,000 compared to $823,000 a year ago. Net profit was $2,192,000 compared to $326,000 a year ago. Earnings per basic and diluted share were $0.01 compared to $0.00 a year ago. Funds generated from operations was $2,502,000 compared to $724,000 a year ago. Capital expenditures were $3,034,000 compared to $906,000 a year ago. For the six months, the company reported petroleum and natural gas revenue of $3,394,000 compared to $1,878,000 a year ago. Net profit was $1,277,000 compared to $602,000 a year ago. Funds generated from operations was $2,376,000 compared to $2,307,000 a year ago. Capital expenditures were $4,108,000 compared to $1,229,000 a year ago. Production averaged 1,868 boe/d (95% natural gas) for the three months ended June 30, 2014 for an increase of 25% over 1,490 boe/d in the same period in 2013. Exit rate was 2,154 boe/d at June 30, 2014 for a 10% increase over exit rate of 1,952 boe/d at March 31, 2014. Current production was approximately 2,350 boe/d. KUB-Gas (30% WI) achieved a significant milestone in daily production - over 1 million cubic metres per day ("MMcm/d") or approximately 5,885 boe/d (1,766 boe/d Cub WI) late in the second quarter. Gas began flowing from the new Kub-Gas (30% WI) Makeevskoye and Olgovskoye production and processing facility on March 6, 2014 resulting in increased capacity to 68 MMcf/d from the previous 30 MMcf/d. Full production gains from the new facility were achieved late in the second quarter of 2014. The M-17 well (30% WI) was drilled during the first quarter. Logs indicated 9 metres of net pay in the primary target, the S6 sand, and 2.5 metres of pay in the S5 and 5.5 metres in the deeper S7. They also indicated resource potential 22 metres in the R30c. On test, the S7 achieved a rate of 900 Mcf/d, exceeding the Company's expectations that it would require stimulation to produce at a commercial rate. A bridge plug was set above the S7, and after testing, and the S6 commenced production on June 26, 2014 at an initial rate of 6.0 MMcf/d (1.8 MMcf/d Cub WI). That rate has been increased several times, allowing the well to stabilize at each stage, and it has averaged 8.6 MMcf/d (2.6 MMcf/d Cub WI) since start-up. The S5 and R30c remain behind pipe to be tested and developed at a later date. Netback of $41.46/Boe or $6.91/Mcfe for the quarter ended June 30, 2014.

Cub Energy Inc. Announces Operating Results for the Second Quarter Ended June 30, 2014

Cub Energy Inc. announced operating results for the second quarter ended June 30, 2014. Average production for the second quarter was 1,868 barrels of oil equivalent per day (boe/d) (including Cub's WI in KUB-Gas), up from 1,857 boe/d in the first quarter. This is a 25% increase over the second quarter of 2013 average production of 1,490 boe/d. The second quarter exit rate was 2,154 boe/d, representing a 10% increase from 1,952 boe/d exit rate in the first quarter. The exit rate increased from the contribution of the M-17 and RK-21 wells, both of which started production late in the second quarter 2014. In western Ukraine, operations continue uninterrupted. The RK-1 re-entry has reached TD of 3,995 metres, and it is currently undergoing preliminary operations prior to perforating. In eastern Ukraine, during the second quarter, the M-17 well in Ukraine was completed and tested. Logs had indicated pay in the S5 and S6 zones, and resource potential in the R30c and S7 sections. The S7 tested 900 Mcf/d without stimulation. The S6 was tested at multiple rates, the highest of which was 6.6 MMcf/d at a flowing wellhead pressure of 2,970 psi. The S6 zone was placed on production on June 26, and has averaged 6.4 MMcf/d (1.9 MMcf/d Cub WI) to date. The S7 will be stimulated when development operations resume, and M-17 will be completed as a dual producer at that time. The O-11 well was spud on April 4, 2014, after the drilling rig moved on from M-17. It reached its planned TD of 3,230 metres in late May, was cased and the rig released. In late June, the well was perforated, and experienced a strong air blow, followed by gas to surface. The well was shut in for a pressure build up. No further testing will be undertaken at this time. The NM-4 well was spud on June 16, and drilled to a depth of 102 metres. Surface casing was run to 100.2 metres and cemented in place prior to suspending drilling operations.

Cub Energy Announces New Production High and Operations Update

Cub Energy Inc. announced that KUB-Gas LLC ("KUB-Gas") achieved a significant milestone in daily production ­over 1 million cubic metres per day ("MMcm/d") or approximately 36 million cubic feet per day ("MMcf/d") after recent tie-ins. This equates to approximately 10.8 MMcf/d net production to Cub from KUB-Gas. Cub has a 30% ownership interest in KUB-Gas through its 30% shareholding of KUBGAS Holdings Limited. Although production has increased, and will continue, Cub and its partner have decided to suspend current developmental field operations to ensure the continued safety of employees and assets during the ongoing regional conflict in eastern Ukraine. The declared ceasefire between the Ukraine government and pro-Russian separatists has not materialized, forcing a situation where KUB-Gas contractors are refusing to support continued developmental operations at this time.

 

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