KUB.V - Cub Energy Inc. Message Board

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Gold/Mining/Energy : KUB.V - Cub Energy Inc.

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From: JRod77	2/2/2022 9:29:00 PM
	of 72

Cub Energy Announces Closing of Sale of 35% Interest in KUBGAS Houston, Texas, and Calgary, Alberta – February 2, 2022 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announces it has closed the sale of its 35% interest in KUBGAS Holdings Limited (“KUB Holdings”). 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 dividends to the Company with the difference being the applicable withholding taxes. The Company continued gas trading of its 35% interest in KUBGAS through to November 15, 2021. Patrick McGrath, CEO of Cub said: “The sale of the Company’s eastern Ukraine asset essentially derisks the Company’s eastern Ukraine exposure and eliminates the majority of Cub’s debt. The Company is now focused on its 100% owned western Ukraine assets and will continue to review new opportunities.” About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is a power generation and upstream oil and gas 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 build a portfolio of assets within an advantaged commodity price environment. For further information please contact us or visit our website: www.cubenergyinc.com Patrick McGrath Chief Executive Officer (832) 499-6009 patrick.mcgrath@cubenergyinc.com

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