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 [...]
Cub Energy Inc. , a Ukraine-focused energy company, announced today its unaudited financial and operating results for the interim six months ended June 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% equity [...]
Cub Energy Inc. , a Ukraine-focused power and energy company, announces that its 100% owned subsidiary, Tysagaz LLC , has entered into a €650,000 loan with a Ukraine bank. The Ukraine bank loan will bear interest at 7%, will mature in November 2023 and is secured by the Jenbacher power generation units and a general guarantee by the Company. Proceeds of the loan will be used to make a principal repayment of US $750,000 on [...]
Cub Energy Inc. , a Ukraine-focused energy company, announced today its unaudited financial and operating results for the three months ended March 31, 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% equity [...]
Cub Energy Inc. announces the results of the Annual Meeting of Shareholders held on May 18, 2021. At the meeting the following management nominees were re-elected as directors of the Company: Frank Mermoud, Patrick McGrath and Eugene Chaban. In addition, Dr. Timothy Marchant was nominated and elected as a new director in place of John Booth who did not stand for reelection. Dr. Marchant is an Adjunct Professor of Strategy [...]
Cub Energy Inc. , a Ukraine-focused power and energy company, announces that its 100% owned subsidiary, Tysagaz LLC , has commenced commercial production of its Jenbacher gas power generation units in western Ukraine. "Cub is pleased to report it has successfully executed on its power generation plan and has had over ten days of sales into the local power grid," Patrick McGrath, Interim CEO of Cub stated. "I would like to [...]
Cub Energy Inc. , announces it has entered into a share purchase agreement to sell its 50% interest in CNG Holdings Netherlands B.V. , which in turn owns CNG LLC , the 100% owner of the Uzghorod licence in western Ukraine. Cub is to receive consideration of €800,000 for its 50% interest in CNG. The consideration consists of €600,000 in cash on closing and €200,000 is a contingent payment on certain future events including [...]
Cub Energy Inc. announces the results of its independent reserves evaluations as of December 31, 2020 on its oil and gas properties in Ukraine. The evaluation was performed on the Company's 35% working interest in KUB-Gas LLC and was conducted by Ryder Scott Petroleum Consultants , an independent qualified reserves evaluators and auditor . The 100% owned RK field, held by the Company's wholly-owned subsidiary Tysagaz LLC [...]
Cub Energy Inc. , a Ukraine-focused upstream oil and gas company, announced today its audited financial and operating results for the year ended December 31, 2020. 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% equity [...]
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