Cub Energy Inc.: Cub Energy Announces First Quarter Results
Cub or the
Company ) (
TSXV:KUB), 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 (
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.
Patrick McGrath, Interim CEO of Cub said:
We are pleased to report $709,000 in profit from our gas trading business during the first quarter which resulted in the Company reporting net income of $263,000 for the three months ended March 31, 2021. The key driver in the financial performance was the increase in the natural gas price to $5.90/mcf during the current quarter. We also had operational success with the installation of the two Jen
Cub Energy Inc.: Cub Energy Announces Results From the Annual Meeting of Shareholders
Cub or the
TSXV:KUB) announces the results of the Annual Meeting of Shareholders (
AGM ) 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 and Energy Geopolitics at the Haskayne School of Business of the University of Calgary in Calgary, Alberta Canada. He has extensive international E&P experience with various small, medium and major E & P companies over his 30+ year career, including living and working in Egypt, Kuwait, Abu Dhabi and Saudi Arabia. Dr. Marchant is a director of Vermilion Energy Inc., Transglobe Energy Corporation, Chairman of Valeura Energy Inc. and was a director of Cub Energy f
Cub Energy Inc.: Cub Energy Announces Commencement of Power Generation
Cub or the
Company ) (
TSXV:KUB), a Ukraine-focused power and energy company, announces that its 100% owned subsidiary, Tysagaz LLC ( Tysagaz ), 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 thank the Cub team members for their work in bringing the project to fruition and maximizing the value of our RK field. We ll continue to review additional opportunities in the energy and power sectors.
Cub Energy has entered into a share purchase agreement ( SPA ) to sell its 50% interest in CNG Holdings Netherlands, which in turn owns CNG LLC (Ukraine LLC), the 100% owner of the Uzghorod licence in western Ukraine.
Cub Energy Inc.: Cub Energy Announces Sale of CNG Interest
Cub or the
Company ) (
TSXV:KUB), announces it has entered into a share purchase agreement ( SPA ) to sell its 50% interest in CNG Holdings Netherlands B.V. ( CNG ), which in turn owns CNG LLC (Ukraine LLC), the 100% owner of the Uzghorod licence in western Ukraine.
Cub is to receive consideration of €800,000 (US $970,000) for its 50% interest in CNG. The consideration consists of €600,000 (US $728,000) in cash on closing and €200,000 (US $242,000) is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval. The Company expects the closing in approximately one to two months time and will use the cash for general working capital.