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Wednesday, 12/22/2021 8:54:24 AM

Wednesday, December 22, 2021 8:54:24 AM

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Cub Energy closes sale of CNG Holdings interest

2021-12-21 10:14 ET - News Release

Mr. Patrick McGrath reports

CUB ENERGY ANNOUNCES CLOSING OF SALE OF CNG INTEREST

Cub Energy Inc. has closed the sale of its 50-per-cent interest in CNG Holdings Netherlands BV, which in turn owns CNG LLC (Ukraine LLC), the 100-per-cent 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 euros ($900,000 (U.S.)) for its 50-per-cent interest in CNG consisting of 600,000 euros ($675,000 (U.S.)) in cash received on closing and 200,000 euros ($225,000 (U.S.)) as a contingent payment on certain future events including a commercial discovery.

Patrick McGrath, Cub's chief executive officer, said, "Cub is pleased to have monetized this asset as part of its strategy to divest non-core assets as it pursues new opportunities."

About Cub Energy Inc.

Cub Energy is a power and upstream oil and gas company, with a proven 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 a high-commodity-price environment.

We seek Safe Harbor.