KUB.v/TPNEF...Cub is growing production, has little to no debt, insiders are buying, and Ukraine needs to develop their own NG resources. I'm not an expert here, but I'm thinking (hoping) this dip will prove to of been a great buying opportunity when looking back a couple years from now. We'll see what happens.
KUB.v/TPNEF...Cub Energy Inc. Announces Commissioning of New Gas Treatment Facility
HOUSTON, TEXAS--(Marketwired - Mar 12, 2014) - Cub Energy Inc. ("Cub", or the "Company") (TSX VENTURE:KUB) announces that KUB-Gas LLC ("KUB-Gas") has completed the construction and commissioning of its new Makeevskoye gas processing facility. The new facility supplements existing infrastructure, and increases KUB-Gas' overall processing capacity from 30 million cubic feet per day ("MMcf/d") to 68 MMcf/d. The Company anticipates that gross daily production rates will increase by 5 MMcf/d or more from existing wells previously constrained by facility limitations, with further increases expected from the on-going drilling program. KUB-Gas is a partially-owned subsidiary in which Cub has a 30% ownership interest through its 30% shareholding of KUBGas Holdings Limited.
The existing facilities in Makeevskoye were at capacity and insufficient to handle the increasing production resulting from KUB-Gas' recent exploration and development success. By diverting some of the newer wells in Makeevskoye to the new plant, the Company anticipates benefits at both the Makeevskoye and Olgovskoye fields. As system back pressures are reduced, existing wells should flow more freely. Gas began flowing through the new facility on March 6, 2014 and KUB-Gas intends to slowly increase the throughput rate in the new plant. This will allow stabilisation in the entire system at each step change until all the constrained production is on line.
Construction of the new Makeevskoye processing facility began in September 2013 and was completed in December 2013. Following completion of the new facility, there was a testing and commissioning period after which final operating approvals were received. The facilities were constructed and delivered on time and on budget at a cost of USD 7.8 million (Cub net USD 2.3 million).
About Cub Energy Inc.
Cub Energy Inc. (TSX VENTURE:KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in the Black Sea region. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment.
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