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Microsoft Cloud Authors: Elizabeth White, the Editor, Michael Krems, Xenia von Wedel, Jayaram Krishnaswamy

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Cub Energy Inc.: Commences Drilling of the North Makeevskoye-2 Well

HOUSTON, TEXAS -- (Marketwire) -- 12/04/12 -- Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas company, announces it has commenced drilling of the North Makeevskoye-2 ("NM-2") exploration well in eastern Ukraine. The well is operated by KUB-Gas LLC ("KUB-Gas"), a subsidiary in which Cub has a 30% ownership interest.

NM-2 Exploration Well

The NM-2 exploration well, with a planned measured depth ("MD") of 3,187 metres and a planned true vertical depth ("TVD") of 2,636 metres, is being drilled directionally by the KUB-Gas owned K-200 drilling rig and is expected to take approximately 45 days to reach MD.

NM-2 is located in the southern part of the North Makeevskoye Exploration Licence and four kilometres north of the Makeevskoye gas production facility. The well is being drilled to evaluate multiple sandstone reservoirs of the Moscovian, Bashkirian and Serpukhovian age identified by 3D seismic acquired by the Company in the first quarter of 2012.

North Makeevskoye Licence

The North Makeevskoye ("NM") Exploration Licence is located immediately northeast of KUB-Gas' Makeevskoye and Olgovskoye licences, approximately 130 kilometres to the northwest of the City of Lugansk in eastern Ukraine. The NM licence has a five-year term effective from 29 December 2010.

In the first quarter of 2012, 225 km2 of 3D seismic data was acquired over the majority of the North Makeevskoye Exploration Licence. Interpretation of the new 3D seismic data in combination with the 71 kilometres of 2D seismic acquired during the second quarter of 2011 and 275 kilometres of pre-existing 2D seismic data has contributed to the overall geological understanding of the North Makeevskoye Exploration Licence and resulted in five additional structural prospects being identified.

The NM-2 well will evaluate the potential of the first of the five prospects defined by 3D seismic and is located 13 kilometres to the southeast of the North Makeevskoye-1 ("NM-1") well that was drilled during the second quarter of 2012 on legacy 2D seismic data. NM-1 was cased to TD as a candidate for future fracture stimulation.

About Cub Energy Inc.

Cub Energy Inc. (TSX VENTURE:KUB) is a Ukraine-focused upstream oil and gas company with 110,000 net acres, in nine exploration and production licences, in the two major producing basins within Ukraine. The Company's strategy is to use western technology and capital, combined with local expertise to create value in its undeveloped land base, building a portfolio of high margin producing oil and gas assets. The Company has offices in Houston, Toronto and Kyiv and trades in Toronto under the stock symbol KUB.

For further information please contact us or visit our website: www.cubenergyinc.com

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. CUB believes that the expectations reflected in the forward-looking information are reasonable; however there can be no assurance those expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in the Ukraine and globally; industry conditions, including fluctuations in the prices of natural gas; governmental regulation of the natural gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for natural gas; liabilities inherent in natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the natural gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

This cautionary statement expressly qualifies the forward-looking information contained in this news release. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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