|By Marketwired .||
|January 8, 2013 08:00 AM EST||
HOUSTON, TEXAS -- (Marketwire) -- 01/08/13 -- Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas company, announces the Company's indirectly held 30% subsidiary, KUB-Gas LLC ("KUB-Gas"), has made a prepayment to the European Bank for Reconstruction and Development ("EBRD") in the amount of USD 10.0 million under the terms of the EBRD loan agreement ("Loan"). KUB-Gas will also make a regularly scheduled principle payment in the amount of USD 935,897 on January 15, 2013. Following these repayments, the outstanding balance of the EBRD loan after January 15, 2013 will be USD 10,294,872.
The Loan, initially for an amount of up to USD 40 million, was signed in May 2011 with the funds therefrom intended to finance the ongoing development of additional production from KUB-Gas' Vergunskoye, Olgovskoye, Makeevskoye and Krutogorovskoye fields in the Lugansk region of Ukraine. The first tranche of the Loan in the amount of US 23.0 million was fully drawn. However, with consistently strong production and financial performance from KUB-Gas' producing properties, the second tranche of USD 17.0 million was never drawn. The USD 10.0 million prepayment on the first tranche was made from KUB-Gas' internally generated funds.
Mikhail Afendikov, Chairman and Chief Executive, commented:
"The success we had in 2012 has made possible the early repayment of our EBRD credit facility. The capital provided under the loan agreement with EBRD was key to our aggressive 2012 work programme and proved to be an effective and meaningful tool for us. Moving forward, with the 2013 workplan self-funded, we are optimistic and look forward to the year ahead."
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 on the TSX Venture Exchange under the stock symbol KUB.
For further information please contact us or visit our website: www.cubenergyinc.com
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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