Cub Energy Announces Second Quarter 2022 Results

Source: www.gulfoilandgas.com 8/22/2022, Location: Asia

Cub Energy Inc., announced its unaudited financial and operating results for the six months ended June 30, 2022. All dollar amounts are expressed in United States Dollars unless otherwise noted.

Patrick McGrath, CEO of Cub said: “Cub finished the quarter ended June 30, 2022 with $8,743,000 cash on hand and working capital of $7,360,000. Subsequent to the quarter end, Cub successfully divested its last asset in Ukraine and is currently evaluating the alternatives for its working capital, including a possible cash dividend or investing in new opportunities.”

Operational Highlights
• On February 2, 2022, the Company closed the sale of its 35% interest in KUB Holdings Limited (“KUB Holdings”) and received a cash payment of $2,600,000. In conjunction with closing, the Company received the final cash dividend of $2,046,000 and repaid the final loan balance to a subsidiary of KUB Holdings in the amount of $2,481,000 as part of the final debt settlement between the parties.
• Achieved average natural gas price of $26.41/Mcf during the six months ended June 30, 2022 as compared to $6.50/Mcf for the comparative 2021 period. Regional pricing materially improved in Ukraine period over period although the 2022 gas price is subject to a material discount to European pricing.
• Production averaged 29 boe/d for the six months ended June 30, 2022 as compared to 532 boe/d for the comparative 2021 period. Production decreased due to the sale of the Company’s 35% equity investment in KUB Holdings.
• Subsequent to the six months ended June 30, 2022, the Company signed a definitive Share Sale and Purchase Agreement (“SPA”) for the sale of its 100% interest in 3P International Energy Ltd (“3P”) and its wholly-owned Ukraine subsidiary, Tysagaz LLC (“Tysagaz”), as previously announced on July 12, 2022 and July 29, 2022. Tysagaz owns the RK field in western Ukraine. The sale is for nominal consideration of $1 and the buyer assuming all of 3P’s and Tysagaz’ liabilities including the bank loan and all reclamation liabilities. The buyer group is two officers of the Company, Eugene Chaban, the Company’s Chief Financial Officer and Sergey Panchuk, the Company’s Chief Operating Officer. The sale closed on August 17, 2022.

Financial Highlights
• The Company reported a net loss of $754,000 or $0.00 per share during the six months ended June 30, 2022 as compared to net income of $746,000 or $0.00 per share during the comparative 2021 six months. The Company’s revenues and income were materially impacted in 2022 by the sale of KUB Holdings which was the primary contributor to the financial performance of the Company historically.
• Netbacks of $56.80/boe or $9.47/Mcfe were achieved for the six months ended June 30, 2022 as compared to netback of $19.17/Boe or $3.20/Mcfe for the comparative 2021 period.


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