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     732  0 Kommentare Cub Energy Inc. Partners With NAFTA International to Jointly Develop Uzhgorod Field in Western Ukraine

    HOUSTON, TEXAS--(Marketwired - July 8, 2016) - Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB) announces that it has entered into a share purchase agreement ("SPA") and Shareholders' Agreement ("SHA") with NAFTA INTERNATIONAL B.V. ("NAFTA"), whereby NAFTA earns a 50% interest in the Company's newly formed subsidiary, CNG Holdings Netherlands B.V. ("CNG"), which, in turn, owns CNG LLC (Ukraine LLC), 100% owner of the Uzhgorod production licence in western Ukraine.

    Pursuant to the terms of the SPA, NAFTA is to:

    1. Pay Cub EUR1.5 million (US $1.7 million) upon transfer of the 50% shares ("Closing"). The Closing occurred earlier today and the transfer of funds is expected to be completed by Monday, July 11, 2016;
    2. Fund a 100 square kilometre 3D seismic survey within 20 months of Closing;
    3. Fund the drilling of first three wells within four years of Closing; and
    4. Fund the tie-in costs of the first three wells up to a maximum EUR0.2 million (US $0.2 million) per well within four years of Closing.

    Mikhail Afendikov, Cub's Chief Executive Officer, said, "We look forward to our new partnership with NAFTA and will leverage their oil and gas experience on the adjoining Slovakian field with our experience in the nearby producing Rusko-Komarivske ("RK") field in western Ukraine. Together we plan to continue the exploration and development of the Uzhgorod licence. We hope to commence the 3D survey later in 2016."

    About the Uzhgorod Licence

    As disclosed in the Company's press release dated March 14, 2016, the Company was awarded the 20-year Uzhgorod production licence with approximately 75,000 acres on March 11, 2016. The new expanded Uzhgorod licence is on trend with the discoveries in the Republic of Slovakia, which adjoins the licence on the west and the Company's 100%-owned RK field in close proximity on the east. Approximately 35 line kilometres of 2D seismic data was acquired in 2013 on the original Uzhgorod exploration licence. The data has been processed and reviewed with several potential target locations identified.

    About NAFTA

    NAFTA INTERNATIONAL B.V. is a company 100% owned by NAFTA a.s. NAFTA a.s., a Slovakian-based company with extensive experience in natural gas storage and underground facility development and is the Slovak leader in exploration and production of hydrocarbons, including a producing field on the border of Slovakia and Ukraine. The storage capacity of natural gas underground facilities operated by NAFTA currently stands at 2.74 billion cubic metres.

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    Cub Energy Inc. Partners With NAFTA International to Jointly Develop Uzhgorod Field in Western Ukraine HOUSTON, TEXAS--(Marketwired - July 8, 2016) - Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB) announces that it has entered into a share purchase agreement ("SPA") and Shareholders' Agreement ("SHA") with NAFTA INTERNATIONAL B.V. …