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Gold/Mining/Energy : KUB.V - Cub Energy Inc.

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From: JRod774/24/2019 5:57:21 PM
   of 68
Cub Energy's 2018 2P oil, gas reserves at 1,572 mboe

2019-03-27 07:17 MT - News Release

Mr. Mikhail Afendikov reports


Cub Energy Inc. has released results of its independent reserves evaluations as of Dec. 31, 2018, on its oil and gas properties in Ukraine. The evaluation of the Tysagaz LLC property (100-per-cent working interest) and KUB-Gas LLC properties (35-per-cent working interest) was conducted by Ryder Scott Petroleum Consultants, an independent qualified reserves evaluator and auditor.

All evaluations were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation (COGE) Handbook and are in accordance with Canadian Securities Administrators' National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities. Cub's NI 51-101 disclosure is contained in its annual information form for the year ended Dec. 31, 2018, filed on SEDAR and posted on the company's website. Highlights of the net reserves are as follows (2):

  • Proved developed producing (PDP) oil and natural gas net reserves of 287,000 barrels of oil equivalent, or 1,723 million cubic feet of gas equivalent with net present value at 10-per-cent discount before tax (NPV-10) of $9.5-million (U.S.) (four cents per share) (1);
  • Proved (1P) oil and natural gas net reserves of 988,000 barrels of oil equivalent or 5,930 million cubic feet of gas equivalent with NPV-10 of $19.47-million (U.S.) (eight cents per share) (1);
  • Proved and probable (2P) oil and natural gas net reserves of 1,572,000 barrels of oil equivalent or 9,431 million cubic feet of gas equivalent with NPV-10 of $30.39-million (U.S.) (13 cents per share) (1).

  • Notes:

    (1) The per-share amounts are calculated by dividing the respective NPV-10 before tax numbers by the number of common shares issued and outstanding shares, being 314,215,355.

    (2) Reserves net to the company's interest after deduction of royalties.

    Total company reserves summary

    The attached tables summarize the total company reserves and associated net present values discounted at 10 per cent before tax at Dec. 31, 2018, using forecast prices.

    TOTAL COMPANY NET RESERVES VOLUMES (1) Reserves category Natural gas NGLs Mboe Mmcfe (mmcf) (mbbl) Developed producing 1,681 7 287 1,723 Developed non-produced 1,895 3 319 1,913 Undeveloped 2,295 - 382 2,295 Total proved (1P) 5,870 10 988 5,930 Total proved plus probable (2P) 9,311 20 1,572 9,431 Note: (1) Reserves net to the company's interest after deduction of royalties.

    NET PRESENT VALUE AT 10-PER-CENT DISCOUNT BEFORE TAX (NPV-10) (1) (2) (3) Reserves category NPV-10 (US$ millions) Proved developed producing (PDP) $9.50 Total proved (1P) $19.47 Total proved plus probable (2P) $30.39 Notes: (1) The forecast prices used in the calculations of the present value of future net revenue for year-end 2018 are based on the reserves reports of eastern Ukraine and western Ukraine asset forecast prices. (2) Estimated values do not represent fair market value. (3) The total proved NPV-10 value of the estimated future net revenues are not intended to represent the current market value of the estimated oil and natural gas reserves. NPV-10 of probable reserves represents the present value of estimated future revenues to be generated from the production of probable reserves, calculated net of estimated lease operating expenses, production taxes and future development costs, using costs as of the date of estimation and using estimated future gas prices, without giving effect to non-property-related expenses such as general and administrative expenses, debt service, depreciation, depletion, and amortization, or future income taxes, and discounted using an annual discount rate of 10 per cent. With respect to pretax NPV-10 amounts for probable reserves, they do not purport to present the fair value of the company's probable reserves.

    About Cub Energy Inc.

    Cub Energy is an upstream oil and gas company with a proven record of exploration and production cost efficiency in Ukraine. 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.

    We seek Safe Harbor.

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