|Cub Energy Announces Appointment of Board Member and Power Generation Update|
Houston, Texas – March 23, 2021 – Cub Energy Inc. (“Cub” or the “Company”) a Ukraine-focused power and upstream oil and gas company, announces the appointment of Eugene Chaban as a member of the board of directors effective immediately. Mr. Chaban has been working with the Company in a management position since 2014 and was appointed Chief Financial Officer on February 2, 2021. Mr. Chaban has worked in the energy sector in Ukraine for over 10 years including oil and gas, power generation and energy trading.
The Company’s two Jenbacher gas power generation engines were successfully tested and installed
to the local power grid in February 2021. To commence commercial production, the Company requires
government regulatory approval which is still pending and the Company believes will be granted in
due course. This should result in the restart of the RK field in western Ukraine.
About Cub Energy Inc.
Cub Energy Inc. is a power and upstream oil and gas company, with a proven track 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 assets within a high pricing environment.
For further information please contact us or visit our website: www.cubenergyinc.com
Interim Chief Executive Officer