Cub Energy Announces New Production High and Operations Update

Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB) announces that
KUB-Gas LLC ("KUB-Gas") achieved a significant milestone in daily production
-over 1 million cubic metres per day ("MMcm/d") or approximately 36 million
cubic feet per day ("MMcf/d") after recent tie-ins. This equates to
approximately 10.8 MMcf/d net production to Cub from KUB-Gas. Cub has a 30%
ownership interest in KUB-Gas through its 30% shareholding of KUBGAS Holdings
Limited.


Although production has increased, and will continue, Cub and its partner have
decided to suspend current developmental field operations to ensure the
continued safety of employees and assets during the ongoing regional conflict in
eastern Ukraine. The declared ceasefire between the Ukraine government and
pro-Russian separatists has not materialized, forcing a situation where KUB-Gas
contractors are refusing to support continued developmental operations at this
time. As such, KUB-Gas is continuing with production, but suspending
developmental field operations until the situation stabilizes. KUB-Gas will
suspend operations on the following: 




--  The S6 zone in the O-11 well has been perforated and testing commenced.
    Upon perforation, the well had a strong air blow then flowed gas to
    surface. The well was shut in for a pressure build up and the pressure
    had not stabilized at the time of this release. No additional tests will
    be undertaken at this time. 
--  Surface casing has been set in the NM-4 well at a depth of 100.2 metres,
    and the rig has been demobilized. 



Additionally, the Vergunskoye field, which is located in the area close to the
city of Lugansk, has been temporarily shut in. This field's production rate of 4
Mcf/d represents less than 1% of the Company's total production. 


Western Ukraine

The Company's western Ukraine wells on the Rusko-Komarovske ("RK") field (RK-2,
RK-6, RK-21 and RK-22) continue to produce and drilling operations at RK-1 are
on schedule. 


Mikhail Afendikov, Cub's Chief Executive Officer said, "We are very pleased to
reach this high production milestone. While we are disappointed in our temporary
suspension of our field operations in eastern Ukraine, we must consider the
safety of our employees. We are pleased to continue production and hope to
return to normal operations in eastern Ukraine soon."


About Cub Energy Inc.

Cub Energy Inc. (TSX VENTURE:KUB) is an upstream oil and gas company, with a
proven track record of exploration and production cost efficiency in the Black
Sea region. 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.


For further information please contact us or visit our website: www.cubenergyinc.com

Reader Advisory

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 Ukraine, the Black Sea Region
and globally; political unrest and security concerns in Ukraine; 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 realise 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cub Energy Inc.
Mikhail Afendikov
Chairman and Chief Executive Officer
(713) 677-0439
mikhail.afendikov@cubenergyinc.com


Cub Energy Inc.
Patrick McGrath
Chief Financial Officer
(713) 577-1948
patrick.mcgrath@cubenergyinc.com
www.cubenergyinc.com
Cub Energy (TSXV:KUB)
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