Cub Energy Post Year-End Reserve Totals
Cub Energy has published the results of its independent reserves evaluations as of December 31, 2018 on its oil and gas properties in Ukraine.
Cub Energy (TSXV:KUB) has published the results of its independent reserves evaluations as of December 31, 2018 on its oil and gas properties in Ukraine.
As quoted from the press release:
The evaluation of the Tysagaz property (100 percent WI) and KUB-Gas LLC (KUB-Gas) properties (35 percent WI) was conducted by Ryder Scott Petroleum Consultants, an independent qualified reserves evaluators and auditor.
All evaluations were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and are in accordance with Canadian Securities Administrators National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Cub’s NI 51-101 disclosure is contained in its Annual Information Form for the year ended December 31, 2018 filed on SEDAR www.sedar.com and posted on the Company’s website at www.cubenergyinc.com. All dollar amounts are expressed in United States Dollars unless otherwise noted.
Highlights of the net reserves(2) are below:
• Proved developed producing (“PDP”) oil and natural gas net reserves of 287 thousand barrels of oil equivalent (“Mboe”) or 1,723 million cubic feet of gas equivalent (“MMcfe”) with Net Present Value at 10 percent discount before tax (“NPV-10”) of US$9.50 million (C$0.04 per share)
• Proved (“1P”) oil and natural gas net reserves of 988 Mboe or 5,930 MMcfe with NPV-10 of US$19.47 million (C$0.08 per share)
• Proved and probable (“2P”) oil and natural gas net reserves of 1,572 Mboe or 9,431 MMcfe with NPV-10 of US$30.39 million (C$0.13 per share)