November 30, 2012
Cub Energy Inc.: Announces Pricing and Size of Share Offering
TORONTO, ONTARIO--(Marketwire - Nov. 30, 2012) -


Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB), a Ukraine-focused upstream oil and gas company, announces that its previously announced public offering (the "Offering") of common shares of the Company ("Common Shares") is to be at a price of $0.40 per Common Share and comprised of 31,250,000 Common Shares, for aggregate gross proceeds of $12,500,000. In addition, the Company intends to grant the Agents named below an option, exercisable in whole or in part any time up to 48 hours prior to the closing of the Offering, to purchase up to an additional 6,250,000 Common Shares at a price of $0.40 per Common Share (the "Agents' Option"). If the Agents' Option is exercised in full, the aggregate gross proceeds of the Offering will be $15,000,000.

GMP Securities Europe LLP, GMP Securities L.P. and Canaccord Genuity Corp., as lead agents, with a syndicate that includes Cormark Securities Inc. and Casimir Capital Ltd. (collectively, with the lead agents, the "Agents") were engaged to act as agents to sell the Common Shares under the Offering on a commercially reasonable best efforts agency basis.

It is anticipated that the net proceeds from the Offering will be used by the Company for further development, appraisal and exploration of the Company's interests in Ukraine, repayment of the drawn portion of a line of credit and general and administrative expenses.

Subject to clearance by the Ontario Securities Commission, Cub expects to execute a binding agency agreement with the Agents and file a final short form prospectus with the securities regulatory authorities in the provinces of Alberta, British Columbia and Ontario within the next week and expects to close the Offering approximately a week following the filing of its final prospectus. Cub has applied to have the Common Shares sold under the Offering listed for trading on the TSX Venture Exchange. The closing of the Offering is subject to certain closing conditions, including, but not limited to, the issuance of a receipt by the securities regulatory authorities for the final prospectus, acceptance by the TSX Venture Exchange and completion of satisfactory due diligence by the Agents.

About Cub Energy Inc.

Cub Energy Inc. (TSX VENTURE:KUB) is a Ukraine-focused upstream oil and gas company, with 110,000 net acres, in nine exploration and production licences, in the two major producing basins within Ukraine. With offices in Houston, Toronto and Kyiv, the Company's strategy is to use western technology and capital, combined with local expertise to create value in its underdeveloped land base, building a portfolio of high margin producing oil and gas assets. Cub shares are traded in Toronto under the stock symbol KUB.

The Company's production and revenue are derived from nine licences; four licences in Western Ukraine in which Cub has a 100% ownership interest and five licences in Eastern Ukraine owned and operated by KUB-Gas, LLC a subsidiary in which Cub Energy has a 30% ownership interest.

For further information please contact us or visit our website

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: proposed terms of the offering, regulatory approvals and the timing thereof, issuance of the offered shares, closing of the offering and the use of net proceeds of the offering. 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered or sold under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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.


Cub Energy Inc.
Lionel C. McBee
Director of Investor Relations
(713) 677-0439
[email protected]

INDUSTRY: Energy and Utilities - Oil and Gas