Cub Energy Inc. says that pursuant to a letter agreement between the Company's wholly-owned subsidiary, Gastek LLC (Gastek), and Resano Trading Ltd (Resano), Gastek has revoked its notice to exercise its right of first refusal announced on January 6, 2016, to purchase the remaining 70% of KUBGAS Holdings Limited (KUBGAS) held by Serinus Energy Inc. Cub, through Gastek, currently holds the other 30% of KUBGAS.

In return for the revocation notice, Gastek can earn up to an additional 10% ownership interest in KUBGAS as follows:

Gastek will receive a 5% ownership interest in KUBGAS from Resano following its closing with Serinus;

Tags: CUB Energy Inc.