Cub Energy Inc. announced that an open-hole test of the North Makeevskoye-3 (NM-3) exploration well recovered oil and gas from Visean-aged rock formations underlying the North Makeevskoye Exploration Licence, which lies along the south-eastern Dnieper-Donetsk Basin. The NM-3 well is operated by KUB-Gas LLC (KUB-Gas), a partially-owned subsidiary in which Cub has a 30% effective ownership interest.

Mikhail Afendikov, Chief Executive Officer commented: "The positive oil test in NM-3 is a first for us in Ukraine and is of particular importance as it is was recovered from a reservoir that Cub has not produced from previously. A positive result from this deeper, Visean reservoir has the potential to develop into a new play and increase the resource potential of Cub's eastern-Ukrainian assets."

Tags: CUB Energy Inc.