Cub Energy Inc. (TSXV:KUB) announced that its financial and operating results for the second quarter of 2012 include production of 1,201 BOE at 95 percent natural gas, an increase of 300 percent compared to Q2 2011.
According to the press release, other corporate highlights include:
- Second quarter net back of $54/Boe generating cash flow of $5.9MM;
- Continued strong natural gas price of $11.76/Mcf and condensate price of $102.32/bbl
- Drilled NM-1 and M-21 wells (30% net) in the quarter with one currently producing and one testing;
- Converted the Makeevskoye license into a 20-year production license. (5,211 net square acres);
- Two wells (30% net to Cub) were tied-in for commercial production at gross production rates of more than 1MMcf/d of natural gas from each well;
- M-20 well was drilled to TD of 2000m (30% interest) and completion operations are underway on the R-8 sand that currently produces 8.9MMcf/d (2.67MMcf/d net to Cub) from the M-19 and M-21 offset wells;