2021-03-23 07:10 MT - News Release

Mr. Patrick McGrath reports

CUB ENERGY ANNOUNCES APPOINTMENT OF BOARD MEMBER AND POWER GENERATION UPDATE

Cub Energy Inc. has appointed Eugene Chaban as a member of the board of directors, effective immediately. Mr. Chaban has been working with the company in a management position since 2014 and was appointed chief financial officer on Feb. 2, 2021. Mr. Chaban has worked in the energy sector in Ukraine for over 10 years including oil and gas, power generation, and energy trading.

The company's two Jenbacher gas power generation engines were successfully tested and installed to the local power grid in February, 2021. To commence commercial production, the company requires government regulatory approval which is still pending and the company believes will be granted in due course. This should result in the restart of the RK field in western Ukraine.

About Cub Energy Inc.

Cub Energy is a power and upstream oil and gas company, with a proven record of exploration and production cost efficiency in Ukraine. The company's strategy is to implement Western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of assets within a high pricing environment.

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