Houston, March 2 - Neftegaz.RU. American Cub Energy Inc., a Ukraine-focused upstream oil and gas company, announces that KUB-Gas LLC ("Kub-Gas"), Cub's 35%-owned subsidiary which owns and operates the eastern Ukraine licences, has drilled the Makeevskoye-30 ("M-30") well to a total depth of 1,985 metres.
Logging was performed on several horizons and was evaluated as having non-commercial gas shows. The well will be abandoned and Kub-Gas is reviewing its options for its next operation.
Cub Energy Inc. is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The company has 311,000 gross acres (142,000 net) in 2 prospective basins in Ukraine.
Cub Energy'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 producing oil and gas assets within a high pricing environment.