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Cub Energy Inc. Reports Increased Share Ownership by its Largest Shareholder
Published : September 26, 2013
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HOUSTON, TEXAS--(Marketwired - Sept. 26, 2013) - Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB) announced today that its largest shareholder, Pelicourt Limited ("Pelicourt"), has informed the Company it has acquired additional common shares of Cub on the open market. Cub's Chairman and Chief Executive Officer, Mikhail Afendikov, owns a 31% interest in Pelicourt, and Cub's Senior Advisor, Robert J. Bensh, owns a 7% interest in Pelicourt, and is Managing Director of Pelicourt.

Pelicourt currently owns 123.3 million common shares of Cub representing approximately 39.5% of the issued and outstanding common shares of the Company. Of the Pelicourt holdings, Mr. Afendikov controls 38.2 million common shares of Cub representing approximately 12.2% of the Company's issued and outstanding common shares. Through his interest in Pelicourt, Mr. Bensh controls 8.6 million common shares of Cub, representing approximately 2.8% of the Company's issued and outstanding common shares. 

Pelicourt has advised Cub that it intends to acquire additional common shares for investment purposes. The common shares will be acquired through the facilities of the TSX Venture Exchange. Pelicourt has indicated that they will review their holdings from time to time and that they may increase or decrease their position as future circumstances may dictate.

About Cub Energy Inc.

Cub Energy Inc. (TSX VENTURE:KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in the Black Sea region. 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 producing oil and gas assets within a high pricing environment.

For further information please contact us or visit our website www.cubenergyinc.com.

Reader Advisory

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Cub Energy Inc.
Mikhail Afendikov
Chairman and Chief Executive Officer
(713) 677-0439
mikhail.afendikov@cubenergyinc.com
or
Cub Energy Inc.
Lionel C. McBee
Director of Investor Relations
(713) 577-1955
lionel.mcbee@cubenergyinc.com
www.cubenergyinc.com

Silver Spruce Resources Inc.

EXPLORATEUR
CODE : SSE.V
ISIN : CA8282291043
Suivi et investissement
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Silver Spruce Res. est une société d’exploration minière d'or basée au Canada.

Silver Spruce Res. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont CMB E, SEAL LAKE/SEAL LAKE NORTH, MOUNT BENEDICT, T-649 / SUPER 7, MAKKOVIK RIVER, TOKIALUK BAY, STRAITS, DOUBLE MER, CENTRAL MINERAL BELT, SNEGAMOOK, CENTRAL NEWFOUNDLAND (CNL), TWO TIME ZONE, HUDSON BAY, CALVIN LANDING et BIG EASY au Canada et CENTAURO au Mexique.

Silver Spruce Res. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 934 892 CA$ (747 495 US$, 654 805 €).

La valeur de son action a atteint son plus haut niveau récent le 11 février 2011 à 3,60 CA$, et son plus bas niveau récent le 24 octobre 2014 à 0,01 CA$.

Silver Spruce Res. possède 31 163 053 actions en circulation.

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