Cub Energy O-11 Well Finds Multiple Gas Zones

Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB) announces the
Olgovskoye-11 ("O-11") development well has been drilled to its total depth
("TD") of 3,230 meters. Logging is now complete and has identified net pay in
four zones of Bashkirian or Serpukhovian age, three of which have been
established as productive within the Company's Ukrainian Licences. O-11 is
operated by KUB-Gas LLC ("KUB-Gas"), which has set production casing and a
testing program will begin once the workover rig currently on the Makeevskoye-17
("M-17") well finishes its operations there. The drilling rig will now move from
O-11 to the North Makeevskoye-4 location to test a seismically-identified
stratigraphic play. Drilling is expected to commence by the end of June. KUB-Gas
is a partially-owned subsidiary in which Cub has a 30% effective ownership
interest and the remaining 70% interest is owned by Serinus Energy Inc. 


O-11 Finds Multiple Stacked Gas Zones

The O-11 well was drilled as a step out location from the O-9 well with respect
to the Bashkirian R30c zone, and to appraise the gas discovery made in the S6
sandstone in O-15. It is located about one kilometre to the south of O-15 within
the same structural closure. Drilling commenced in early April 2014 and reached
TD on May 18th. Cores were cut in both the R30c and S6.


The following table shows the results of the log analysis for the four zones
encountered:




              Summary Log Results for O-11             
-------------------------------------------------------
Zone                Formation                   Net Pay
                                               (Metres)
R30c                Bashkirian                       15
B8b                 Bashkirian                      2.5
S6                  Serpukhovian                      8
S7                  Serpukhovian                      5
-------------------------------------------------------



The two primary targets are the R30c and S6 zones. 

R-30c

Preliminary inspection of the core from the R30c indicates that it is a
fine-grained sandstone with minor shale laminations, similar to that found in
the O-15 and O-6 wells. Initially, the R-30c zone in O-6 was not capable of
commercial flow rates, but commenced production in early 2012 at 1.5 million
cubic feet per day ("MMcf/d") after being stimulated. No gas-water contact is
seen in the R-30c in O-11, and the Company anticipates no issues in stimulating
it as well.


S6

Initial inspection of the core from the S6 sandstone indicates a clean sand with
no observed gas-water contact, similar to the S-6 in O-15, which commenced
production in August 2013 at an initial rate of 1.7 MMcf/d, and did not require
stimulation. 


The B8b and S7 zones are secondary targets, and logs indicate potential pay in
both formations. Testing will be required on both zones to confirm this
potential. 


Olgovskoye Field

Olgovskoye is Cub's second largest producing field at 12.4 MMcf/d (3.7 MMcf/d
net to Cub's 30% WI) from 10 wells. Most of the production is from Bashkirian
aged sandstones, and with the success in the Serpukhovian in both O-15 and O-11,
the Company's future exploration and development efforts will include that
deeper section as well.


Rusko-Komarovske Field Update

The Rusko-Komarovske-21 ("RK-21") was tied in mid May 2014 and is expected to
receive approval for full time production in June.


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

Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur. Cub believes that the expectations reflected in the forward-looking
information are reasonable; however there can be no assurance those expectations
will prove to be correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in the
forward-looking information. 


Forward-looking information is based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking information.
Some of the risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information include, but
are not limited to: general economic conditions in Ukraine, the Black Sea Region
and globally; industry conditions, including fluctuations in the prices of
natural gas; governmental regulation of the natural gas industry, including
environmental regulation; unanticipated operating events or performance which
can reduce production or cause production to be shut in or delayed; failure to
obtain industry partner and other third party consents and approvals, if and
when required; competition for and/or inability to retain drilling rigs and
other services; the availability of capital on acceptable terms; the need to
obtain required approvals from regulatory authorities; stock market volatility;
volatility in market prices for natural gas; liabilities inherent in natural gas
operations; competition for, among other things, capital, acquisitions of
reserves, undeveloped lands, skilled personnel and supplies; incorrect
assessments of the value of acquisitions; geological, technical, drilling,
processing and transportation problems; changes in tax laws and incentive
programs relating to the natural gas industry; failure to realise the
anticipated benefits of acquisitions and dispositions; and the other factors.
Readers are cautioned that this list of risk factors should not be construed as
exhaustive. 


This cautionary statement expressly qualifies the forward-looking information
contained in this news release. We undertake no duty to update any of the
forward-looking information to conform such information to actual results or to
changes in our expectations except as otherwise required by applicable
securities legislation. Readers are cautioned not to place undue reliance on
forward-looking information. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cub Energy Inc.
Mikhail Afendikov
Chairman and Chief Executive Officer
[phone]
[e-mail]


Cub Energy Inc.
Patrick McGrath
Chief Financial Officer
[phone]
[e-mail]
www.cubenergyinc.com