Cub Energy Inc. says that its wholly-owned subsidiary, Gastek LLC, has exercised its right of first refusal to acquire from Serinus Energy Inc. the remaining 70% of KUBGAS Holdings Limited held by Serinus.

Cub, through Gastek, currently holds the other 30% of KUBGAS. KUBGAS holds a 100% interest in KUB-Gas LLC, a Ukrainian entity with five production licences and one exploration licence in eastern Ukraine with current gross production of approximately 3,800 boe/d.

On December 23, 2015, Serinus announced that it had entered into an agreement for the sale of Serinus' 70% interest in KUBGAS to a private Ukrainian company for US$30 million plus working capital and inter-company adjustments, subject to Gastek's right of first refusal to purchase at the same price.

Tags: CUB Energy Inc., Serinus Energy Inc.