Cub Energy Inc. and the Company's joint venture (JV) partner in Turkey, Calik Petrol a subsidiary of Calik Enerji (Calik), have mutually agreed to end their partnership. Through its acquisition of Anatolia Energy Corp in June of 2013, Cub acquired a 25% interest in the Bismil licence and pursuant to its JV agreements, had the right to earn a 50% interest in three other licence areas in Turkey.

Pursuant to the settlement agreement, Cub divested all the Turkish licences in the JV and is released from any further liabilities and claims with respect to the Turkish licences. The Company continues to examine further upstream oil and gas opportunities in Turkey.

Tags: CUB Energy Inc.