Cub Energy Inc. provides the results of its independent reserves evaluation as of December 31, 2012 on its oil and gas properties in Ukraine. The evaluation was conducted by RPS Energy Consultants LLC (RPS), an independent qualified reserves evaluator and auditor, on the Company's properties in Ukraine in its report dated 20 March 2013 ("The RPS Report"). All evaluations were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and are in accordance with National Instrument 51-101 National Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

HIGHLIGHTS:

• Proved developed producing ("PDP") oil and natural gas reserves of 1.2 MMboe or 7.3 Bcfe with PV-10 (as defined herein) of $54.5 million • Proved ("1P") oil and natural gas reserves of 2.25 MMboe or 13.5 Bcfe with PV10 of $79.3 million • Proved and probable ("2P") oil and natural gas reserves of 4.26 MMboe or 25.61 Bcfe with PV-10 of $146.2 million • Proved, probable and possible oil and natural gas reserves ("3P") of 8.47 MMboe or 50.79 Bcfe with PV-10 of $257.5 million • Current daily production of 1,531 Boepd or 9,186 Mcfed

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