Cub Energy Inc. (TSX:V.KUB, Stock Forum) said commercial production of the Makeevskoye-21 (M-21) well in Ukraine has begun at an initial rate of 1.7 million cubic feet per day.
The well, located in east Ukraine, north of Luhans’k, is operated by KUB-Gas LLC, a partially-owned subsidiary in which Cub has a 30% interest.
According to the press release, the M-21 well was drilled to a total depth of 2,210 metres in the first quarter of 2012.
The well was drilled to further develop the Makeevskoye R8 Pool which was originally discovered by the Makeevskoye-19 well drilled in the second half of 2010.
Cub is a Texas-based company focused on the exploration and development of oil and gas in Ukraine.
On Friday, Cub’s stock was up 26% and was trading at $0.27 a share. The company has a market cap of $56.9 million, based on 210.8 million shares outstanding. The 52-week high and low was $0.495 and $0.20 respectively.