Cub Energy (TSX: V.KUB, Stock Forum) Thursday announced that its first quarter production averaged a record 1,528 Boe/d (96% natural gas), an increase of 53% from the same period last year, this according to a company news release.
The Black Sea region-focused upstream oil and gas company also recorded gross revenue from hydrocarbon sales for the period that surged 48% to $9.67 million from a year earlier.
Cub added that it expects to exit 2013 with a production rate nearly double that of its year-end 2012 rate of 1,534 Boe/d.