Cub Energy Inc. to Apply to Vary Date of Annual Meeting of Shareholders

HOUSTON, TEXAS--(Marketwire - Feb. 20, 2013) - Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB), announces that it intends to file an application with the Ontario Superior Court of Justice (Commercial List) seeking permission to vary the date by which it must hold its next annual meeting of shareholders, so that the meeting can be held on May 29, 2013.

On March 29, 2012, pursuant to a securities exchange agreement dated January 26, 2012 among the Company, Gastek LLC ("Gastek"), Pelicourt Limited ("Pelicourt") and certain vendor shareholders, the Company completed a business combination (the "Transaction") with Gastek by way of a reverse-takeover whereby the Company acquired all of the outstanding units of Gastek from Pelicourt, the sole unitholder of Gastek, in exchange for 123,278,089 common shares of the Company issued to Pelicourt.

Arising from the Transaction, Cub, which had a June 30 year-end, adopted the December 31 year-end of Gastek. The last annual meeting of Cub was held on December 2, 2011. The next annual meeting of Cub is planned for May 29, 2013. Under the Canada Business Corporations Act, unless leave is granted by the court, Cub is required to hold its annual meeting by March 2, 2013. Cub is unable to hold its annual meeting by March 2, 2013 because its audited financial statements for the year ended December 31, 2012 will not be available in time to allow the annual meeting to be held on that date.

Cub's court application to vary the date of its annual meeting will be heard on March 6, 2013 at 10 a.m. ET in Toronto, Canada. Cub intends to post its court documents on its website as these documents become available.

About Cub Energy Inc.

Cub Energy Inc. (TSX VENTURE:KUB) is an upstream oil and gas company with 110,000 net acres, in nine exploration and production licences within the two major producing basins of Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment.

For further information please contact us or visit our website: www.cubenergyinc.com.