BRIEF-Cub Energy Inc posts quarterly EPS of $0.00

Tue May 24, 2016 5:21pm EDT
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May 25 (Reuters) - Cub Energy Inc

* Production averaged 1,644 boe/d for quarter ended march 31, 2016, which is flat compared to 1,644 boe/d in comparative 2015 quarter

* Qtrly earnings per share $0.00

* Company is evaluating 2016 work programs in light of recently reduced royalty rate of 29 pct effective January 1, 2016

* May not have sufficient cash to continue exploration and development activities

* Says continues to explore solutions to gas blending contract at RK field at Tysagaz

* Says company hopes to resume production at RK field in July 2016

* Uncertainty about sufficient cash to continue exploration, development activities creates doubt about ability to continue as going concern

* Announces Q1 2016 financial and operational results Source text for Eikon: Further company coverage: