Cube Announces Nine Month Financial Results

Business Wire, Nov 14, 1996

CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 14, 1996--Cube Energy Corp. (TSE CUK.) Cube Energy Corp. announces financial and operating results for the nine month period ended September 30, 1996 as follows: -0-

                                1996         1995       Percent
                                                         Change
                            -----------------------------------
Revenue                     $12,722,172   $8,966,849        42

Cash Flow from Operations    $5,580,181   $3,482,147        60
  Per share - basic               $1.37        $1.05        30
            - fully diluted       $1.28        $0.96        33

Net Earnings                   $700,181     $142,147       393
  Per share - basic               $0.17        $0.04       325
            - fully diluted       $0.17        $0.04       325

Common Shares - issued        4,073,227    3,754,027         9
              - fully issued  4,467,077    4,108,327         9

Production
  - Natural gas (MCF per day)    20,446       15,504        32
  - Oil (BBL per day)               337          298        13

Average Sales Price
  - Natural gas (per MCF)         $1.56        $1.29        21
  - Oil (per BBL)                $24.54       $22.04        11
---------------------------------------------------------------
The segmented quarterly information for the third quarter is as
follows:

                                   Three Months Ended
                                                        Percent
                               Sept.30/96  Sept.30/95   Change
                               --------------------------------
Revenue                        $4,883,073  $3,304,133     48

Cash From Operations           $2,103,993  $1,021,005    106
  Per share - basic                 $0.52       $0.28     86
            - fully diluted         $0.47       $0.25     88

Net Earnings                     $308,993   ($161,995)     -
  Per share - basic                 $0.07      $(0.04)     -
            - fully diluted         $0.07      $(0.04)     -

Production
  Natural gas (MCF per day)        24,090      19,480     24
  Oil (BBL per day)                   329         311      6

Average Sales Price
  Natural Gas (MCF per day)         $1.58       $1.25     26
  Oil (per BBL)                    $25.59      $20.68     24