Cube Energy Announces Year End Results

Business Wire, March 20, 1997

CALGARY, ALBERTA--(BUSINESS WIRE)--March 20, 1997--Cube (TSE:CUK.) Cube Energy Corp. announces financial and operating results for the December 31, 1996 year-end as follows: -0-

FINANCIAL                        1996              1995
                                -----------      -----------
Revenue                         $18,687,401      $13,010,321

Cash Flow from Operations       $ 8,424,971      $ 5,361,142
 Per share   - basic            $      2.07      $      1.56
             - fully diluted    $      1.90      $      1.47

Net Earnings                    $ 1,125,195      $   220,672
 Per share   - basic            $      0.28      $      0.06
             - fully diluted    $      0.28      $      0.06

Working Capital (Debt)          $(7,780,747)     $(4,674,179)

Common Shares  - issued           4,074,252        4,054,027
               - fully diluted    4,469,577        4,408,327
-------------------------------------------------------------

OPERATING
Natural Gas Reserves (MMCF)          72,706           71,729
   - Proven                          52,289           57,538
   - Probable                        20,417           14,191

Oil and NGL Reserves (MBBLS)          2,008            1,293
   - Proven                           1,182              900
   - Probable                           826              393

Present Worth Value of Reserves
  (15 percent DCF, pre-tax, $M)  $   55,641      $    46,342
   - Proven                      $   43,068      $    38,718
   - Probable                    $   12,573      $     7,624

 Production
   - Natural gas (MCF per day)       21,268           16,785
   - Oil (BBL per day)                  393              329

 Land Holdings (net acres)          406,817           89,051
   - Developed                       36,437           33,900
   - Undeveloped                     90,380           55,151
   - Foreign                        280,000                -

 Average Sales Price
   - Natural gas (per MCF)      $      1.67      $      1.33
   - Oil (per BBL)              $     25.17      $     21.51

 Capital Expenditures           $15,001,489      $20,247,790
---------------------------------------------------------------

The year-end reserve amounts are based on a report prepared by
Sproule Associates Limited as of January 1, 1997.
---------------------------------------------------------------
The segmented quarterly information for the fourth quarter is as
follows:

                            Three Months       Three Months
                                Ended              Ended
                          December 31, 1996  December 31, 1995
--------------------------------------------------------------

 Revenue                        $ 5,965,229        $ 4,043,472

 Cash Flow from Operations      $ 2,844,790        $ 2,157,715
    Per Share - basic           $      0.70        $      0.57
              - fully diluted   $      0.62        $      0.52

 Net Earnings                   $   425,014        $    78,525
   Per Share - basic            $      0.11        $      0.02
             - fully diluted    $      0.11        $      0.02

 Production
  - Natural gas (MCF per day)        23,639             20,585
  - Oil (BBL per day)                   559                421

 Average Sales Price
  - Natural gas (per MCF)       $      1.95        $      1.41
  - Oil (per BBL)               $     26.30        $     20.36