Cub Energy Inc. (the Company) announces that it has closed the sale of its 100% interest in 3P International Energy Ltd. (3P) and its wholly-owned Ukraine subsidiary, Tysagaz LLC (Tysagaz) as previously announced on July 29, 2022 and July 12, 2022. The buyer group is two officers of the Company, Eugene Chaban, the Company's Chief Financial Officer and Sergey Panchuk, the Company's Chief Operating Officer. In conjunction with the closing, Sergey Panchuk has resigned as Chief Operating Officer of the Company.

Mr. Chaban remains an officer and director of the Company post-closing.