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PRESS RELEASE |
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Date: July 31, 2006 |
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DALLAS, TX - Cubic Energy, Inc., (OTCBB:QBIK) (“Cubic” or the “Company”) announced today that it has completed a $2.1 million private placement of equity. The transaction reflects the issuance of 3,000,000 common shares at $0.70/share and the issuance of warrants to purchase up to 1,500,000 common shares at an exercise price of $0.70/share. Proceeds from this initial private placement will be used to fund the Company’s share of the drilling and completion of the S.E. Johnson 19 No. 1, the Company’s sixth Cotton Valley well, and for general working capital. Cubic expects the S.E. Johnson 19 No. 1 to spud in early August and take approximately 25 days to reach total depth of approximately 10,500 feet. James L. Busby, Chief Financial Officer of Cubic, stated: “We are pleased to be drilling another Cotton Valley well in our Bethany Longstreet acreage and look forward to raising additional capital to continue our development program.” Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company’s oil and gas assets and activity are concentrated primarily in Texas and Louisiana.
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