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CUBIC ENERGY, INC. ANNOUNCES SUCCESS IN ITS 6TH COTTON VALLEY
WELL
DALLAS,
TX - Cubic Energy, Inc., (OTCBB:QBIK)
(“Cubic” or the “Company”)
announced today the successful drilling of the S.E. Johnson 19 No. 1,
the Company’s 6th Cotton Valley well in the Company’s Bethany
Longstreet field. Preliminary well log analysis has identified numerous
gas pay sands in the Cotton Valley and Upper and Lower Hosston formations.
Casing has now been set and the Company is designing and planning completion
operations. Cubic has a 25% working interest in the S.E. Johnson 19
No. 1 well.
Calvin
A. Wallen III, CEO of Cubic Energy, Inc. stated, “Based on the
review of the well logs and other data, the S.E. Johnson 19 No. 1 appears
to be the best well we have drilled to date. This well, like the others
before it, continues to prove our acreage position to be the kind of
development opportunity that can add significant value to the Company
and establish prolific reserves. We are very excited about our position
in this play and our ongoing development opportunities.”
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.
This press
release includes statements, which may constitute "forward-looking"
statements, usually containing the words "believe", "estimate",
"project", "expect", or similar expressions. These
statements are made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements. Factors that
would cause or contribute to such differences include, but are not limited
to, future trends in mineral prices, the availability of capital for
development of mineral projects and other projects, acceptance of the
Companies' products and services in the marketplace, competitive factors,
dependence upon third-party vendors, and other risks detailed in the
Companies' periodic report filings with the "Securities and Exchange
Commission". By making these forward-looking statements, the companies
undertake no obligation to update these statements for revision or changes
after the date of this release. There can be no assurance that the transactions
discussed in this press release will be consummated.
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