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CUBIC ENERGY, INC. PROVIDES UPDATE ON OPERATIONS
DALLAS,
TX - Cubic Energy, Inc., (OTCBB:QBIK)
(“Cubic” or the “Company”)
announced today that it has negotiated
and executed a farmout agreement allowing the Company to move forward
with its plans to complete the Hosston and Cotton Valley zones in the
S.E. Johnson 20 No. 1 and S.E. Johnson 29 No. 1 wells in Desoto Parish,
Louisiana. The Company expects to complete the wells later in November,
subject to equipment and contractor availability.
Calvin
A. Wallen III, CEO of Cubic stated, “We look forward to the increased
production and cash flow that is expected from the completion of these
wells.”
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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