DALLAS, June 3, 2008 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces the Company has spud its fourth Haynesville Shale well in its northwest Louisiana acreage. The Estes 7 No. 1 spud on Monday, June 2, 2008 and will be vertically drilled to approximately 11,950 feet using a casing program with 7 5/8" for the intermediate string. This will allow the Company to drill horizontal in the Haynesville Shale at a later date, after being vertically completed in the Haynesville Shale. The Estes 7 No. 1 is Cubic's first Haynesville Shale well to be drilled in the Company's southern acreage position of Bethany Longstreet.
Immediately following the drilling of the Estes 7 No. 1, the Company will rig down and move to the Red Oak Timber 5 No. 1 also located in Cubic's southern acreage of Bethany Longstreet. The Company will again vertically drill to the Haynesville Shale at approximately 11,950 feet and will use the same casing program as used on the Estes 7 No. 1.
Cubic has a 35% working interest in the Estes 7 No. 1 and the Red Oak Timber 5 No. 1.
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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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, dependency on pipelines in which to sell the Company's natural gas it produces, reliance on third party contractors to aid in developing the production infrastructure and in the performance of well completion work, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revision or changes after the date of this release. There can be no assurance that any future activities and/or transactions mentioned in this press release will occur as planned. Cubic can not guarantee any level of production from its wells.