DALLAS, Jan. 13, 2005 (PRIMEZONE) -- Cubic Energy, Inc. (OTCBB:QBIK) announced today that it has drilled to total depth on its Moseley 25 No. 1 well in DeSoto Parish, Louisiana. This is the second well for Cubic Energy in its Bethany Longstreet project area that has been successfully drilled and completed. The 25 No. 1 has been initially completed in the lower most section of the Cotton Valley. After open-hole logging was completed by Schlumberger, President and CEO Calvin Wallen III stated, "It is believed that the well has over 300' of net potential pay in five different horizons. All of the horizons have commercial historical production in our immediate area further proving the prolific serendipity of this project."
The Moseley 25 No. 1 has initially completed only what represents 10% of its potential reserves. The well had 750# of flowing casing pressure on a 1/2" choke within 72 hours of the frac treatment and a calculated 1,200 Mcf per day flow rate on initial tests. The well will take 2-4 weeks to clean up from the frac before a completion test will be done.
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.
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