DALLAS, Aug. 23, 2005 (PRIMEZONE) -- Cubic Energy, Inc. (OTCBB:QBIK) announces today that effective August 15, 2005, it has appointed James L. Busby as its new Chief Financial Officer. The Company anticipates that all of the functions of the office of CFO will be performed by Mr. Busby no later than October 1, 2005.
Mr. Busby joins the Company from Aviva Petroleum Inc., where he served as the Chief Financial Officer from February 2000 to August 2005. He also served as Aviva's treasurer from May 1994 through August 2005, and secretary from June 1996 through August 2005. Mr. Busby originally joined Aviva in November 1993 as its controller. Prior to joining Aviva, he spent more than 10 years with the public accounting firm KPMG, serving in several capacities including senior audit manager. Mr. Busby graduated from the University of Texas at Dallas with a Bachelor of Science degree in accounting in May 1984.
Calvin Wallen III, President and CEO of Cubic Energy, Inc., stated, "Mr. Busby has filled a much needed position with the Company. We are confident that he has the ability to be an important contributor to our business pursuits."
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.
The Cubic Energy company logo can be found at http://www.primezone.com/newsroom/prs/?pkgid=1243