DALLAS, Feb. 6, 2006 (PRIMEZONE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announced today the successful drilling of the S.E. Johnson 20 No. 1, the Company's 4th Cotton Valley well in the Bethany Longstreet field. Logging operations identified several Cotton Valley intervals, along with various upper and lower Hosston sands that are expected to be productive. Casing has now been run and cemented, and the Company expects to perform completion operations in the near future.
Drilling operations are expected to commence immediately on the S.E. Johnson 29 No. 1, the Company's 5th Cotton Valley test, following the rig move which is substantially complete.
Calvin Wallen III, Cubic's President and CEO stated: "We continue to successfully execute our development program while proving our interest in the Bethany Longstreet field. With the successful completion of this well, the Company will prove that the Cotton Valley formations, found to be productive in our first three wells on the western side of our acreage, extends eastward and is productive on the eastern flank of our eight contiguous sections (5,120 acres gross, 1,280 net). We are very pleased with the additional results in our Bethany Longstreet acreage."
In addition to the aforementioned wells, Cubic expects to drill at least four additional wells on its Bethany Longstreet acreage during 2006. Those wells, which are also expected to be drilled in Cubic's southern Bethany Longstreet acreage, are scheduled to begin in the second calendar quarter.
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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