DALLAS, July 17, 2006 (PRIMEZONE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces the building of the location for a new well in Section 19, T14N-R15W in DeSoto Parish, Louisiana. This new well, named the S.E. Johnson No. 1, is the Company's sixth well in its Bethany Longstreet acreage position.
The S.E. Johnson No. 1 is expected to be drilled to a total depth of approximately 10,500 feet, with the objectives being the Hosston and Cotton Valley formations. Cubic has a 25% working interest in the well.
James L. Busby, Chief Financial Officer of Cubic stated, "We are pleased to be moving forward with our Louisiana operations and expect the results of this drilling to provide additional value to the Company and our shareholders."
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, 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 and activities discussed in this press release will be consummated.