DALLAS, April 30, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that it has perforated and fracture stimulated Hosston and Cotton Valley sands in the Company's S.E. Johnson 19 No. 1. The flowback and cleanup of both formations is currently underway.
"We are encouraged by the initial flowback of the S.E. Johnson 19 No. 1 following the fracture stimulation procedures conducted by the Company and Schlumberger." Calvin Wallen, CEO further adds, "The Company will continue to move forward with operations in May. We will commence initial completions on new wells, initiate additional completions on older wells previously drilled, and continue with our current drilling program in the field."
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 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.