DALLAS, May 14, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that pursuant to the field test report of the Louisiana Conservation Commission, the S.E. Johnson 19 No. 1 located in DeSoto Parish, Louisiana had an aggregate initial production of approximately 2,550 Mcf per day from the Hosston and Cotton Valley zones, along with an aggregate of 5 BBLS per day of condensate. The well is still cleaning up from its completion stimulation.
In addition, the Company late last week successfully perforated and fracture stimulated the Cotton Valley and Hosston zones in the S.E. Johnson 20 No. 1 and will be completing the Cotton Valley and Hosston zones in the S.E. Johnson 29 No. 1 at the end of this week. Cubic has a 25% working interest in these wells. Additional Company wells are set for completion later this month.
Calvin Wallen III, CEO of the Company, states, "The production we are seeing from the S.E. Johnson 19 No. 1 is a welcome success but is not a surprise. This well indicates the potential of our acreage and resource play and is the next step in establishing the Company as a small cap natural gas producer in this area and the market."
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.