DALLAS, July 19, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that the O. McDonnell 8 No. 1, which spud on July 1, 2007, was successfully drilled to a total depth of 10,500 feet. This is the 1st Cotton Valley well in Cubic's Johnson Branch acreage, located in Caddo Parish, Louisiana. Cubic has a 49% working interest in the O. McDonnell 8 No. 1.
With the addition of the O. McDonnell 8 No. 1, Cubic has now drilled 9 Cotton Valley wells in northwest Louisiana. The previous 8 wells are located in Cubic's Bethany Longstreet acreage. Additionally, Cubic is currently moving a drilling rig to its 2nd location in Johnson Branch. The D.W. Tabor 4 No. 1 is expected to spud within the next week.
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.