DALLAS, Aug. 23, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that drilling has commenced on the Company,s 11th Cotton Valley well in its northwest Louisiana acreage. The Luttrell 7 No. 1 spud on August 11, 2007 and is currently drilling at a depth of 9,519 feet. The Luttrell 7 No. 1 is the 3rd well drilled in the Company's northern acreage in Johnson Branch Field located in Caddo Parish, Louisiana. The Company expects to begin drilling an additional three wells in its Johnson Branch acreage within the next 30 days.
Cubic currently has eight wells in its Bethany Longstreet acreage. Seven wells are producing 4,664 Mcf/day at approximately 80% of capability, with additional zones in two wells at final stages of completion. In addition, the Estes 8 No. 1 is currently in its completion phase and is not contributing to current field production. The seven producing wells have increased the Company's daily production in its Bethany Longstreet acreage by 2620% since May 2007. Cubic has a 25% working interest in the seven producing wells, and a 35% working interest in the Estes 8 No. 1.
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.