DALLAS, Sept. 6, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that it spud Gloria's Ranch LLC 10 No. 1 on August 29, 2007. This well is currently drilling at a depth of 3,660 feet and has a proposed total depth of 10,500 feet. The Gloria's Ranch LLC 10 No. 1 is Cubic's fourth Cotton Valley well drilled in the Johnson Branch Field of Caddo Parish, Louisiana. Cubic has a 49% working interest in the Gloria's Ranch LLC 10 No. 1.
Cubic spud its 5th Cotton Valley well in the Johnson Branch Field on September 1, 2007. The Gloria's Ranch LLC 9 No. 1 is currently drilling at a depth of 5,198 feet with a proposed total depth of 10,500 feet. Cubic has a 49% working interest in the Gloria's Ranch LLC 9 No. 1.
Additionally, within the next week, Cubic is expected to spud its 14th well in the Company's northwest Louisiana acreage. The Gloria's Ranch LLC 16 No. 1 will be a Smackover test and will drill to a proposed total depth of 12,500 feet. The Gloria's Ranch LLC 16 No. 1 is located in the Johnson Branch Field of Caddo Parish, Louisiana. Cubic has a 49% working interest in the Gloria's Ranch LLC 16 No. 1.
With the addition of these new wells, Cubic will have drilled eight wells since the Company's credit facility with Wells Fargo was announced on March 6, 2007.
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.
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.