DALLAS, Oct. 24, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that drilling on the Daniels 3 No. 1, which spud on October 13, 2007 and is the Company's eighth well in its Johnson Branch acreage, will now continue through the deeper Bossier Shale and Haynesville formations to a total depth of 11,750 feet.
The Daniels 3 No. 1 was scheduled to drill through the Cotton Valley formation at 10,500 feet. However, the positive logging results revealed on Cubic's Gloria's Ranch 16 No. 1, which was drilled to a total depth of 12,272 feet, have dictated the deeper drilling of the Daniels 3 No. 1.
The Gloria's Ranch 16 No. 1 was the first well Cubic drilled below the Cotton Valley formation in Johnson Branch. Cubic has a 49% working interest in its Johnson Branch acreage.
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, dependency on pipelines in which to sell the Company's natural gas it produces, reliance on third party contractors to aid in developing the production infrastructure and in the performance of well completion work, and other risks detailed in the Company's 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. Cubic can not guarantee any level of production from its wells.
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