DALLAS, Nov. 9, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that the Daniels 3 No. 1, which spud on October 13, 2007, reached a total depth of 11,750 feet on Monday, November 5, 2007. The Company has finished logging operations with Schlumberger, and upon initial evaluation, the logs appear to have similar positive characteristics to the Gloria's Ranch 16 No. 1 in the Cotton Valley and the deeper Bossier and Haynesville Shale formations. The Daniels 3 No. 1 is located in Cubic's northern acreage of Johnson Branch in Caddo Parish, Louisiana where the Company has a 49% working interest.
Calvin Wallen, President and CEO of Cubic, stated, "Activity in our northwest Louisiana acreage continues to be very successful. It is evident that our position in this play has the potential to add significant value to our shareholders."
Cubic has updated its management presentation. You can view the presentation by visiting the Company's website at: www.cubicenergyinc.com and opening the "Presentations" tab.
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.
The Cubic Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1243
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 companies undertake no obligation to update these statements for revision or changes after the date of this release. There can be no assurance that the transactions discussed in this press release will be consummated.