DALLAS, Dec. 3, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today the current drilling of two additional Cotton Valley and Hosston wells in its Johnson Branch acreage in Caddo Parish, Louisiana. The Bonomo 35 No. 1 located in Section 35 T16N-R15W spud on November 23, 2007, and the Rye 34 No. 1 located in Section 34 T16N-R15W which spud on November 28, 2007, are each permitted to drill to a total depth of 10,500 feet.
Additionally, Cubic will commence drilling an additional two wells in its Johnson Branch acreage within the next thirty days. One of these wells will drill to a deeper depth in the Bossier/Haynesville shale formations at a permitted depth of 11,800 feet.
Within the next sixty to ninety days, Cubic plans to complete up to eight wells in its Johnson Branch acreage where Cubic has a 49% working interest.
Cubic expects to have spud or reached total depth on 14 wells drilled through the Cotton Valley and Hosston formations in its Northwest Louisiana acreage during this second half of calendar 2007, with three of these wells drilled or drilling through the Bossier/Haynesville shale formations.
Cubic's eight wells in its Bethany Longstreet acreage are all currently online. Cubic has a working interest of 25% -- 35% in these wells.
As Cubic plans its strategy for 2008, preparation continues for the ongoing development of its Northwest Louisiana acreage in Cubic's Johnson Branch and Bethany Longstreet acreage. In order to enhance shareholder value, Cubic is considering all strategic alternatives available to the Company.
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, 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.