DALLAS, Jan. 9, 2008 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that, within the past week, fracture stimulation and completions began on the first three of the Johnson Branch wells. The Tabor 4 No. 1, the Gloria's Ranch 9 No. 1, and the McDonnell 8 No. 1 have been successfully fractured and are currently flowing back completion fluids.
Three additional wells, the Barlow 11 No. 1, the Luttrell 7 No. 1, and the Gloria's Ranch 16 No. 1 are scheduled for completion operations later this month.
The Company's compression and gas stripping system has been constructed and is ready for deliverability from the Johnson Branch wells, allowing for immediate post-completion production and revenue.
Cubic has recently drilled and successfully run casing on the Rye 34 No. 1, the Bonomo 35 No. 1, and the Wilbanks 36 No. 1. Drilling operations are currently underway on the Hudson 10 No. 1 which has a permitted drilling depth of 11,800 feet to examine and collect data on the Bossier/Haynesville Shales.
Cubic has a 49% working interest in its Johnson Branch acreage.
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.