DALLAS, April 27, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") announces today its Chesapeake-operated Clingman Acres 11H well was tested by the state to be flowing at a rate of 17,040 Mcf/day, on a 24/64 inch choke, with 6,170 pounds of flowing pressure, from the Haynesville Shale formation. A 10 stage fracture stimulation completion technique was performed on this well. This well was completed in February 2009; however, pursuant to a confidentiality agreement with Chesapeake, Cubic is precluded from releasing any flow information until a state test has been filed of record.
The Clingman Acres 11H is located in Section 11, Township 15 North -- Range 15 West in the Caspiana Field in Caddo Parish, Louisiana, which is contiguous to the east side of Cubic's Johnson Branch acreage. Cubic has an estimated 2.8% working interest in the well.
Richard M. Sepulvado, Cubic's Vice-President of Exploration and Production, stated, "The Clingman Acres 11H well confirms the quality of the Company's acreage position, which is at the epicenter of the Haynesville Shale play. This well further demonstrates the quality of the reserves underlying our acreage. Cubic continues to be excited with respect to its participation as a working interest owner in additional non-operated sections with Chesapeake."
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.