DALLAS, Jan. 30, 2008 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces today that it has reached total depth of 11,650 feet in the Hudson 10 No. 1. The well was control flow drilled through the Bossier/Haynesville Shales due to continuous gas shows of 1000 to 3000 units throughout the shale interval with an 11.3 mud weight. Post-casing log analysis will be utilized in order to evaluate the interval and plan its completion.
Calvin Wallen, CEO and President, states, "We are extremely encouraged with the results of the three deep Bossier/Haynesville Shale wells drilled by the Company. The more recent well, the Hudson 10 No. 1 has further reinforced the existence of the Bossier/Haynesville Shale Gas underlying Cubic's acreage."
In addition, the Tabor 4 No. 1, the Gloria's Ranch 9 No. 1, the McDonnell 8 No. 1 and the Barlow 11 No. 1 continue to clean-up daily, with each well now producing from the Cotton Valley intervals completed. The Luttrell 7 No. 1 and the Gloria's Ranch 16 No. 1 have been completed in select Cotton Valley intervals and are flowing back completion fluids. The Rye 34 No. 1 and the Gloria's Ranch 10 No. 1 are set for completion in the next two weeks.
Cubic has a 49% working interest in its acreage located in Johnson Branch of Caddo Parish, Louisiana.
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.