DALLAS, Sept. 4, 2008 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (AMEX:QBC) ("Cubic" or the "Company") announces today the Bonomo 35 No. 1 was put to sales on August 26, 2008 flowing at a rate of 886 MCFD on a 26/64" choke with a flowing tubing pressure of 1,000 pounds.
The Wilbanks 36 No. 1 was put to sales on September 1, 2008 at a rate of 885 MCFD on a 28/64" choke with a flowing tubing pressure of 820 pounds.
"We are very excited about the completion results of these Cotton Valley wells. The results obtained are a product of a new frac design implemented by the Company. These production rates substantiate the value of the Cotton Valley in this area and has allowed Cubic to examine the restimulation of existing Cotton Valley wells using this new frac design," stated Calvin A. Wallen III, President and Chief Executive Officer of Cubic Energy, Inc.
These wells are both in Cubic's northern Johnson Branch acreage located in Caddo Parish, Louisiana. Cubic has a 49% working interest in each of these wells.
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.
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.