DALLAS, Dec. 4, 2014 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (OTCQB:CBNR) ("Cubic" or the "Company") reports the status of the continued development of its non-operated northwest Louisiana acreage. Cubic previously announced its subsidiary, Cubic Louisiana, LLC, had elected to participate in the drilling and completion of five horizontal Haynesville Shale wells. However, the operator has determined that four wells will be drilled instead, due to efficiencies.
Two of the four wells are currently drilling and the other two wells are expected to spud before year-end. The target for each well is the Haynesville formation, with a proposed horizontal leg of 4,800 feet and an estimated total drilled depth of 16,500 feet. Cubic has an approximate 27% working interest in each of these four wells located in Caddo Parish, Louisiana.
Calvin Wallen III stated, "We are encouraged to have the support of Wells Fargo Energy Capital to fund our participation in these wells. As we have learned with previous wells drilled, the Haynesville continues to provide solid economic returns especially in current commodity price vitality."
Cubic Energy, Inc. is an independent energy company engaged in the development and production of, and exploration for, crude oil and natural gas and natural gas liquids. The Company's oil and gas assets and activity are concentrated in east Texas and northwest Louisiana. Additional information can be found on Cubic's website at: www.cubicenergyinc.com.
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This press release includes statements, which may constitute "forward-looking" statements, usually containing the words "believe", "intend", "estimate"', "project"', "expect", or similar expressions. 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 oil and natural gas prices, the ability to close the purchase of desirable oil and/or natural gas assets, the availability of capital for development of mineral projects and other projects, the availability of capital to satisfy debt obligations, the ability to cure existing defaults with note holders and debt holders, dependency on pipelines in which to sell the Company's natural gas it produces, reliance on third party operators for wells in which the Company maintains a working interest, 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 cannot guarantee the timing of the drilling or any level of production from its wells.