DALLAS, June 25, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announces that field operations are continuing for the production and completion of its wells in the Bethany Longstreet Field. Two of the wells with previously announced completions, the S.E. Johnson 20 No. 1 and the S.E. Johnson 19 No. 1, continue to maintain their productive rates and have increased the Company's daily production in the area by 1500%.
The S.E. Johnson 29 No. 1, the Moseley 25 No. 1, and the Moseley 26 No. 1 wells are in various stages of flowback and/or completion. In addition, completion work has already commenced on both the Rushing 18 No. 1 and the Estes 8 No. 1 wells. The Company's gas purchaser, Eagle Rock Energy, has started setting compression for these wells which will result in better production results from the wells going forward. Cubic has a 25% to 35% working interest in each of the seven wells mentioned above.
The Company is also beginning development of its northern acreage in Johnson Branch with its first well in that area in the very near future. Cubic has a 49% working interest in the Johnson Branch area.
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, acceptance of the Companies' products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Companies' 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.