DALLAS, Jan. 24, 2011 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") today announces twenty-four (24) hour flow rates for three recently completed Horizontal Haynesville Shale wells located in Cubic's acreage in the Bethany Longstreet Field of Caddo Parish and DeSoto Parish, Louisiana.
The Crow 8 No. 1 had a 24 hour flow rate of 12,910 Mcf per day and approximately 7,302 lbs. of flowing casing pressure on a 22/64 choke during frac clean up and the Crow 5 No. 1 Alt had a 24 hour flow rate of 13,566 Mcf per day and approximately 7,223 lbs. of flowing casing pressure on 22/64 choke during frac clean up.
The Company owns a 24% working interest in the Crow 8 No. 1 and a 32.5% working interest in the Crow 5 No. 1 Alt. Both wells are located in the Company's acreage in the Bethany Longstreet Field of Caddo Parish, Louisiana.
The Fisher 20 No. 1 has a 24 hour flow rate of 13,632 Mcf per day and 7,000 lbs. of flowing casing pressure on a 14/64 choke also during frac clean up. This well is also in the Company's Bethany Longstreet acreage in DeSoto Parish, Louisiana. Cubic has a .6% working interest in this well.
Calvin A. Wallen III, Cubic's President and CEO, "These wells have similar flow rates during completion clean up as our other wells in the Bethany area and represent a significant increase to the Company's overall production. With the addition of these three wells, Cubic has now participated in 19 producing Horizontal Haynesville Shale wells and we look forward to the continued development of our acreage with our Joint Venture partners."
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 the Haynesville Shale Play located in Northwest Louisiana. Additional information can be found on Cubic's website at: www.globenewswire.com/newsroom/ctr%3Fd=173547%26amp;l=4%26amp;a=www.cubicenergyinc.com%26amp;u=http%253A%252F%252Fwww.cubicenergyinc.com" target="_top" rel="nofollow">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. 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 natural gas prices, the availability of capital for development of mineral projects and other projects, the availability of capital to satisfy debt obligations, 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 referenced above or any level of production from its wells.