DALLAS, April 11, 2013 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE MKT:QBC) ("Cubic" or the "Company") announced today that on April 10, 2013, the Company received written notification regarding the results of its appeal hearing held on April 3, 2013 before the Listing Qualifications Panel of the Committee on Securities (the "Panel") of the NYSE MKT LLC (the "Exchange"). During the hearing, the Company presented its plan for regaining compliance with all applicable requirements for continued listing and requested an extension through May 31, 2013 to evidence such compliance.
As set forth in their letter, the Panel has deferred any delisting action pending its review of the Company's progress on the compliance plan presented at the hearing. To that end, the Panel has requested that the Exchange Staff provide the Panel with a report on the Company's progress through May 31, 2013.
Should the report conclude that the Company is no longer financially impaired and that the Company has remedied the stockholders' equity deficiency, the Panel has advised that the delisting proceeding will be dismissed. Should the Exchange Staff's report conclude that the Company has not regained compliance with the requirements for continued listing, the Company will have the opportunity to submit a response to the report for the Panel's review prior to the Panel making its final determination in this matter. While the Company is working diligently to evidence compliance with all requirements for continued listing on the Exchange, there can be no assurance that the Company will be able to timely do so.
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 currently concentrated primarily in the Cotton Valley and Haynesville Shale Play located in 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. 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 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 maintain the listing of the Company's common stock on NYSE MKT, 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.