DALLAS, July 31, 2013 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (OTCQB:CBNR) ("Cubic" or the "Company" or the "Buyer") announces today that the closing of the previously announced acquisition of the Gastar Exploration Texas, LP ("Gastar" or the "Seller") East Texas properties has been extended to August 16, 2013. As compensation for the extension of the closing date, Cubic will pay an additional sum of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00), representing an additional 2.5% of the Purchase Price. Once closing occurs, this sum, along with the initial deposit of Two Million Three Hundred Thousand Dollars ($2,300,000.00), shall be applied to the Purchase Price at the closing.
At the election of Cubic, the closing date can be further extended to August 30, 2013 with an additional payment of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00) to Gastar no later than the end of business on August 16, 2013. Upon closing, this additional sum shall also be applied toward the Purchase Price at the closing.
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 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, 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.