DALLAS, Nov. 5, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") announces a twenty-four hour peak rate from its non-operated Plants 26H-1 well at 15,300 Mcfe/day, on a 24/64 inch choke, with 7,000 pounds of flowing pressure, producing from the Haynesville Shale formation. The Plants 26H-1 was spud on July 20, 2009 by operator Goodrich Petroleum Corp. ("Goodrich").
The Plants 26H-1 is located in Section 26, Township 14 North -- Range 16 West in the Bethany Longstreet Field in DeSoto Parish, Louisiana. Cubic has a 10.15625% working interest in the well.
Richard M. Sepulvado, Cubic's Vice-President of Exploration and Production stated, "The Plants 26H-1 confirms the quality of the Company's acreage position, at the epicenter of the Haynesville Shale play. Cubic continues to be excited with respect to its participation as a working interest owner in additional non-operated sections with Goodrich."
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.cubicenergyinc.com.
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, dependency on pipelines in which to sell the Company's natural gas it produces, 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 can not guarantee any level of production from its wells.