DALLAS, Nov. 7, 2011 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") announces today that the arbitration of Cubic's claims against EXCO Operating Company ("EXCO") and BG US Production Company ("BG") is currently set to commence on January 9, 2012, with a decision currently expected in February, 2012. On October 28, 2011, the Dallas County District Court compelled EXCO and BG back to arbitration.
Also, Cubic announces that, after review, the borrowing base under its Wells Fargo Energy Capital senior credit facility revolver remains unchanged at $30,000,000 until the next borrowing base re-determination currently expected in the spring of 2012.
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 and Cotton Valley Plays located in Northwest Louisiana. Additional information can be found on Cubic's website at: www.cubicenergyinc.com.
The Cubic Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1243
If you would like to be added to Cubic's email distribution list, please email your name and email address to Donna Luedtke, Investor Relations at donna@cubicenergyinc.com. This email distribution list is notified of all news events (including press releases and scheduled investor conference calls).
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, reliance on a suitable outcome in the dispute with EXCO and BG with respect to the Company Drilling Credits, 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.