Cubic Energy, Inc. also announced that it has closed the acquisition of a 25% interest in the Kramer 24 No. 1 from investors in the Caravel Energy Fund 2003 - II. This transaction has an effective date of November 22, 2004, and will result in the issuance of 2,000,000 shares of Cubic Energy, Inc. common stock.
Commenting on these events Calvin A. Wallen, III, CEO stated, "The acquisition of a 25% interest in the Kramer 24 No. 1 well, along with the same interest in this exciting project is a material event for Cubic Energy. The spudding of the 2nd well in this field represents a period of what we believe could be rapid expansion. We anticipate spudding the 3rd well in the field upon completion of the Mosely 25 No. 1 well.''
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