The Company stated that, following the second stage completions, the wells together produced approximately 1,100 mcf/day from the second stage completions.
Following the third stage completions, each well was opened up to all completions and put on-line to sales. The wells are currently producing in the aggregate approximately 800 mcf/day, which is the maximum capacity of the compressor in use. Management believes that these wells may produce at modestly higher levels at such time as the production can be put through a larger compressor. The wells are currently being prepared for upper and lower Hosston completions which will further increase each well's production along with other field improvements to maximize our reserves.
Calvin A Wallen III, Chief Executive Officer of Cubic, stated: "This production represents an approximate 300% increase over prior production. The completion of additional reserves in our existing wells will continue to add value to the company and to our shareholders."
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 Texas and Louisiana.
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