Cubic Spuds 11th Cotton Valley Well in Northwest Louisiana
Cubic Energy has commenced drilling on the Company,s 11th Cotton Valley well in its northwest Louisiana acreage. The Luttrell 7 No. 1 spud on August 11, 2007 and is currently drilling at a depth of 9,519 feet. The Luttrell 7 No. 1 is the 3rd well drilled in the Company's northern acreage in Johnson Branch Field located in Caddo Parish, Louisiana. The Company expects to begin drilling an additional three wells in its Johnson Branch acreage within the next 30 days.
Cubic currently has eight wells in its Bethany Longstreet acreage. Seven wells are producing 4,664 Mcf/day at approximately 80% of capability, with additional zones in two wells at final stages of completion. In addition, the Estes 8 No. 1 is currently in its completion phase and is not contributing to current field production. The seven producing wells have increased the Company's daily production in its Bethany Longstreet acreage by 2620% since May 2007. Cubic has a 25% working interest in the seven producing wells, and a 35% working interest in the Estes 8 No. 1.
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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