Cubic Energy Spuds Cotton Valley Wells

Cubic Energy spud the Gloria's Ranch LLC 10 No. 1 well in late August. This well is currently drilling at a depth of 3,660 feet and has a proposed total depth of 10,500 feet. The Gloria's Ranch LLC 10 No. 1 is Cubic's fourth Cotton Valley well drilled in the Johnson Branch Field of Caddo Parish, Louisiana. Cubic has a 49% working interest in the Gloria's Ranch LLC 10 No. 1.

Cubic spud its 5th Cotton Valley well in the Johnson Branch Field on September 1, 2007. The Gloria's Ranch LLC 9 No. 1 is currently drilling at a depth of 5,198 feet with a proposed total depth of 10,500 feet. Cubic has a 49% working interest in the Gloria's Ranch LLC 9 No. 1.

Additionally, within the next week, Cubic is expected to spud its 14th well in the Company's northwest Louisiana acreage. The Gloria's Ranch LLC 16 No. 1 will be a Smackover test and will drill to a proposed total depth of 12,500 feet. The Gloria's Ranch LLC 16 No. 1 is located in the Johnson Branch Field of Caddo Parish, Louisiana. Cubic has a 49% working interest in the Gloria's Ranch LLC 16 No. 1.

With the addition of these new wells, Cubic will have drilled eight wells since the Company's credit facility with Wells Fargo was announced on March 6, 2007.

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