Cubic's aforementioned wells are located 5 miles southeast of the Nelson Oil and Gas Alfred #1 which completed in 1989 and since that time has produced 4.2 Bcf of gas and 75,000 barrels of condensate from 112 feet of perforations in the Cotton Valley (8,552'-8,664'). ``This highly productive interval is present in all three of these new wells and appears to have similar log character. The Alfred #1 only penetrated the uppermost portion of the Cotton Valley. Since Cubic has drilled the entire prospective sand interval, we expect these new wells to produce at least as much or more from the Cotton Valley,'' stated Bruce Hinton, a partner in dB, LLC Petroleum Advisors and consultant to Cubic. In addition, Cubic is carefully analyzing prolific Hosston intervals found in these new wells.
Calvin Wallen, Cubic's CEO added, "Currently in the Johnson Branch acreage, Cubic has two additional wells at total depth which are undergoing evaluation, and we are conducting drilling operations on three additional wells. We anticipate that by the end of October a total of eight wells will have been drilled and evaluated in Johnson Branch. Our engineering and construction personnel are working on the pipeline and compression infrastructure needed to commence the completion of the first of the wells in the next six to eight weeks." Cubic has a 49% working interest in the Johnson Branch acreage.
Seven miles to the south in the Bethany Longstreet acreage, Cubic has drilled a total of 8 wells and is currently producing approximately 4000 Mcf per day from the Cotton Valley in 5 wells and from the Hosston in 5 wells. Work is ongoing at the Bethany Longstreet acreage to complete and fracture stimulate additional zones and to install gas lift and compression to significantly increase the average daily production from this area. Cubic has a 25% working interest in these producing wells.
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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