Cubic Energy Spuds Two Wells in Louisiana; Outlines 2008 Plans
Cubic Energy has commenced drilling of two additional Cotton Valley and Hosston wells in its Johnson Branch acreage in Caddo Parish, Louisiana. The Bonomo 35 No. 1 located in Section 35 T16N-R15W spud on November 23, 2007, and the Rye 34 No. 1 located in Section 34 T16N-R15W which spud on November 28, 2007, are each permitted to drill to a total depth of 10,500 feet.
Additionally, Cubic will commence drilling an additional two wells in its Johnson Branch acreage within the next thirty days. One of these wells will drill to a deeper depth in the Bossier/Haynesville shale formations at a permitted depth of 11,800 feet.
Within the next sixty to ninety days, Cubic plans to complete up to eight wells in its Johnson Branch acreage where Cubic has a 49% working interest.
Cubic expects to have spud or reached total depth on 14 wells drilled through the Cotton Valley and Hosston formations in its Northwest Louisiana acreage during this second half of calendar 2007, with three of these wells drilled or drilling through the Bossier/Haynesville shale formations.
Cubic's eight wells in its Bethany Longstreet acreage are all currently online. Cubic has a working interest of 25% -- 35% in these wells.
As Cubic plans its strategy for 2008, preparation continues for the ongoing development of its Northwest Louisiana acreage in Cubic's Johnson Branch and Bethany Longstreet acreage. In order to enhance shareholder value, Cubic is considering all strategic alternatives available to the Company.
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