Cubic Spuds Bethany Longstreet Well
Cubic Energy, Inc. has initiated drilling of an additional well in Cubic's Bethany Longstreet acreage in DeSoto Parish, Louisiana. The Rushing 18 No. 1 is the 7th well in this area for Cubic and represents the first well of a development program that is financed by Wells Fargo Energy Capital.
The Rushing 18 No. 1 was spud on April 7, 2007, and is permitted to a total depth of 10,500 feet. The objectives of this well are the prolific Upper Hosston, Lower Hosston, and Cotton Valley gas sands, along with other potential shallow pays--all of which have been encountered in the previous six wells drilled by Cubic. Cubic has a 25% working interest in the Rushing 18 No. 1 well.
"The drilling of this well not only adds to wells previously drilled on our acreage, it initiates the development program that Cubic has the opportunity to pursue due to its financial relationship with Wells Fargo and represents the ability of this company and its management to execute its short and long term business plan to add value to the bottom line.'' Calvin Wallen, CEO stated, "Cubic expects to drill another well immediately following the Rushing 18 No. 1 and is adding to its field operations to conduct initial and additional completions on existing wells with behind pipe value and establish an ongoing development program in this quarter.''
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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