Cubic Spuds Another Cotton Valley Well

Cubic Energy, Inc. has initiated drilling of the Estes 8 No. 1, the 8th Cotton Valley well in its Bethany Longstreet acreage in Caddo Parish, La.

This is the second well financed under Cubic's recent credit facility with Wells Fargo Energy Capital. Cubic has a 35% working interest in the well. The Estes 8 No. 1 is permitted to a total depth of 10,500 feet.

"We expect to reach total depth on the Estes 8 No. 1 within the next two to three weeks," Cubic CEO Calvin Wallen said. "The recent progress of our drilling program is very encouraging, and we are looking forward to further advancement of our ongoing development opportunities.''

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.