Cubic's Rushing 18 No. 1 Well Boasts Positive Test Results
Cubic Energy announces results of the field test report from the Louisiana Conservation Commission with respect to the Rushing 18 No. 1 located in DeSoto Parish, Louisiana. The Rushing 18 No. 1 tested at an aggregate initial production of approximately 1656 MCF per day from the Hosston and Cotton Valley zones, along with an aggregate of 6.68 BBLS per day of condensate. Cubic has a 25% working interest in this well.
In addition, the Company announces it spud the Tabor 4 No. 1 on July 20, 2007. The Tabor 4 No. 1 is the 2nd well located in Cubic's northern acreage in Johnson Branch, Caddo Parish, Louisiana. The Tabor 4 No. 1 is currently drilling at a depth of 5800 feet. This is the 10th Cotton Valley well drilled in Cubic's northwest Louisiana acreage, and is the 4th well drilled under its credit facility with Wells Fargo Energy Capital.
Rick Sepulvado, VP of Exploration & Production, states, "The production we are receiving from the Rushing 18 No. 1 is consistent with the results we are seeing in our northwest Louisiana acreage. We look forward to an acceleration of drilling in our acreage, as well as bringing on line other wells in various stages of completion."
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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