Cubic Energy Updates on Haynesville Shale Well Program
Cubic Energy announced that the Thomas 36 No. 1 spud on April 29, 2010 and surface casing was set on April 30, 2010. The Thomas 36 No 1 is currently drilling its vertical portion of the well. The Thomas 36 No. 1 is located in Section 36, Township 16 North -- Range 15 West in Caddo Parish, Louisiana located in Cubic's Johnson Branch acreage. Cubic has a 37% working interest in this well, and is the single largest working interest owner in the Thomas 36 No. 1.
Additionally, the Company soon expects to have a second rig moved onto Cubic's southern acreage at Bethany Longstreet and begin horizontal development there.
Calvin Wallen III, Cubic's President and CEO stated, "This is the second well to be drilled under our existing drilling credit, and the second well of what could be a 10-12 well program this year. This drilling program, as announced in our press release dated April 7, 2010, is coming to fruition. The development and production of our Haynesville Shale is a product of management's strategic plan and will lead to increased cash flow and shareholder value for the Company, a process to which Cubic's management has always been dedicated."
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