Cubic Energy, Inc. (QBIK.OB), an independent oil and natural gas exploration and production company, announced today that its common shares have been approved for listing on the American Stock Exchange (AMEX). Cubic is expected to begin trading under the symbol “QBC” on the AMEX on Monday, August 4, 2008. Assuming Cubic is in compliance with all applicable listing standards on that date, Cubic will only trade on the AMEX and will no longer be quoted on the OTC Bulletin Board.
“This is an incredible milestone for Cubic and its shareholders. With the ability to list on AMEX, Cubic is able to reach both United States and Global investors,” stated Calvin Wallen III, President-CEO of Cubic Energy, Inc.
Cubic primarily operates in eastern Texas and western Louisiana in the heart of the Haynesville Shale, where it controls 6,326 net acres that abut Chesapeake Energy (CHK) and Goodrich Petroleum (GDP) land. The recent discovery of the Haynesville’s potential has fueled a frenzied land grab in the region, and led to speculation that Cubic could be on the verge of either signing a significant joint venture deal, or perhaps even getting bought outright. Shares of QBIK.OB rose nearly 20% intraday to close at $4.68 after release of the listing news at 2:27 pm. Shares have traded between $0.87 and $5.25 during the past year.
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