Cubic Energy, Inc. (QBIK.OB) has issued a press release updating shareholders on current drilling activity for the company’s newly developed wells in Louisiana. In this press release, the company announced that they have received permission from the state of Louisiana for the additional drilling of 10,500 feet in both sites.
Cubic also announced that the company will commence drilling on two additional wells in the Johnson Branch drill site within the next thirty days. After drilling commences in this area, Cubic plants to complete eight new wells in the Johnson Branch site, with Cubic holding a 49% working interest for each new property.
In the future, the company expects to drill 14 more wells during the second half of calendar 2008, with three of these wells drilled in the Boisser / Haynessville shale formations. Cubic is prepared for continual development of their Northwestern Louisiana acreage to enhance shareholder value as 2007 comes to an end and fiscal year 2008 begins.
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