updated 7:15 a.m. CT, Mon., Jan. 12, 2009
DALLAS, Jan. 12, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Alternext:QBC) ("Cubic" or the "Company") announces today it has accepted a proposal to participate in the horizontal drilling of Chesapeake's HA RA SUM; S Mitchell 12-15-16H1 well. The well is located in the Johnson Branch Field of Caddo Parish, Louisiana, and will be horizontally drilled to a measured depth of 16,500 feet, followed by a Haynesville Shale completion.

The S Mitchell is located in Section 12, Township 15 North - Range 16 West in Caddo Parish, Louisiana. Cubic has an estimated 2.5% working interest in the well.

Cubic currently has 12 wells producing in its Johnson Branch acreage, and 10 wells producing in its more southern acreage position of Bethany Longstreet in DeSoto Parish, Louisiana.


"Participating in the S Mitchell well will give Cubic's technical personnel valuable insights in the methods and technology that Chesapeake has been developing. Their expertise in this area and the Haynesville is cutting edge. This well will give Cubic valuable resources to use in our own operated acreage," stated Calvin Wallen, President and CEO of Cubic Energy, Inc.