Cubic Energy
Cubic holds leases HBP by marginal vertical wells in the core of the play. Look at this recent activity.
DALLAS, July 1, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (AMEX:QBC) ("Cubic" or the "Company") announced the Company's recent inclusion into the Russell 3000 Index.
The Russell 3000 Index measures the performance of the largest 3000 public companies in the Unites States, and is reconstituted annually. An entire list of the newly constituted Russell 3000 companies can be found at: http://www.russell.com/indexes/membership/default.asp
Calvin Wallen III, CEO for Cubic, says, "The Company's inclusion on the Index requires that certain Index Funds take a position in the common stock of the Company, and this contributed to the increased trading volume in our common stock experienced at the end of last week and on Monday. We expect this recent positive development, coupled with the planning and activities that have been underway and that are currently being undertaken by the Company, to bring a further benefit to the Shareholders of the Company."
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. Further information can be found at Cubic's website: www.cubicenergyinc.com.
DALLAS, July 15, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") announced the Company has recently engaged the services of Donohoe Advisory Associates, LLC to provide assistance and advice to the Company in support of its efforts to regain full compliance of its securities on the NYSE Amex LLC (the "Exchange").
Additionally, the Company said today that it has retained Donohoe Advisory Associates LLC to advise it in the preparation and presentation of its definitive plan to the Exchange. Donohoe Advisory provides consulting services to both public and private companies and specializes in advising public companies on stock exchange regulatory matters. Donohoe Advisory is comprised of former stock exchange professionals. For more information, you may visit www.donohoeadvisory.com.
"We have retained Donohoe Advisory, a firm experienced and proven in working with NYSE Amex LLC compliance issues, to assist the Company with its recent Exchange notification. Management believes we have exceptional Haynesville Shale assets and will move forward in developing this plan to secure shareholder value and confidence,'' said Larry Badgley, Chief Financial Officer for Cubic Energy, Inc.
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 the Haynesville Shale Play located in Northwest Louisiana. Additional information can be found on Cubic's website at: www.cubicenergyinc.com.
DALLAS, July 1, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (AMEX:QBC) ("Cubic" or the "Company") announced the Company's recent inclusion into the Russell 3000 Index.
The Russell 3000 Index measures the performance of the largest 3000 public companies in the Unites States, and is reconstituted annually. An entire list of the newly constituted Russell 3000 companies can be found at: http://www.russell.com/indexes/membership/default.asp
Calvin Wallen III, CEO for Cubic, says, "The Company's inclusion on the Index requires that certain Index Funds take a position in the common stock of the Company, and this contributed to the increased trading volume in our common stock experienced at the end of last week and on Monday. We expect this recent positive development, coupled with the planning and activities that have been underway and that are currently being undertaken by the Company, to bring a further benefit to the Shareholders of the Company."
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. Further information can be found at Cubic's website: www.cubicenergyinc.com.
DALLAS, July 15, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") announced the Company has recently engaged the services of Donohoe Advisory Associates, LLC to provide assistance and advice to the Company in support of its efforts to regain full compliance of its securities on the NYSE Amex LLC (the "Exchange").
Additionally, the Company said today that it has retained Donohoe Advisory Associates LLC to advise it in the preparation and presentation of its definitive plan to the Exchange. Donohoe Advisory provides consulting services to both public and private companies and specializes in advising public companies on stock exchange regulatory matters. Donohoe Advisory is comprised of former stock exchange professionals. For more information, you may visit www.donohoeadvisory.com.
"We have retained Donohoe Advisory, a firm experienced and proven in working with NYSE Amex LLC compliance issues, to assist the Company with its recent Exchange notification. Management believes we have exceptional Haynesville Shale assets and will move forward in developing this plan to secure shareholder value and confidence,'' said Larry Badgley, Chief Financial Officer for Cubic Energy, Inc.
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 the Haynesville Shale Play located in Northwest Louisiana. Additional information can be found on Cubic's website at: www.cubicenergyinc.com.
Views: 12
Replies to This Discussion
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Permalink Reply by The_Baron on
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DALLAS, TX -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the
"Company") announced that on Monday, June 29, 2009, it received a letter from Wells Fargo
Energy Capital, Inc. (the Lender) informing the Company that the Lender has made a
redetermination of the borrowing base, which reduced the borrowing base from $20.0 million to
$7.5 million, requiring a payment of $12.5 million from the Company to the Lender. Through
waiver, the Lender has extended the due date for the full payment due until September 1, 2009,
and the Company has the right to pay the deficiency in five monthly installments as provided in
the Credit Agreement.
The Company also received a letter on Friday, June 26, 2009 from NYSE Amex, LLC (the
Exchange) stating that the Exchange believes that the Company is not in compliance with
Section 1003(a)(iv) of the Exchanges Company Guide as the Company has sustained losses or its
financial condition has become impaired to the extent that it appears questionable, in the opinion
of the Exchange, as to whether the Company will be able to continue operations and/or meets its
obligations as they mature. The Company intends to submit a plan to the Exchange by July 27,
2009 detailing how it intends to regain compliance with Section 1003(a)(iv) by December 28,
2009. If the Company does not submit a plan, the plan is not accepted, the Company does not
make progress consistent with an accepted plan, or the Company is not in compliance with the
continued listing standards by December 28, 2009, the Company is subject to delisting
proceedings. The Company would be entitled to appeal a determination by the Exchange to
initiate delisting proceedings.
Calvin Wallen III, CEO for the Company, states Cubic is currently working to restructure
its debt with a business model that can service future debt and growth. Our intention is to
remedy both deficiencies through this business model to restructure our debt and raise capital for
the exploitation of our assets in the Haynesville Shale. As indicated in previous Press Releases,
resource evaluations made by the Companys third party engineers and the data collected by the
Company with respect to wells drilled on and around our acreage; we believe the resource
potential of our Haynesville Shale is approximately 200-220 Bcfe of free gas, and approximately
60 Bcfe recoverable, per square mile. For the Company, that equates to 1.3 Tcfe of free gas and
390 Bcfe of recoverable gas in the Haynesville Shale alone. We intend to meet Wells Fargos
request and present an acceptable plan to the NYSE Amex, LLC in a timely manner.
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Permalink Reply by Skip Peel - Mineral Consultant on
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There are an increasing number of reports indicating marginal HA operators in financial stress. I don't focus on SEC filings and stock related reports but I see enough of them to recognize a trend. As a further example, Dynamic Resources hired a company to sell their 20% stake in the Sentell Field two months ago. No matter how much a PR firm attempts to make assets appear valuable, there are few buyers and little credit. The fire sales are beginning and there is a lack of interested buyers. Values will be depressed and bargains will be available for those that can fund acquisitions. Cash is King.
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Permalink Reply by The_Baron on
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Its a shame, they could have sold to CHK or HK for thousands per acre.
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Permalink Reply by Grillin' - MmmMmm on
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Arbrey will have an offer waiting for them at the bankruptcy courthouse steps! $350 per acre plus $2000 per producing MCF/day!!
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Permalink Reply by The_Baron on
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It will be interesting to see how many of their marginal wells peter out before they can make a deal.
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Permalink Reply by Skip Peel - Mineral Consultant on
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More Rut Row! In a major move today stock in Southern Star gained 4 cents ....... to close at 18 cents a share. Phew. For a minute there it looked like single digits were right around the corner.
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Permalink Reply by The_Baron on
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Just think Skip, thats a huge percentage increase, you could buy a ton of shares and hope for another little nudge! Of course, thats not how it usually works out.
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Permalink Reply by The_Baron on
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You say milk their wells, but how long. I bet they cost twice to operate than they bring in.
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Permalink Reply by Skip Peel - Mineral Consultant on
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28+%. A really good day. Southern Star's PR firm must have sent out another press release. If Dynamic Resources can't find a buyer for their 20% stake in the Sentell Field, maybe we should make an offer. I'll check out the piggy bank.
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