Replies to This Discussion

Permalink Reply by UPITT on January 14, 2010 at 7:31

My money is betting on it. I think as these results come out it will solidify the acreage even more. 30M in drilling credits to Cubic.

• ▶ Reply

Permalink Reply by UPITT on January 14, 2010 at 8:35

In same basic company you mean owned by Warren right?

• ▶ Reply

Permalink Reply by The_Baron on January 14, 2010 at 9:41

Fossil is what Cubic uses to hide their imcompentence from the shareholders.

• ▶ Reply

Permalink Reply by patrick hays on January 14, 2010 at 14:27

is that due to their being vertical hbp specialists? who are the front runners to buy them? it seems they would be a nic acquisition. Deal may be a sweetheart with the credits.

• ▶ Reply

Permalink Reply by BirdDawg, plain ole' idiot on January 14, 2010 at 15:21

It is hard to pinpoint a pinhead.

Permalink Reply by patrick hays on January 14, 2010 at 15:36

there's a lot of gas in that pinhead..not just hot air.

• ▶ Reply

Permalink Reply by RBH on February 2, 2010 at 8:57

ShaleGeo...ties go back a while--absolutely correct

http://www.cubicenergyinc.com/press-releases/press03-06-2002.html (tied Cubic/Tauren)

12-16-2003
http://www.cubicenergyinc.com/press-releases/press12-16-2003.html
Dallas, Texas, December 16 - Cubic Energy, Inc. (OTCBB: QBIK) announced today that it has an agreement with Tauren Exploration, Inc. and Caravel Resources, Inc. (and certain Caravel Resources, Inc. affiliates) to analyze and potentially acquire up to a 30% working interest in the Bethany-Longstreet development project. The project is located in Caddo and De Soto Parishes, Louisiana and is in the heart of a large and active gas producing area of western Louisiana.

Tauren Exploration, Inc. currently controls over 5,000 acres and may have the opportunity to acquire up to an additional 2,500 acres in this area. The primary formations to be developed are the Hosston and Cotton Valley but several other shallower zones from the Paluxy to the Pettet are serendipitous. This area of east Texas and western Louisiana has produced in excess of 2 Tcf from older fields with very sparse development in the Hosston and Cotton Valley.

Calvin Wallen III, President and CEO of Cubic commented, “This project represents a significant first step opportunity for the company in establishing PDP and PUD gas reserves of a low risk nature. Recent activity and transactions involving the development and acquisition of properties in this area have established prolific valuations for reserves. We are very excited to have a project of this nature that can potentially take the company to a new financial plateau.”

The first well location has been built and the drilling contractor will move in prior to year-end. After the first well is drilled and tested Cubic will have the opportunity for the back-in acquisition. This is expected to occur sometime in the 1st Quarter of 2004.

Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. Cubic Energy’s oil and gas assets and activity are concentrated primarily in Texas, Louisiana and New Mexico.

cubic drilling credits:
http://www.globenewswire.com/news.html?d=179130

Source: Cubic Energy, Inc.
Cubic Energy, Inc. Acquires $30,952,810 in Drilling Credits
DALLAS, Nov. 24, 2009
Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") announces that it has entered into transactions with Tauren Exploration, Inc. ("Tauren") and an affiliate of Tauren, both of which are entities controlled by Calvin Wallen III, the Chief Executive Officer of the Company, under which Cubic has acquired $30,952,810 in pre-paid drilling credits (the "Drilling Credits") applicable towards the development of its Haynesville Shale rights in Northwest Louisiana. These Drilling Credits were previously acquired by Tauren in connection with the sale of a majority of its Haynesville Shale rights in Northwest Louisiana. Cubic will use the Drilling Credits to fund $30,952,810 of its share of the drilling and completion costs for those horizontal Haynesville Shale wells drilled in sections previously operated by an affiliate of the Company which are now operated by a third party with significant Haynesville Shale operations experience.

As consideration for the Drilling Credits, the Company, (I). has conveyed to Tauren a net overriding royalty interest of approximately 2% in its leasehold rights below the Taylor Sand formation of the Cotton Valley; and (II). has agreed to issue to an affiliate of Tauren 10,350,000 Company common shares and preferred stock in the amount of $10,350,000, convertible into Company common shares at $1.20 per common share, five year conversion term, with such issuance of the common shares and the preferred stock dependent upon the approval of the Company's additional listing application with the NYSE Amex.

As a result of the transactions between the Company and Tauren, Wells Fargo Energy Capital ("WFEC") has provided the Company an additional extension until January 1, 2010 to allow for continued negotiations as to a potential Credit Facility amendment.

Calvin Wallen III states, "The breadth of the Drilling Credits and its potential impact on reserves and cash flow, coupled with the new operator's capabilities, is a major step in taking Cubic to the next level."

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.

The Cubic Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1243

This press release includes statements, which may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital for development of mineral projects and other projects, obtaining the necessary financing for the general operations of the Company, the Company's ability to negotiate and finalize an amendment to its current Credit Facility, dependency on pipelines in which to sell the Company's natural gas it produces, reliance on third party operators and contractors to drill wells, develop the production infrastructure and in the performance of well completion work, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revision or changes after the date of this release. There can be no assurance that any future activities and/or transactions mentioned in this press release will occur as planned. Cubic can not guarantee any level of production from its wells.

CONTACT: Cubic Energy, Inc.
Investor Relations
Donna Luedtke
(972) 686-0369
donna@cubicenergyinc.com
www.cubicenergyinc.com

• ▶ Reply

Permalink Reply by kim on May 17, 2010 at 19:52

Have you heard anymore information about Tauren? We have property on Sparks Davis Rd. in Keithville that we have never gotten royalties and they will not let us out of the lease that should have been over more than a year ago, Not sure what we can do. Any suggestions?

• ▶ Reply

Permalink Reply by The_Baron on May 18, 2010 at 5:09

There was a lawsuit filed against them by a group of leaseholders last year.

• ▶ Reply

Permalink Reply by The_Baron on May 18, 2010 at 5:14

http://dockets.justia.com/docket/court-lawdce/case_no-5:2009cv00713...

• ▶ Reply

Permalink Reply by The_Baron on May 18, 2010 at 8:49

In short, tauren leased the land. Fossil/ Cubic drilled a well... there are issues with the timing of the drilling and completion. They are trying to break the leases.

• ▶ Reply

Permalink Reply by kim on May 21, 2010 at 19:19

Do you think that they will have any success with breaking their lease? Have you ever seen leases broken before?

• ‹ Previous
• 1
• 2
• 3
• 4
• 5
• Next ›
• Page