Replies to This Discussion

Permalink Reply by Spring Branch,mineral owner on November 7, 2008 at 3:15

What section are you in, Kenny? I have a few mineral acres in 15/15 Section 10. The CV well there is pitiful. Although I own some Chesapeake stock, I frankly hope that Chesapeake doesn't sell out . They and Petrohawk have more experience than anyone else drilling Horizontal Haynesville wells and have drilled longer laterals in shorter time than bout anyone else. The more aggressive players we have in rthe Haynesville, the better it is financially for the landowner/royalty owner. As an example, Swepi, which is the name Shell Oil is operating under, is a huge company, with very deep pockets, and was one of the very 1st companies to test the Haynesville. They have a joint venture with Encana, but look at the tiny number of horizontals they have drilled as compared to Chesapeake. If they bought Chesapeake, I'd probably be long in my grave before they got around to drilling wells in sections where I own minerals. The best company to buy Cubic, from the landowner's perspective, would be Chesapeake if they had the money$$$. Cubic is right in the middle of their territory, and they will soon have the pipeline system in place all around Cubic's acreage. Additionally, they are an aggressive, well qualified driller, with more committed rigs than anyone else, ands would get Cubic's sections drilled in short order. Heck, it sounds so good, I think I'll loan them the $$$to buy Cubic!

Permalink Reply by The_Baron on November 7, 2008 at 4:35

I have noticed that chesapeake and pertohawk are doing leasing in some of taurens sections. They may be betting that these wells won't hold out.

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Permalink Reply by UPITT on January 13, 2010 at 15:08

Hey guys, saw this thread. Cubic now has 30M in drillings credits. THey are JV-ing on an Exco and a Goodrich well. Any thoughts about the position Cubic is in now verse last November. To me there a many positives here now with the Wells Fargo increase and the drilling credits. Thoughts?

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Permalink Reply by Skip Peel - Mineral Consultant on January 13, 2010 at 15:17

DALLAS, Jan. 11, 2010 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") today announced that on January 8, 2010, Cubic received notice from the NYSE Amex LLC (the "Exchange") that the Exchange has granted the Company a further extension of time, through March 31, 2010, to evidence full compliance with the Exchange's continued listing standards.

As previously disclosed on June 29, 2009 and September 17, 2009, the Exchange previously notified Cubic that it believed the Company was not in compliance with Section 1003(a)(iv) of the Exchange's Company Guide in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that is appears questionable, in the opinion of the Exchange, as to whether such company will be able to continue operations and/or meet its obligations as they mature. The Company thereafter submitted its plan to strengthen its financial condition and evidence compliance with Section 1003(a)(iv) for the Exchange's review. Based on the Exchange accepted plan, Cubic was granted an extension by the Exchange, through December 28, 2009.

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Permalink Reply by UPITT on January 13, 2010 at 16:51

Skip, yeah I read that the other day. Another bit of good news in my opinion. When the results come on the two wells this stocks could run a bit. They now have soe of the best in Goodrich and Exco drilling for them. There land is supposedly in the heart of this shell.

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Permalink Reply by Skip Peel - Mineral Consultant on January 13, 2010 at 16:58

Cubic's leasehold is good. Their financial position is tenuous. I'm sure they'd rather be making jv or farmout agreements with summer '08 nat gas prices but they missed that opportunity. They are like a lot of other small companies that lucked into the Play. Some will make it. Some won't. Those who are leased to Cubic/Tauren/Fossil should be fine as some more capable operator will eventually develop that leasehold and the terms of Cubic's leases will be honored.

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Permalink Reply by UPITT on January 13, 2010 at 17:07

My involvement is as a stock investor in Cubic. My thoughts are they have to be taken out by a bigger player. The land is surrounded by CHK as you know and from this thread there are pipelines being built around that area. A deal makes the most sense but you never know. I hope the drawdown numbers on Nat Gas are good. Isn't that this week? Cold Spell should have helped.

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Permalink Reply by jffree1 on January 14, 2010 at 3:24

I think they've been granted a short reprieve:

Cubic Energy Gets More Time From NYSE AMEX
January 13, 2010, 2010 (FinancialWire)
In granting the extension from December 28, 2009 to March 31, 2010, the Exchange indicated that the company has made a reasonable demonstration of its ability to regain compliance with Section 1003(a) by March 31, 2010. In that regard, and as previously disclosed within the last 60 days, the company entered into certain transactions, pursuant to which the company acquired $30,952,810 in pre-paid drilling credits applicable towards the development of its Haynesville Shale rights in Northwest Louisiana, and also entered into a Second Amendment to its Credit Agreement with Wells Fargo Energy Capital, which served to increase the company’s revolving credit line and borrowing base and extended to long-term status a term note already in place.

http://www.financialwire.net/2010/01/13/cubic-energy-gets-more-time...

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Permalink Reply by UPITT on January 14, 2010 at 3:55

Jay, I can check that on Sonris right? Isn't it close to completion?

http://finance.yahoo.com/news/Cubic-Energy-Inc-Provides-pz-29340059...

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Permalink Reply by UPITT on January 14, 2010 at 5:52

So in lamens terms, it's already at the need depth. Just have to frac and results will be known? Sorry, not too educated in the drilling world.

Thanks...

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Permalink Reply by Henry Goodrich Jr on January 14, 2010 at 6:12

Tauren & EXCO have been trying to close an acquisition for several months. Something has heid it up. I am uncertain of current status.

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Permalink Reply by patrick hays on January 14, 2010 at 6:53

the drilling credits went to qubic QBC if not mistaken. They have 9300acres on the bullseye in my opinion. And bossier. Just a matter of time. They should hold on for a nice offer. Primo acerage

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