DALLAS - Cubic Energy Inc. (NYSE Amex: QBC) has drilled another horizontal well in the Haynesville shale. The Red Oak Timber 7-1 ALT spud on August 6, 2010 with surface casing set at 1,903 feet. The well is located in Section 7, Township 14 North – Range 15 West in Caddo Parish, Louisiana located in Cubic's Bethany Longstreet acreage. Cubic has an estimated 29% working interest in this well.
The drilling comes on the heels of the Crow 8 No. 1 well that spud in the Haynesville shale area on August 10. Cubic Energy holds a 24% working interest in the well.
Calvin Wallen III, Cubic's CEO and president, stated, "This is Cubic's fourth horizontal Haynesville Shale well to be drilled under our existing drilling credit and the sixteenth horizontal Haynesville Shale well in which Cubic has a working interest."
Source: Cubic Energy Inc.