Cubic Energy, Inc. reports the status of the continued development of its non-operated northwest Louisiana acreage. Cubic previously announced its subsidiary, Cubic Louisiana, LLC, had elected to participate in the drilling and completion of five horizontal Haynesville Shale wells. However, the operator has determined that four wells will be drilled instead, due to efficiencies.
Two of the four wells are currently drilling and the other two wells are expected to spud before year-end. The target for each well is the Haynesville formation, with a proposed horizontal leg of 4,800 feet and an estimated total drilled depth of 16,500 feet. Cubic has an approximate 27% working interest in each of these four wells located in Caddo Parish, Louisiana.
Calvin Wallen III stated, "We are encouraged to have the support of Wells Fargo Energy Capital to fund our participation in these wells. As we have learned with previous wells drilled, the Haynesville continues to provide solid economic returns especially in current commodity price vitality."