posted
Member Rated: posted 22-10-2007 10:55 -------------------------------------------------------------------------------- QBIK (1.04) Cubic Energy, Inc. Finds 2.2 Million BOE Probable and 3.4 Million BOE Possible Cotton Valley Reserves From Johnson Branch Drilling
Monday, October 22 2007 10:32 AM, EST *********wire "*********wire " DALLAS , Oct. 22, 2007 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK) ("Cubic" or the "Company") announced today results of a reserve evaluation limited to the Cotton Valley formation in its Johnson Branch acreage. This evaluation was completed according to the rules and definitions put forth by the 2007 SPE/WPC/AAPG/SPEE Petroleum Resource Management System; and was based on the evaluation of six wells that have reached total depth. Cubic has now reached total depth on its seventh well and is currently drilling its eighth well in its Johnson Branch acreage. The results of this evaluation, effective October 1, 2007 , quantify estimated net probable and possible reserves for the Cotton Valley in this specific acreage block. Providing this evaluation may be useful as a comparative point of reference to other publicly traded companies with exposure to natural gas "resource plays". Investors should note, however, that the Company cannot include information about unproved reserves in its filings with the Securities and Exchange Commission ("SEC"). Cubic engaged The Scotia Group ("Scotia") to evaluate the reserves on a well-by-well basis using analogy. Analogous reserves are based on the decline characteristics of type curves and initial rates determined by petrophysical analysis and analogy to nearby producing wells. All reserve estimates were constrained by original gas in place calculations. This evaluation of Cubic's net reserves and future cash flows relates only to the Cotton Valley formation and is based on prices of $60.59 per barrel of oil and $6.56 per MCF of gas. The table below provides a breakdown of the estimates by classification. Because the definition of each classification of reserves implies a probability of potential recovery, the quantities reported are unrisked. The Company cautions investors not to add together the estimated quantities in each classification without considering the significant differences in the risk of potential recovery associated with each classification.
ESTIMATED NET RESERVES AND FUTURE CASH FLOW
NRI RESERVES NET UNDISC COND GAS CF NET 10% DCF RESERVES CLASSIFICATION Mbo Bcf $M $M Probable 168.3 12.0 43,820 25,859 Possible 263.5 18.8 105,791 50,300 Probable Reserves total 2.2 Million BOE and Possible Reserves total 3.4 Million BOE. The process of making these estimates is complex and based on interpreted data and assumptions that may prove to be inaccurate. Furthermore, different engineers may make different estimates, and the same engineer's estimates may change over time as new data becomes available. The aforementioned results are only for Cotton Valley reserves. Potential pay sands in the prolific Hosston Formation will be tested when these wells are completed. Cubic continues to rapidly develop its infrastructure in Johnson Branch with approximately 12 miles of gathering lines and pipeline constructed for its wells and upcoming completions. A common point and compression facility is currently being built and should be operational in approximately two weeks. 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 . The Cubic Energy logo is available at http://www.*********wire.com/newsroom/prs/?pkgid=1243 The Scotia Group, Inc. is an independent reservoir consulting firm with offices in Dallas and Houston, Texas . Scotia, its officers and employees have no financial interest in Cubic Energy, Inc. All opinions expressed herein are made pursuant to the safe harbor provisions referenced below. Information About Forward Looking Statements 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, dependency on pipelines in which to sell the Company's natural gas it produces, reliance on third party contractors to aid in developing 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. Information About Reserves The SEC permits oil and gas companies to disclose in their filings with the SEC only proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Cubic Energy, Inc. uses in this press release the terms "probable" and "possible" reserves, which SEC guidelines prohibit from being included in filings with the SEC. Probable reserves are unproved reserves which are more likely than not to be recoverable. Possible reserves are unproved reserves which are less likely to be recoverable than probable reserves. Estimates of probable and possible reserves which may potentially be recoverable through additional drilling or recovery techniques are by their nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by the Company. In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by various factors, including but not limited to significant commodity price declines or drilling cost increases. CONTACT: Cubic Energy, Inc. Investor Relations Donna Luedtke (972) 686-0369 donna*cubicenergyinc.com www.cubicenergyinc.comPosts: 4071 | Registered: Dec 2005
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posted
IRSN had pre-market news; the others may have, too, I dunno:
quote:Monday, October 22 2007 9:00 AM, EST PR Newswire "US Press Releases " COSTA MESA, Calif., Oct. 22 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) today announced that its consolidated funded backlog at October 1, 2007 , based on preliminary closing figures for fiscal 2007, amounted to approximately $54.2 million , a company record for the start of a fiscal year, an increase of over $21 million from the $33.2 million of funded backlog a year earlier and a small increase during the last quarter of fiscal 2007 even after giving effect to the revenues realized from backlog in that quarterly period.
quote:Originally posted by T e x: IRSN had pre-market news; the others may have, too, I dunno:
quote:Monday, October 22 2007 9:00 AM, EST PR Newswire "US Press Releases " COSTA MESA, Calif., Oct. 22 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) today announced that its consolidated funded backlog at October 1, 2007 , based on preliminary closing figures for fiscal 2007, amounted to approximately $54.2 million , a company record for the start of a fiscal year, an increase of over $21 million from the $33.2 million of funded backlog a year earlier and a small increase during the last quarter of fiscal 2007 even after giving effect to the revenues realized from backlog in that quarterly period.
I missed it
Where do you guys get your news?
Posts: 1075 | From: weeeeeeee | Registered: Sep 2007
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posted
CDS! ummm up like 20+percent today on beating earnings estimates. big eod rally watched it gain 7 percent in 10 minutes in closing minutes... tuesday gapper potential.
posted 22 October, 2007 15:04 TARR is going to breakout IMO. Accumulation is going up nicely and buys are still coming in. Check it out
wow, the bollinger bands cant really get any closer together. just need to see it start in one direction or another. looks like it should go up seeing that there is less resistance, but need the buyer interest first....
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