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Cubic Energy, Inc. is an independent upstream energy 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 Louisiana and Texas. Its Texas properties are situated in Palo Pinto, Eastland and Callahan Counties, and the company has a presence in the Louisiana, where properties are situated in Caddo Parish and in DeSoto Parish. Cubic announced the filing of its 10K Annual Report earlier today, and reported production levels are up. Cubic's net production for the fiscal year ended June 30, 2009 (fiscal 2009) for all of the Company's wells averaged approximately 766 million cubic feet (Mcf) of natural gas per day, 5 barrels of oil per day (BOPD) and 213 gallons of natural gas liquids per day as compared to approximately 624 Mcf of natural gas per day, 5 barrels of oil per day and 122 gallons of natural gas liquids per day in the fiscal year ended June 30, 2008 (fiscal 2008). The revenue for the company increased by 88% in the fiscal year 2010 compared to the fiscal year 2009. More highlights from the annual report include: Revenue increased 309% in 4th Quarter fiscal 2010 compared to 4th Quarter fiscal 2009 EBITDA increased 262% in 4th Quarter fiscal 2010 compared to 4th Quarter fiscal 2009 Cost & Expenses (G&A) increased only 23% in fiscal 2010 compared to fiscal 2009 The Company posted a $ 150k profit in 4th Quarter fiscal 2010 A 40% increase in total proved reserves in fiscal 2010 compared to fiscal 2009 Last week, shares of Cubic dropped to their 52-week low of $ 0.69, but the stock has bounced backt, currently trading at $ 0.72. The company made an important announcement in the first week of September, stating that Cubic participated in the sixteenth Horizontal Haynesville Shale well in which the company has a working interest. Cubic also reported on August 18th they had begun drilling the Crow 8 No. 1 well located in Louisiana on the company's Bethany Longstreet acreage in Caddo Parish, a site in which the company has a 24% working interest in. Considering all these developments in the last three months, the 309% quarter over quarter revenue increase comes as a less than startling surprise. Let's see what they can do in fiscal 2011. For more information visit
http://www.worldmarketmedia.com/779/section.aspx/2465/post/cubic-energy-inc-amex-qbc-revenues-up-309
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