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Cubic Energy Inc. (AMEX: QBC) $60M (MarketCap) Announces Third Quarter Earnings

Cubic Energy, Inc., an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids primarily in Texas and Louisiana. The company's Texas properties are located in Palo Pinto, Eastland, and Callahan Counties; and Louisiana properties are situated in Caddo Parish and in Desoto Parish. As of June 30, 2009, it had total proved reserves of approximately 21,076,880 thousand cubic feet of natural gas equivalent.

The company reported great improvements with no outlook provided going forward for the rest of the year. Revenues, production, and capital liquidity resources all improved.

Third Quarter 2010 Financial Highlights Include:
  • Cubic's working capital increased to $583,050 at March 31, 2010 from $27,822,536) at June 30, 2009.
  • ┬áRevenues increased 206% to $898,075 for the quarter ended March 31, 2010 from $293,371 for the quarter ended March 31, 2009.
  • Production increased 253% to 197,418 Mcf (million cubic feet) for the quarter ended March 31, 2010 from 55,953 Mcf for the quarter ended March 31, 2009.

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