Cubic Energy Inc., Dallas, (Amex: QBC) reports that its fifth Haynesville shale well has reached a total depth of 11,950 feet on its Red Oak Timber 5 No. 1.  A 4 ½-inch casing was set, says Richard Sepulvado, vice president of exploration and production for Cubic Energy. Red Oak Timber 5 No. 1 is Cubic’s second Haynesville shale well to be drilled in the company’s southern acreage position of Bethany Longstreet. 

Sepulvado says that log analysis identified Cotton Valley and Hosston zones in addition to two shale zones in the Red Oak Timber 5 No. 1.  Red Oak Timber 5 No. 1 is a direct offset to Estes 7 No. 1. The two shale zones in the Red Oak Timber 5 No. 1 are comparable to the Estes 7 No 1.

“The Haynesville Shale encountered in the Red Oak Timber 5 No. 1 and the Estes 7 No. 1 is comparable in thickness and quality to the Haynesville Shale that is currently being produced by operators in Johnson Branch and Caspiana Fields,” Sepulvado says.

Sepulvado  says completion operations in the Haynesville shale to begin on Estes 7 No. 1 and Red Oak Timber 5 No. 1 within 45 days.  Cubic has a 35% working interest in these wells.

Cubic Energy’s oil and gas assets and activity are concentrated in Texas and Louisiana. JAS