Cubic Energy, Inc. Receives Notice From NYSE MKT LLC of Intent to File a
Delisting Application and Announces Intent to Appeal Such Determination
Through a Live Hearing
DALLAS, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE:QBC)
("Cubic" or the "Company") announced today that it has received a letter from
the NYSE MKT LLC (the "Exchange") indicating that, based upon the Company's
continued non-compliance with the stockholders' equity requirements for
continued listing as set forth in Sections 1003(a)(i-iii) of the Exchange's
Company Guide and the Exchange's concerns regarding the Company's financial
viability with respect to maturing obligations, as set forth in Section
1003(a)(iv) of the Exchange's Company Guide, the Company's common stock is
subject to delisting from the Exchange. The Company plans to file an appeal of
the determination by requesting an oral hearing before the Listing
Qualifications Panel of the Exchange's Committee on Securities, which request
will stay the delisting determination until at least such time as the Panel
renders a determination following the hearing. The Company is taking steps to
address the deficiencies raised by the Exchange; however, there can be no
assurance that the Company's appeal will ultimately be successful.
The Company continues to work with Donohoe Advisory Associates LLC, along with
its securities counsel, to advise and assist it in the preparation and
presentation of information to and arguments before the Exchange.
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 the Haynesville
Shale Play located in Northwest Louisiana. Additional information can be found
on Cubic's website at: www.cubicenergyinc.com.
If you would like to be added to Cubic's email distribution list, please email
your name and email address to Donna Luedtke, Investor Relations at
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This press release includes statements, which may constitute "forward-looking"
statements, usually containing the words "believe", "intend", "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 natural gas
prices, the ability to close the purchase of desirable oil and/or natural gas
assets, the availability of capital for development of mineral projects and
other projects, the availability of capital to satisfy debt obligations, the
ability to maintain the listing of the Company's common stock on NYSE MKT,
dependency on pipelines in which to sell the Company's natural gas it
produces, reliance on third party operators for wells in which the Company
maintains a working interest, 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 cannot guarantee the timing
of the drilling or any level of production from its wells.
CONTACT: Donna Luedtke
Phone: (972) 686-0369
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