UPDATE: Cubic Energy Reaches $12.1 Mln Settlement with Three Firms; Shares Edge Up As Resumes Trade

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Trading of Cubic Energy Inc. ( QBC ) shares are up 0.6% at around $0.382 after coming off a halt enforced as it reached a settlement agreement with Tauren Exploration Inc., EXCO Operating Company LP, and BG US Production Company LLC.

Under the terms of the agreement, EXCO and BG will apply QBC's prepaid drilling credits as provided in the agreement and place the company in consent status on specified wells. They will also pay QBC $12.1 million in cash.

Pursuant to the Fourth Amendment to Credit Agreement between QBC and Wells Fargo Energy Capital Inc., $9.1 million of such total amount shall be paid to Wells Fargo in order to reduce the borrowings under the company's revolving credit facility with Wells Fargo. The Agreement also provides for mutual releases among the parties.

QBC trades in a 52-week range of $0.15 - $0.75; shares have fallen 39% in the last 12 months.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: QBC

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