Trading of Cubic Energy Inc. (
) 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
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
QBC trades in a 52-week range of $0.15 - $0.75; shares have
fallen 39% in the last 12 months.
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