Wednesday, September 2, 2009

Cubic Energy Fights On

A couple of months ago, I noted that Cubic Energy was in a jam because its banker, Wells Fargo Energy Capital, drastically lowered the company's borrowing base, which caused Cubic to be approximately $5 million overdrawn.  The company released news yesterday that it had secured some equity financing of approximately $1.79 million, although potentially diluting down the road, and had received a 30 day extension from Wells to October 1, 2009.

While this is good news for Cubic, the company is not out of the woods and it still faces de-listing from the American Stock Exchange (AMEX). 

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