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Cubic Energy, Inc. Provides Highlights Of Recent Filing Of 10K Annual Report

DALLAS, Sept. 28, 2010 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company")announces the filing of its 10K Annual Report earlier today.

Some of the highlights of Cubic's recently filed 10K Annual Report are:

  • Revenue increased 309% in 4 th Quarter fiscal 2010 compared to 4 th Quarter fiscal 2009
  • EBITDA increased 262% in 4 th Quarter fiscal 2010 compared to 4 th Quarter fiscal 2009
  • Cost & Expenses (G&A) increased only 23% in fiscal 2010 compared to fiscal 2009
  • The Company posted a $150k profit in 4 th Quarter fiscal 2010
  • A 40% increase in total proved reserves in fiscal 2010 compared to fiscal 2009

Calvin Wallen III, Cubic's President and CEO states, "Our 10K is strong and we look forward to discussing it further in tomorrow's conference call. Cubic has 16 Horizontal Haynesville Shale wells currently producing on its acreage along with four rigs currently drilling and an approximate eight additional locations ready and waiting for a rig to move in, rig up, and commence drilling. This year has brought an increase in field activity and we expect the development of our Haynesville Shale acreage to continue, which will in turn bring cash flow and true financial impact to the Company."

Cubic is holding an Investor Conference Call tomorrow morning, September 29, 2010 at 9:30am CT to discuss this filing and to provide an update on the progress of the continued development of its Haynesville Shale acreage. The call-in information was contained in Cubic's Press Release dated September 23, 2010.

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 Louisiana and Texas. Visit www.cubicenergyinc.com for more information on Cubic Energy, Inc.

The Cubic Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1243

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 availability of capital for development of mineral projects and other projects, the availability of capital to satisfy debt obligations, 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 referenced above or any level of production from its wells.

CONTACT:  Cubic Energy, Inc.
          Investor Relations
          Donna Luedtke
          (972) 686-0369

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