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Cubic Energy, Inc. Receives Audit Opinion With Going Concern Explanation

DALLAS, Oct. 8, 2012 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE:QBC) ("Cubic" or the "Company") reported that its audited consolidated financial statements for the fiscal year ended June 30, 2012, included in the Company's Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on September 28, 2012, contained an audit opinion from its independent public accounting firm which includes explanatory language related to going concern resulting from the Company experiencing recurring net losses from operations and uncertainty regarding its ability to meet its loan obligations.

This announcement is made pursuant to NYSE MKT Company Guide Section 610(b), which requires separate disclosure of receipt of an audit opinion containing going concern explanatory language. This press release does not represent any change or amendment to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012.

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 and Cotton Valley Sands 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 donna@cubicenergyinc.com. This email distribution list is notified of all news events (including press releases and scheduled investor conference calls).

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 and working capital obligations, the ability to meet NYSE MKT, LLC standards, 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
         Investor Relations
         Email: donna@cubicenergyinc.com
         Website: www.cubicenergyinc.com
         Phone: (972) 686-0369

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