WEBSITE: www.cubicenergyinc.com
E-MAIL: ir@cubicenergyinc.com


INFORMATION: Sarah Carter
(972) 686-0369
(972) 681-8047

  


PRESS RELEASE

NASDAQ:OTC:BB:/QBIK

Cubic Energy, Inc. Introduces the Fossil Federal #1

For immediate release, January 29, 2003-Cubic Energy, Inc., of Dallas, TX announced today that it is participating in a 3D development program in Chavez County, New Mexico.
The Dallas Independent reported they are drilling close to 10,500’ for the Devonian. The first well has spud and is currently drilling at 4,650’. Fossil Operating, Inc., is the operator of the Fossil Federal #1 and Caravel Resources, Inc., and Tauren Exploration, Inc., are also owners in the well. The project is 20 miles northeast of Artesia and 4 miles south of the King Camp North field which has produced over 650 MBO and is still active.

 

 

This press release includes statements, which may constitute "forward-looking" statements, usually containing the words "believe", "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 mineral prices, the availability of capital for development of mineral projects and other projects, acceptance of the Companies' products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Companies' periodic report filings with the "Securities and Exchange Commission". By making these forward-looking statements, the companies undertake no obligation to update these statements for revision or changes after the date of this release.