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 Petro-Hunt 8 #1

For immediate release, January 29, 2003-Fossil Operating, Inc., of Dallas, TX announced today that it has permitted and started drilling the Fossil Operating Petro-Hunt 8 #1, a Rodessa test 16 miles northeast of Coushatta in Natchitoches Parish, Louisiana. Cubic Energy, Inc., and Caravel Resources, Inc., along with Tauren Exploration, Inc., are 50% owners of the well. EOG Resources of Tyler, Texas, owns the other 50% and generated the project. It is approximately 4 miles east of Harper Field also producing out of the Rodessa. Harper Field was discovered in 1998 and has produced 6.3 Bcf to date.

 

 

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.