PRESS RELEASE

CUBIC ENERGY, INC.
QBIK:OTC:BB

Cubic Energy Inc. Approves Debt Conversion and Participation Agreement
with Tauren Exploration, Inc.

Garland, Texas, March 6, 2002 - Cubic Energy, Inc. ("Cubic") today announced that it has approved a Debt Conversion and Participation Agreement with Tauren Exploration, Inc., ("Tauren").

Effective as of January 1, 2002, Cubic and Tauren agreed to issue unregistered shares of common stock in exchange for the cancellation of Accounts Payable between the companies. Cubic currently maintains a balance due to Tauren in the aggregate amount of $856,712 for monies paid and services provided by Tauren to Cubic. The transaction will be at a price of $1.00 per share for each dollar due. Furthermore, Tauren will continue to provide to Cubic at cost and on an as needed basis accounting, administrative, geological, geophysical, and engineering support.

"This debt has accumulated over a four year period, and the services provided by Tauren to Cubic over this period have allowed Cubic to achieve positive business and financial goals," stated Calvin Wallen III, President and CEO of Cubic. Mr. Wallen also stated, "This relationship will allow Cubic to outsource necessary internal functions while dramatically reducing the high cost attributed to these overhead features and minimizing duplicity. This will be achieved to the benefit of both companies while establishing a strategic alliance between Cubic and Tauren."

The agreement between Cubic and Tauren gives Cubic access and ground floor participation rights to Tauren's prospect and project inventory in Texas and Louisiana. Tauren maintains extensive leasehold and project inventories and actively pursues ongoing opportunities in these states. Tauren is capable of accomplishing this with its experienced staff of geo-technical personnel in its exploration department. Cubic's rights under this agreement will commence in 2002 and continue for three years, unless earlier terminated by Cubic.

This press release includes statements that constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions 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, competitive factors 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 revisions or changes after the date of this release.