PRESS RELEASE

Date: May 10, 2007
Website: www.cubicenergyinc.com
E-mail: donna@cubicenergyinc.com

Information:

CUBIC ENERGY, INC. REACHES TOTAL DEPTH ON ESTES 8 NO. 1

DALLAS, TX - Cubic Energy, Inc. (OTCBB:QBIK) (“Cubic” or the “Company”) announces today that it has reached total depth of 10,600 feet on the Estes 8 No. 1.  Casing has been successfully set in the well, and preparations are currently being made to fracture stimulate.

This is the 8th Cotton Valley well in Cubic’s Bethany Longstreet acreage in Caddo Parish, Louisiana, and is the second well financed under Cubic’s recent credit facility with Wells Fargo Energy Capital.  Cubic has a 35% working interest in the Estes 8 No. 1.

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 Texas and Louisiana.

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. There can be no assurance that the transactions discussed in this press release will be consummated.