PRESS RELEASE

NASDAQ: OTC:BB/QBIK

CUBIC ENERGY INC. Jumps from 194 to 153

Dallas, Texas, September 30, – Cubic Energy, Inc. (OTCBB: QBIK) announced today that the Company has jumped rankings from #194 to #153 in the Oil and Gas Journal’s Magazine Top 200 Pubic Oil and Gas Companies for 2002, (Week of Sept.. 9, 2002, Volume 100.37).

Worldwide demand for oil this year is expected to increase by 200,000 b/d compared with an increase of 160,000 b/d last year, according to the International Energy Agency. The IEA expects total non-OPEC supply to increase by 1.2 million b/d this year, while the US Energy Information Administration forecasts that US production of oil will increase by 64,000 b/d this year to average 5.9 million b/d. (Oil and Gas Investor, Sept. 9, 2002, Volume 100.37)

Calvin Wallen III, President and CEO commented, “We feel that even though the economy slipped and prices were down, we accomplished a great deal in 2001. We remained focused and diligent, which we believe positions us ideally for 2002. We expect our drilling schedule to increase in the 2nd half of 2002, and hope to maintain this momentum of growth through next year.”

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.