Cubic Energy, Inc. Receives a Three Month Extension of the Due Date of Its Wells Fargo Energy Capital Debt and Its Wallen Debt

Cubic Energy, Inc. Receives a Three Month Extension of the Due Date of Its
Wells Fargo Energy Capital Debt and Its Wallen Debt

DALLAS, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE:QBC)
("Cubic" or the "Company") announces that effective December 31, 2012 it
received an extension until March 31, 2013 as to the due date of its Wells
Fargo Energy Capital, Inc. ("WFEC") debt under its WFEC Credit Facility,
including both the $5,000,000 WFEC convertible term note and the outstanding
amounts of approximately $20,870,000 under its WFEC revolving credit facility;
and that effective December 31, 2012 it received an extension until April 1,
2013 as to the due date of its debt due of $2,000,000 to Calvin Wallen III
("Wallen"), an affiliate of the Company.

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 the Haynesville
Shale Play and in the Cotton Valley formation located in Northwest Louisiana.
Additional information can be found on Cubic's website at:
www.cubicenergyinc.com.

The Cubic Energy logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1243

If you would like to be added to Cubic's email distribution list, please email
your name and email address to Donna Luedtke, Investor Relations at
donna@cubicenergyinc.com. This email distribution list is notified of all news
events (including press releases and scheduled investor conference calls).

This press release includes statements, which may constitute "forward-looking"
statements, usually containing the words "believe", "intend", "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 natural gas
prices, the availability of capital for development of mineral projects and
other projects, the availability of capital to satisfy debt and working
capital obligations, the ability to meet NYSE MKT, LLC standards, dependency
on pipelines in which to sell the Company's natural gas it produces, reliance
on third party operators for wells in which the Company maintains a working
interest, reliance on third party contractors to aid in developing the
production infrastructure and in the performance of well completion work, 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 revision or changes after the date of this release. There can be no
assurance that any future activities and/or transactions mentioned in this
press release will occur as planned. Cubic cannot guarantee the timing of the
drilling or any level of production from its wells.

CONTACT: Donna Luedtke
         Investor Relations
         Email: donna@cubicenergyinc.com
         Website: www.cubicenergyinc.com 
         Phone: (972) 686-0369

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