Cubic Energy Receives NYSE MKT Approval for Extension of Plan Period Until December 31, 2012 to Comply With Certain Listing Criteria

Cubic Energy, Inc. (NYSE: QBC)announces that by letter dated July 27, 2012, theNYSE MKT LLC, formerly NYSE Amex, LLC (the "Exchange") notified Cubic thatthe Exchange has accepted the Company's request for extension of the planperiod until December 31, 2012 to regain compliance with Section 1003(a)(iv)of the NYSE MKT Company Guide (the "Company Guide"). On March 2, 2012, the Exchange provided Cubic with notice that the Companyis not in compliance with Section 1003(a)(iv) of the Company Guide in thatthe Exchange believed that the Company has sustained losses which are sosubstantial in relation to its overall operations or its existing financialresources, or its financial condition has become so impaired that it appearsquestionable, in the opinion of the Exchange, as to whether the Company willbe able to continue operations and/or meet its obligations as they mature.In that March 2, 2012 letter, the Company was originally given until July31, 2012 to regain compliance with Section 1003(a)(iv).