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

Cubic Energy, Inc.

announces that by letter dated July 27, 2012, the NYSE MKT LLC, formerly NYSE Amex, LLC (the "Exchange") notified Cubic that the Exchange has accepted the Company's request for extension of the plan period 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 Company is not in compliance with Section 1003(a)(iv) of the Company Guide in that the Exchange believed that the Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. In that March 2, 2012 letter, the Company was originally given until July 31, 2012 to regain compliance with Section 1003(a)(iv).