Cubic Energy Enters Into Extension Until July 31, 2013 to Close Previously Announced Acquisition of East Texas EagleBine Assets

Cubic Energy

("Cubic" or the "Company") announces today that the closing of the previously announced purchase of Gastar's East Texas properties has been extended to July 31, 2013. As compensation for this latest extension of the closing date, the parties have agreed to reduce certain identified due diligence negative adjustments to the purchase price, which adjustments were first referenced in our June 5, 2013 Press Release, by an additional $350,000. Calvin Wallen III, Cubic's President and CEO stated, "We are very pleased that Gastar has provided us this extension for the closing and acquisition of the Hilltop properties. Our management team, along with third parties, are working diligently to finalize the financing for this property, and associated properties in the East Texas Basin. Post acquisition, the Company will be a stronger and more viable entity going forward." 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 currently concentrated primarily in the Cotton Valley and Haynesville Shale Play located in Northwest Louisiana.   Additional information can be found on Cubic's website at: www.cubicenergyinc.com.