Cubic Energy, Inc. Receives AMEX Listing Approval

DALLAS, July 31, 2008 (PRIME NEWSWIRE) -- Cubic Energy, Inc. (OTCBB:QBIK)
("Cubic" or the "Company") announced today that its common shares have been
approved for listing on the American Stock Exchange ("AMEX") and are expected to
commence trading at the opening of the market on Monday, August 4, 2008. Cubic
will trade on AMEX under the symbol "QBC". This approval is contingent upon
Cubic being in compliance with all applicable listing standards on the date it
begins trading on the AMEX, and may be rescinded if Cubic is not in compliance
with such standards. Concurrent with its first trade on AMEX, Cubic will no
longer be quoted on the OTC Bulletin Board.

"This is an incredible milestone for Cubic and its shareholders. With the
ability to list on AMEX, Cubic is able to reach both United States and Global
investors," stated Calvin Wallen III, President-CEO of Cubic Energy, Inc.

About the American Stock Exchange:

The American Stock Exchange ("AMEX") offers trading across a full range of
equities, options and exchange traded funds ("ETFs"), including structured
products and HOLDRS(SM). In addition to its role as a national equities market,
the AMEX is the pioneer of the ETF, responsible for bringing the first domestic
product to market in 1993. Leading the industry in ETF listings, the AMEX lists
406 to date. The AMEX is also one of the largest options exchanges in the U.S.,
trading options on broad-based and sector indexes as well as domestic and
foreign stocks.

About Cubic Energy, Inc.:

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 Texas and Louisiana.

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

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, dependency on pipelines in
which to sell the Company's natural gas it produces, 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 can not guarantee any level of
production from its wells.

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CONTACT: Cubic Energy, Inc.
Investor Relations
Donna Luedtke
(972) 686-0369
donna@cubicenergyinc.com
www.cubicenergyinc.com