Cubic Energy, Inc. Participates in Chesapeake Haynesville Shale Well

DALLAS, Jan. 12, 2009 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE
Alternext:QBC) ("Cubic" or the "Company") announces today it has accepted a
proposal to participate in the horizontal drilling of Chesapeake's HA RA SUM; S
Mitchell 12-15-16H1 well. The well is located in the Johnson Branch Field of
Caddo Parish, Louisiana, and will be horizontally drilled to a measured depth of
16,500 feet, followed by a Haynesville Shale completion.

The S Mitchell is located in Section 12, Township 15 North - Range 16 West in
Caddo Parish, Louisiana. Cubic has an estimated 2.5% working interest in the
well.

Cubic currently has 12 wells producing in its Johnson Branch acreage, and 10
wells producing in its more southern acreage position of Bethany Longstreet in
DeSoto Parish, Louisiana.

"Participating in the S Mitchell well will give Cubic's technical personnel
valuable insights in the methods and technology that Chesapeake has been
developing. Their expertise in this area and the Haynesville is cutting edge.
This well will give Cubic valuable resources to use in our own operated
acreage," stated Calvin Wallen, President and CEO of 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.

Visit www.cubicenergyinc.com for more information on Cubic Energy, Inc.

The Cubic Energy logo is available at
http://www.globenewswire.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