Cubic Energy, Inc. Receives a Three Month Extension of the Due Date of Its Wells Fargo Energy Capital Debt and Its Wallen Debt

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DALLAS, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Cubic Energy, Inc. (NYSE:QBC) ("Cubic" or the "Company") announces that effective December 31, 2012 it received an extension until March 31, 2013 as to the due date of its Wells Fargo Energy Capital, Inc. ("WFEC") debt under its WFEC Credit Facility, including both the $5,000,000 WFEC convertible term note and the outstanding amounts of approximately $20,870,000 under its WFEC revolving credit facility; and that effective December 31, 2012 it received an extension until April 1, 2013 as to the due date of its debt due of $2,000,000 to Calvin Wallen III ("Wallen"), an affiliate of the Company.

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 the Haynesville Shale Play and in the Cotton Valley formation located in Northwest Louisiana. Additional information can be found on Cubic's website at:

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This press release includes statements, which may constitute "forward-looking" statements, usually containing the words "believe", "intend", "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 natural gas prices, the availability of capital for development of mineral projects and other projects, the availability of capital to satisfy debt and working capital obligations, the ability to meet NYSE MKT, LLC standards, dependency on pipelines in which to sell the Company's natural gas it produces, reliance on third party operators for wells in which the Company maintains a working interest, 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 cannot guarantee the timing of the drilling or any level of production from its wells.

CONTACT: Donna Luedtke Investor Relations Email: Website: Phone: (972) 686-0369

Source:Cubic Energy, Inc.