UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-QSB/A

 (Mark One)

[X]  Quarterly  Report under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934

         For the Quarterly Period Ended September 30, 2001-Amendment #1

                                       Or

[ ]  Transition  Report  Pursuant  to  Section  13 or  15(d)  of the  Securities
     Exchange Act of 1934

         For the Transition period from           to
                                       ----------   ----------

                          Commission File Number 0-9355

                               CUBIC ENERGY, INC.
             (Exact name of registrant as specified in its charter)

                     Texas                                 87-0352095
(State or other jurisdiction of incorporation) (IRS Employer Identification No.)

                             1720 Northwest Highway
                                    Suite 320
                                Garland, TX 75041

                    (Address of principal executive offices)

                                 (972) 686-0369

                (Issuer's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange  Act during the  preceding 12
months (or for such shorter period that the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days.

                                 Yes [x] No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

     Common Stock, $.05 par Value - 29,989,616 shares as of September 30, 2001

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x]


<PAGE>

                               CUBIC ENERGY, INC.

                                TABLE OF CONTENTS

PART 1. Financial Information

     ITEM 1. Financial Statements

             Condensed Balance Sheets
             As of September 30, 2001, (unaudited) and June 30, 2001........3, 4

             Condensed Statement of Operations, (unaudited)
             For the three months ended September 30, 2001 and 2000 Restated...5

             Condensed Statements of Cash Flows, (unaudited)
             For the three months ended September 30, 2001 and 2000 Restated...6

             Notes to Condensed Financial Statements...........................7

ITEM 2. Management's Discussion and Analysis................................8, 9

PART II. Other Information

         ITEM 1. Legal Proceedings.............................................9

         Signatures ...........................................................9








                                        2
<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                                Amended 07/03/02
                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS
                      September 30, 2001 and June 30, 2001

                                     ASSETS

                                             (Unaudited)
                                         September 30, 2001      June 30, 2001
                                         ------------------   ------------------
Current Assets:

   Cash and cash equivalents             $           97,427   $           85,208

   Accounts receivable                               11,335               38,816
                                         ------------------   ------------------


          Current assets                            108,762              124,024


Property and equipment, at cost:

   Oil and gas properties                         7,210,335            7,210,335

   Office and other equipment                           910                  910
                                         ------------------   ------------------


           Total property and equipment           7,211,245            7,211,245

    Less accumulated depreciation,

      depletion and amortization                    588,101              562,964
                                         ------------------   ------------------



            Net property and equipment            6,623,144            6,648,281


Other Assets:                                          --                   --
                                         ------------------   ------------------



             TOTAL ASSETS                $        6,731,906   $        6,772,305
                                         ==================   ==================



          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS

                                        3
<PAGE>
<TABLE>
<CAPTION>

                                Amended 07/03/02
                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS
                      September 30, 2001 and June 30, 2001

                       LIABILITIES & STOCKHOLDERS' EQUITY

                                                       (Unaudited)
                                                   September 30, 2001       June 30, 2001
                                                   ------------------    ------------------
<S>                                                <C>                   <C>

Current Liabilities:
   Accounts payable                                $           15,680    $           10,509
   Due to affiliates                                          823,448               790,098
                                                   ------------------    ------------------

         Total current liabilities                            839,128               800,607

Noncurrent Liabilities:
   Deferred income taxes                                      459,900               471,800

Stockholders' equity:
    Preferred stock - $.01 par value, authorized
    10,000,000 shares, issued none                               --                    --

    Common stock, -$.05 par value, authorized
    50,000,000 shares, issued 29,989,616 shares
    as of September 30, 2001 and June 30, 2001              1,499,481             1,499,481
    Additional paid in capital                              7,867,389             7,867,389
    Accumulated deficit                                    (3,933,992)           (3,866,972)
                                                   ------------------    ------------------

         Total stockholders' equity                         5,432,878             5,499,898


         TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY                      $        6,731,906    $        6,772,305
                                                   ==================    ==================

</TABLE>


          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       4
<PAGE>
<TABLE>
<CAPTION>

                                Amended 07/03/02
                               CUBIC ENERGY, INC.
                        CONDENSED STATEMENT OF OPERATIONS
                                   (Unaudited)

                                                                                  (Restated)
                                                           For the Three         For the Three
                                                           Months Ended          Months Ended
                                                        September 30, 2001    September 30, 2000
                                                        ------------------    ------------------
<S>                                                     <C>                   <C>
Revenue:
   Oil and gas sales                                    $           49,958    $          103,426
   Preferred return                                                   --                 128,960
                                                        ------------------    ------------------

          Total revenue                                             49,958               232,386
                                                        ------------------    ------------------

Costs and expenses:
   Oil and gas production, operating
    and development costs                                           45,339                43,184
   Selling, general and administrative expense                      58,401                29,314
   Depreciation, depletion and amortization                         25,137                25,973
                                                        ------------------    ------------------

            Total costs and expenses                               128,877                98,471
                                                        ------------------    ------------------

Operating income (loss)                                            (78,919)              133,915
                                                        ------------------    ------------------


Net income (loss) before income tax                                (78,919)              133,915
                                                        ------------------    ------------------

(Provision) benefit for income taxes                                11,900                  --
                                                        ------------------    ------------------


Net income (Loss)                                       $          (67,019)   $          133,915
                                                        ==================    ==================

Net income (loss) per common share,
basic and diluted                                                   (0.002)               (0.004)
                                                        ==================    ==================

Weighted average common shares outstanding, basic and
diluted                                                         29,989,614            30,058,202
</TABLE>



          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       5
<PAGE>
<TABLE>
<CAPTION>

                                Amended 07/03/02
                               CUBIC ENERGY, INC.
                        CONDENSED STATEMENT OF CASH FLOWS
                                   (Unaudited)

                                                                                 (Restated)
                                                          For the Three         For the Three
                                                          Months Ended          Months Ended
                                                       September 30, 2001    September 30, 2000
                                                       ------------------    ------------------
<S>                                                    <C>                   <C>
Cash flows from operating activities:
   Net income (loss)                                   $          (67,019)   $          133,915
Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
   Depreciation, depletion and amortization                        25,137                25,973
Net change in assets and liabilities:
   (Increase) decrease in accounts receivable                      27,481               (36,159)
   (Increase) decrease in other assets                               --                  41,764
   Increase (decrease) in loan from affiliate                      33,349                (8,271)
   Increase (decrease) in accounts payable and
   accrued liabilities                                              5,171                  --
   Increase (decrease) in deferred income tax                     (11,900)                 --
                                                       ------------------    ------------------

Net cash provided (used) by operating activities                   12,219               157,222
                                                       ------------------    ------------------

Cash flows from investing activities:
   Acquisition of oil & gas properties                               --                 (10,867)
                                                       ------------------    ------------------

Net cash provided (used) by investing activities                     --                 (10,867)
                                                       ------------------    ------------------
Cash flows from financing activities:
   Affiliate loan                                                    --                    --
   Changes in common stock                                           --                    --
   Paid in Capital                                                   --                (146,208)
                                                       ------------------    ------------------

Net cash provided (used) by financing activities                     --                (146,208)
                                                       ------------------    ------------------



Net increase (decrease) in cash and cash equivalents   $           12,219    $              147
                                                       ------------------    ------------------


Cash beginning of period                                           85,208                   931
                                                       ------------------    ------------------

 Cash at end of period                                 $           97,427    $            1,078
                                                       ------------------    ------------------
</TABLE>




          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS


                                       6
<PAGE>

                                Amended 07/03/02
                               CUBIC ENERGY, INC.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                                   (Unaudited)

(1)  Basis of presentation
     The accounting policies followed by Cubic Energy, Inc., a Texas corporation
     (the  "Company"  or  "Cubic"),  are set  forth in the  Company's  financial
     statements  that are a part of its June 30, 2001,  Form 10KSB and should be
     read in  conjunction  with the  financial  statements  for the three months
     ended September 30, 2001, contained herein.

     The financial information included herein as of September 30, 2001, and for
     the  three-month  periods  ended  September 30, 2001,  and 2000,  have been
     presented without an audit,  pursuant to accounting  principles for interim
     financial  information  generally accepted in the United States of America,
     and the  rules of the  Securities  and  Exchange  Commission.  The  Company
     believes  that  the  disclosures  are  adequate  to  make  the  information
     presented  not   misleading.   The  information   presented   reflects  all
     adjustments (consisting solely of normal recurring adjustments), which are,
     in the opinion of management, necessary for a fair statement of results for
     the period.

(2)  Earnings per share
     The Company  adopted the  provisions  of Statement of Financial  Accounting
     Standards  (SFAS)  No.  128,  Earnings  per Share.  SFAS No. 128  reporting
     requirements  replace  primary and  fully-diluted  earnings per share (EPS)
     with basic and diluted EPS.  Basic EPS is calculated by dividing net income
     (available to common stockholders) by the weighted average number of common
     shares  outstanding  for the period.  Diluted EPS  reflects  the  potential
     dilution that could occur if securities or other  contracts to issue common
     stock were exercised or converted into common stock.

     Basic and  diluted  earnings  per share  amounts,  as well as the  weighted
     average  common shares  considered  outstanding  for the three months ended
     September 30, 2000, have been restated to reflect the business  combination
     described above.

(3)  Restatement of prior financial statements
     On April 27, 2001, the Company completed a nontaxable exchange  transaction
     whereby it exchanged shares of stock for the ownership  interest of various
     entities  engaged in the  production of oil and gas. This  transaction  was
     accounted  for  under  the  provisions  of APB  Opinion  No.  16,  Business
     Combinations, as a pooling of interests, and was reflected in the financial
     statements for the year ended June 30, 2001. Financial statements for prior
     years were restated to give effect to the combination.

     The interim  financial  statements for the three months ended September 30,
     2000,   presented  herein,  have  been  restated  to  give  effect  to  the
     combination.  As a result, revenues reported have been increased by $78,796
     and net income (loss) has been increased by $157,511.

(4)  Summary of Significant Accounting Policies
     The accounting  policies followed by Cubic Energy,  Inc., Texas corporation
     (the  "Company" or "Cubic"),  formerly known as Roseland Oil and Gas, Inc.,
     an Oklahoma corporation, are set forth in Note 2 to the Company's financial
     statements  in its  June  30,  1998  Form  10KSB  and  should  be  read  in
     conjunction  with the  financial  statements  for the  three  months  ended
     September 30, 2001 contained herein.

     The  financial   statements  included  herein  (three  month  period  ended
     September  30, 2001) have been  prepared by the Company,  without an audit,
     pursuant to generally accepted accounting  principles for interim financial
     information  and the rules and  regulations of the Securities and Exchanges
     Commission.  The Company believes that the disclosures are adequate to make
     the  information  presented  not  misleading.   The  information  presented
     reflects   all   adjustments   (consisting   solely  of  normal   recurring
     adjustments), which are, in the opinion of management, necessary for a fair
     statement of results for the period.


                                       7
<PAGE>

     ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS

Results of Operations
Three Months Ended  September 30, 2001 Compared To Three Months Ended  September
30, 2000

     HISTORICALLY PRESENTED:

     Gross  revenues for the three months ended  September  30,  increased  from
     $24,630 in 2000 to $49,958 in 2001 due to the  transaction  consummated  by
     the Company on April 27, 2001.

     Oil and gas  production,  operating and  development  costs  increased from
     $17,703 (72% of oil and gas sales) at September 30, 2000 to $45,339 (91% of
     oil and gas sales) at September 30, 2001.

     Operating  income decreased from a loss of $23,596 at September 30, 2000 to
     a loss of $78,919 at September  30, 2001 due to lower market prices for oil
     and gas.

     RESTATED COMBINED:

     Gross revenues  decreased from $103,426 at September 30, 2000 to $49,958 at
     September 30, 2001 due to lower  production and lower market prices for oil
     and gas.

     Oil and gas  production,  operating and  development  costs  increased from
     $43,184 (42% of oil and gas sales) at September 30, 2000 to $45,339 (91% of
     oil and gas sales) at September 30, 2001.

     Operating Income decreased from a gain of $133,915 at September 30, 2000 to
     a loss of $78,919 at September 30, 2001 due to lower  production  and lower
     market prices for oil and gas.

Liquidity and Capital Resources

     As of October 1, 1999, long-term debt of the Company was zero.

Year 2000 issue

     The Company worked to resolve the potential  impact of the year 2000 on the
     ability of the  Company's  computerized  information  systems to accurately
     process  information  that  may be  date  sensitive.  Any of the  Company's
     programs that  recognize a date using "00" as the 1900 rather that the year
     2000 would  result in errors or systems  failures.  The Company  utilizes a
     number of computer  programs  across its entire  operation.  As  management
     still  believes  that all of the  Company's  systems,  which are  primarily
     purchased  software  systems,  are year 2000  compliant  and as no material
     problem  related  to the year 2000 issue have been  reported  to date,  the
     Company  anticipates  that  this  issue  will  have  minimal  impact on the
     Company's  operations  and that future costs  relating to year 2000 will be
     minimal.  Because of the  unprecedented  nature of the year 2000 issue, its
     effects and the success of related  remediation  efforts  will not be fully
     determinable until the year 2000 and thereafter.  The Company believes that
     it has  taken all  reasonable  steps to ensure  Year  2000  readiness.  Its
     ability to meet the projected  goals,  including the cost of addressing the
     Year 2000  issue and the dates  upon  which  compliance  will be  attained,
     depends on the Year 2000  readiness of its key  suppliers and customers and
     the  successful   development  and  implementation  of  contingency  plans.
     Although these and other unanticipated Year 2000 issues could still have an
     adverse  effect on the results of operations or financial  condition of the
     Company,  it is not  possible to estimate  the extent of the impact at this
     time. The foregoing is a year 2000 readiness  disclosure update pursuant to
     the Year 2000 Readiness and Disclosure Act

Safe Harbor  Statements under the Private  Securities  Litigation  Reform Act of
1995

     This report  contains  "forward-looking  statements"  within the meaning of
     Section 27A of the Securities  Act of 1933, as amended,  and Section 21E of
     the  Securities  Exchange  Act of 1934,  as amended.  Such  forward-looking
     statements are based on current expectations that involve a number of risks
     and uncertainties that could cause actual results to differ materially from
     the  results  discussed  in  the  forward-looking  statements.   Generally,


                                       8
<PAGE>

     forward-looking  statements  include  words or phrases such as  "management
     anticipates",  "the Company believes",  "the Company anticipates" and words
     and phrases of similar  impact.  The  forward-looking  statements  are made
     pursuant to safe harbor provisions of the Private  Securities  Litigation's
     Reform Act of 1995.

     The factors that could cause actual results to differ  materially  from the
     forward-looking  statements  include,  but are not limited to: (i) industry
     conditions and competition (ii) the cyclical nature of the industry,  (iii)
     domestic  and  worldwide   supplies  and  demand  for  oil  and  gas,  (iv)
     operational risks and insurance,  (v)  environmental  liabilities which may
     arise in the future which are not covered by insurance or  indemnity,  (vi)
     the impact of current and future laws and government  regulations,  as well
     as repeal or modification  of same,  affecting the oil and gas industry and
     the Company's  operations in particular,  (vii) production levels and other
     activities of OPEC and other oil and gas producers, and the impact that the
     above  factors and other  events have on the  current and  expected  future
     pricing of oil and natural gas, and (viii) the risks described from time to
     time in the Company's  reports to the Securities  and Exchange  Commission,
     including the Company's  Annual Report Form 10KSB for the fiscal year ended
     June 30, 2001.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     In the spring of 1999,  the  Company  became  aware of the claim of Clifton
     Kees, Jr. ("Kees"), a geologist, to a 1% overriding royalty interest in the
     Company's oil and gas properties  located in the Reagan Sections 11 and 12,
     Palo Pinto  County,  Texas.  Kees filed an assignment in Palo Pinto County,
     Texas,  after  December  1, 1997,  upon which  Kees bases his  claims.  The
     Company,  after its initial  investigation,  disputes Kees' legal rights to
     the  overriding  royalty and has filed suit to  challenge  this  royalty as
     described below.

     William  Vandever,  during  the  period  of time in which he  served as the
     President and Chief Executive Officer of the Company,  purportedly  granted
     some  preferential  rights  with  respect  to 75% of the  Reagan  leases in
     Section 11, Palo Pinto County,  Texas, to participants  (including Kees and
     Vandever  himself) in the re-work of the Reagan  #2-11 well.  Mr.  Vandever
     also purportedly  granted the same rights to himself as a participant.  The
     Company  discovered  this in March of 1999.  Claims related to preferential
     rights with regard to the Reagan lease in Section 11 could  materially  and
     adversely  affect the  financial  condition and the outlook of the Company.
     Based upon information  obtained by the Company, the Company has filed suit
     in the 29th Judicial  District  Court in Palo Pinto County,  Texas,  styled
     "Roseland  Oil and Gas,  Inc. v. William  Vandever,  et al." against  Kees,
     Vandever and various  persons,  seeking a judicial  determination  that all
     grants of  preferential  rights in the  Reagan  Section  11 are void.  This
     lawsuit was filed on April 26,  1999.  The Company is  vigorously  pursuing
     this action.

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
     Registrant  has duly  caused  this report to be signed on its behalf by the
     undersigned thereunto duly authorized.

                                         CUBIC ENERGY, INC.

DATE:  February 12, 2002                  BY: /s/ Calvin A. Wallen III
                                             -----------------------------------
                                             Calvin A. Wallen III, President
                                             (Principal Executive, Financial and
                                             Accounting Officer)


                                       9