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

                                   FORM 10-QSB

(Mark One)

[X]    Quarterly Export Under Section 13 or 15(d) of The Securities Exchange Act
       of 1934

                For the Quarterly Period Ended December 31, 2000

                                       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)

                           Roseland Oil and Gas, Inc.

              (Former name, former address and former fiscal year,
                         if changed since last report)

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 - 18,736,947 shares as of December 31, 2000

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



                                       1

<PAGE>

                               CUBIC ENERGY, INC.

                      (Formerly Roseland Oil and Gas, Inc.)

                                TABLE OF CONTENTS

PART 1  Financial Information

     ITEM 1.  Financial Statements

         Independent Accountant's Report                                     3

         Balance Sheets
         As of December 31, 2000, (unaudited) and June 30, 2000           4, 5

         Statement of Operations, unaudited
         For the three months ended December 31, 2000 and 1999               6

         Statement of Operations, unaudited
         For the six months ended December 31, 2000 and 1999                 7

         Statements of Cash Flows, unaudited
         For the six months ended December 31, 2000 and 1999                 8

         Notes to Condensed Financial Statements                             9

         Notes to Unaudited Financial Statements                            10

     ITEM 2.  Management's Discussion and Analysis                          10



PART II - Other Information

     ITEM 1.  Legal Proceedings                                             11


SIGNATURES                                                                  11




                                       2

<PAGE>

                         INDEPENDENT ACCOUNTANTS' REPORT

The stockholders and Board of Directors
Cubic Energy, Inc.

We have  reviewed the  accompanying  condensed  balance sheet as of December 31,
2000, and the related condensed  statements of operations,  and of cash flows of
Cubic Energy,  Inc. for the three and six month periods ended  December 31, 2000
and 1999.  These financial  statements are the  responsibility  of the Company's
management.

We  conducted  our  reviews in  accordance  with  standards  established  by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the  expression  of an opinion  regarding the  financial  statements  taken as a
whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should
be made to the  accompanying  financial  statements for them to be in conformity
with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards, the balance sheet of Cubic Energy, Inc. Inc. as of June 30, 2000, and
the related  statements of operations,  stockholders'  equity and cash flows for
the year then ended;  and in our report dated  August 23, 2000,  we expressed an
unqualified opinion on those statements.

                                              PHILIP VOGEL & CO. PC



                                              Certified Public Accountants

Dallas, Texas
February 7, 2001


                                       3

<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                                CUBIC ENERGY, INC
                            CONDENSED BALANCE SHEETS
                       December 31, 2000 and June 30, 2000
                                   (Unaudited)

                                     ASSETS


                                        December 31,2000        June 30,2000

Current Assets:
   Cash and cash equivalents              $      (523)          $        20
   Accounts receivable                         17,145                 8,416
                                          -----------           -----------

          Current assets                       16,622                 8,436


Property and equipment, at cost
   Oil and gas properties                   1,607,893             1,607,893
   Office and other equipment                     910                   910
                                          -----------           -----------

           Total property and equipment     1,608,803             1,608,803

    Less accumulated depreciation,
     depletion and amortization               215,031               211,567
                                          -----------           -----------

            Net property and equipment      1,393,772             1,397,236


Other Assets:                                       0                     0
                                          -----------           -----------


             TOTAL ASSETS                 $ 1,410,394           $ 1,405,672
                                          ===========           ===========




            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       4

<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                            CONDENSED BALANCE SHEETS
                       December 31, 2000 and June 30, 2000
                                   (Unaudited)

                        LIABILITIES & STOCKHOLDERS EQUITY




                                                   December 31, 2000   June 30, 2000
<S>                                                   <C>               <C>
Current Liabilities:
   Accounts payable                                   $    58,054       $    49,369
   Due to affiliates                                      756,739           680,977
                                                      -----------       -----------

         Total current liabilities                        814,793           730,346

Stockholders' equity:
    Preferred stock - $.01 par value, authorized
    10,000,000 shares, issued none                              0                 0
    Common  stock, -$.05  par  value, authorized
    50,000,000 shares, issued 18,736,947 shares
    as of December 31, 2000 and 18,916,947
    shares as of June 30, 2000                            936,848           945,848
    Additional paid in capital                          3,058,242         3,049,242
    Accumulated deficit                                (3,399,489)       (3,319,764)
                                                      -----------       -----------

         Total stockholders' equity                       595,601           675,326


         TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY                         $ 1,410,394       $ 1,405,672
                                                      ===========       ===========

</TABLE>





            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS




                                       5

<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                        CONDENSED STATEMENT OF OPERATIONS
              For the Three Months Ended December 31, 2000 and 1999
                                   (Unaudited)

                                                       For the Three        For the Three
                                                       Months Ended         Months Ended
                                                     December 31, 2000    December 31, 1999
<S>                                                     <C>                  <C>
Revenue:
   Oil and gas sales                                    $     22,032         $     23,082
   Other                                                      16,000                1,373
                                                        ------------         ------------

          Total revenue                                       38,032               24,455

Costs and expenses:
   Oil and gas production, operating
    and development costs                                     12,475                8,572
   Selling, general and administrative expense                79,532               96,348
   Depreciation, depletion and amortization                    1,313                3,927
                                                        ------------         ------------

            Total costs and expenses                          93,320              108,847

Operating income (loss)                                      (55,288)             (84,392)

Non-operating income (expenses):
   Interest income                                                 0                    0
   Gain (loss) on sales of securities and assets                   0                    0
   Other income (loss)                                             0                    0

   Interest expense                                                0               27,992
                                                        ------------         ------------

             Total non-operating income (expenses)                 0               27,992
                                                        ------------         ------------


Net income (loss) before income tax                          (55,288)            (112,384)
                                                        ------------         ------------

(Provision) benefit for income taxes                               0                    0


Net income (Loss)                                       $    (55,288)        $   (112,384)
                                                        ============         ============

Net loss per common share - basic and diluted                 (0.003)              (0.006)
                                                        ============         ============

Weighted average common shares outstanding
- basic and diluted                                       18,717,797           18,698,147
                                                        ============         ============

</TABLE>

            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       6

<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                        CONDENSED STATEMENT OF OPERATIONS
               For the Six Months Ended December 31, 2000 and 1999
                                   (Unaudited)

                                                         For the Six        For the Six
                                                        Months Ended       Months Ended
                                                      December 31,2000   December 31, 1999
<S>                                                     <C>                 <C>
Revenue:
   Oil and gas sales                                    $     46,662        $     41,750
   Other                                                      16,000               1,377
                                                        ------------        ------------

          Total revenue                                       62,662              43,127

Costs and expenses:
   Oil and gas production, operating
    and development costs                                     30,181              15,763
   Selling, general and administrative expense               108,742             189,991
   Depreciation, depletion and amortization                    3,464               7,874
                                                        ------------        ------------

            Total costs and expenses                         142,387             213,628

Operating income (loss)                                      (79,725)           (170,501)

Non-operating income (expenses):
   Interest income                                                 0                   0
   Gain (loss) on sales of securities and assets                   0                   0
   Other income (loss)                                             0                   0
   Interest expense                                                0              28,054
                                                        ------------        ------------

             Total non-operating income (expenses)                 0              28,054
                                                        ------------        ------------


Net income (loss) before income tax                          (79,725)           (198,555)
                                                        ------------        ------------

(Provision) benefit for income taxes                               0                   0

Net income (Loss)                                       $    (79,725)       $   (198,555)
                                                        ============        ============

Net loss per common share - basic and diluted                 (0.004)             (0.011)
                                                        ============        ============

Weighted average common shares outstanding
- basic and diluted                                       18,717,797          18,698,147
                                                        ============        ============


</TABLE>

            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS



                                       7

<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                        CONDENSED STATEMENT OF CASH FLOWS
               For the Six Months Ended December 31, 2000 and 1999
                                   (Unaudited)

                             STATEMENT OF CASH FLOWS

                                                          For the Six        For the Six
                                                         Months Ended       Months Ended
                                                       December 31,2000   December 31,1999
<S>                                                        <C>                <C>
Cash flows from operating activities:
   Net income (loss)                                       $ (79,725)         $(198,555)
Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
   Depeciation, depletion and amortization                     3,464              7,874
Net change in assets and liabilities:
   (Increase) decrease in accounts receivable                 (8,729)            11,169
   (Increase) decrease in other assets                             0             55,431
   Increase (decrease) in loan from affiliate                      0             85,350
   Increase (decrease) in accounts payable and
    accrued liabilities                                        8,685             12,556
   Increase (decrease) in other accounts payable                   0                  0
                                                           ---------          ---------

Net cash provided (used) by operating activities             (76,305)           (26,175)
                                                           ---------          ---------

Cash flows from investing activities:
   Changes to oil & gas properties                                 0                  0
   Changes in other assets                                         0                  0

Net cash provided (used) by investing activities                   0                  0

Cash flows from financing activities:
   Affiliate loan                                             75,762                  0
   Changes in common stock                                         0            146,534
   Changes in debt                                                 0           (118,760)

Net cash provided (used) by investing activities              75,762             27,774

Net increase (decrease) in cash and cash equivalents            (543)         $   1,599

Cash beginning of period                                          20              1,374

Cash at end of period                                      $    (523)         $   2,973

</TABLE>

            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       8

<PAGE>

                               CUBIC ENERGY, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)


(1)  Basis of presentation

     The quarterly financial information included herein is unaudited;  however,
     such  information  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 interim 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.

(3)  Results of litigation

     On October 10, 2000, as part of the  settlement  of a lawsuit,  the Company
     acquired  180,000 of its common stock from a former officer of the Company.
     There was no  consideration  paid by the Company for this stock.  The stock
     was  immediately  retired  by  the  Company.  The  accompanying   financial
     statements reflect this reduction of the outstanding common stock.





                                       9

<PAGE>

                               CUBIC ENERGY, INC.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

                             AS OF DECEMBER 31, 2000

                                   (Unaudited)



1.   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  December 31, 2000  contained
herein.

The financial  statements included herein as of December 31, 2000, three and six
month periods ended December 31, 2000 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.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS

RESULTS OF OPERATIONS

THREE MONTHS ENDED DECEMBER 31, 2000 COMPARED TO THREE MONTHS ENDED DECEMBER 31,
1999

Gross  revenues for the three months ended December 31 decreased from $23,082 in
1999 to $22,082 in 2000 due to the decrease in oil and gas production.

Oil and gas production,  operating and  development  costs increased from $8,572
(37.1% of oil and gas sales) in the three  months  ended  December  31,  1999 to
$12,475  (56.5% of oil and gas sales) in the three  months  ended  December  31,
2000. The increase in costs was  attributable  to the  maintenance and repair of
producing wells.  Selling,  general and  administrative  expenses decreased from
$96,348 in the three months  ended  December 31, 1999 to $79,532 in three months
ended December 31, 2000 due to the decreased  legal,  accounting and audit costs
resulting from the completion of the restatement of prior period financials.

Operating  income  decreased  from a loss of $112,384 in the three  months ended
December 31, 1999 to a loss of $55,154 in the three  months  ended  December 31,
2000 due to a decrease in selling,  general and administrative  expenses and the
increase in oil and gas prices.




                                       10

<PAGE>

SIX MONTHS  ENDED  DECEMBER 31, 1999  COMPARED TO SIX MONTHS ENDED  DECEMBER 31,
2000

Gross  revenues for the six months ended  December 31 increased  from $41,750 in
1999 to $46,662 in 2000 due to the increase in oil and gas prices.

Oil and gas production,  operating and development  costs increased from $15,763
(37.8% of oil and gas  sales)  in the six  months  ended  December  31,  1999 to
$30,181  (64.7% of oil and gas sales) in the six months ended December 31, 2000.
The  increase  in costs  was  attributable  to the  maintenance  and  repair  of
producing wells.  Selling,  general and  administrative  expenses decreased from
$189,991  in the six months  ended  December  31, 1999 to $108,742 in six months
ended December 31, 2000 due to audit costs  resulting from the completion of the
restatement of prior period financials.

Operating  income  improved  from a loss of  $198,555  in the six  months  ended
December 31, 1999 to a loss of $78,753 in the six months ended December 31, 2000
due to a decrease  in  selling,  general  and  administrative  expenses  and the
increase in oil and gas prices.

Liquidity and Capital Resources

As of October 01,  1999,  long-term  debt of $118,760  was  converted  to common
stock.  This leaves no  outstanding  long-term  debt as of December  31, 2000 as
compared  to the total  long- term debt of $118,760 as of June 30, 1999 of which
none was  classified  as current.  See the  Company's  June 30, 1999 Form 10KSB,
Footnote 4.

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, forward-looking statements include
words or phrases such as " management anticipates",  "the Company believes", the
"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.


                                       11

<PAGE>

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, 2000.

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 8, 2001                      BY: /s/ Calvin A. Wallen III
                                                --------------------------------
                                             Calvin A. Wallen III, President
                                             (Principal Executive, Financial and
                                             Accounting Officer)




                                       12