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


                                   FORM 10-QSB

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

                  For the Quarterly Period Ended March 31, 2003

                          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.)

                                 9870 Plano Road
                                Dallas, TX 75238
                    (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              Outstanding at March 31, 2003
                  ------------              -----------------------------
                  $.05 par value                     31,180,329

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

         Independent Accountant's Report.......................................3

         Condensed Balance Sheets
         As of March 31, 2003 (unaudited) and June 30, 2002.................4, 5

         Condensed Statement of Operations, (unaudited)
         For the three months ended March 31, 2003 and 2002....................6

         Condensed Statement of Operations, (unaudited)
         For the nine months ended March 31, 2003 and 2002.....................7

         Condensed Statements of Cash Flows, (unaudited)
         For the nine months ended March 31, 2003 and 2002.....................8

         Notes to Condensed Financial Statements...........................9, 10

ITEM 2. Management's Discussion and Analysis

         Results of Operations:...............................................11

ITEM 3. Controls and Procedures

         Regarding Rule 13a-14 of the Securities Exchange Act of 1934: .......12

                           PART II - OTHER INFORMATION

ITEM 1.

         Legal Proceedings....................................................12

ITEM 5.

         Other Information....................................................12

SIGNATURES....................................................................13

         Certification: Re: 13a-14(b) and 15d-14..............................14
         Certification: Re: Section 906 of the Sarbanes-Oxley Act of 2002.....15



                                       2
<PAGE>

                          PART I. FINANCIAL INFORMATION

                         INDEPENDENT ACCOUNTANTS' REPORT


The Stockholders and Board of Directors
Cubic Energy, Inc.


We have reviewed the  accompanying  condensed  interim balance sheet as of March
31, 2003, and the related  condensed interim  statements of income,  and of cash
flows of Cubic Energy,  Inc. for the  three-month  and nine-month  periods ended
March 31, 2003 and 2002. 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 and
making inquiries of persons responsible for financial and accounting matters. It
is  substantially  less in scope  than an audit  conducted  in  accordance  with
auditing  standards  generally  accepted in the United  States of  America,  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  interim  financial  statements  for  them to be in
conformity with accounting principles generally accepted in the United States of
America.

We have  previously  audited,  in accordance with auditing  standards  generally
accepted in the United  States of America,  the balance  sheet of Cubic  Energy,
Inc.  as  of  June  30,  2002,   and  the  related   statements  of  operations,
stockholders'  equity and cash flows for the year then ended;  and in our report
dated  September  20,  2002,  we  expressed  an  unqualified  opinion  on  those
statements.




                                                 PHILIP VOGEL & CO. PC

                                                 /s/ Philip Vogel & Co. PC
                                                 -------------------------
                                                 Certified Public Accountants






Dallas, Texas
May 9, 2003



                                       3
<PAGE>
<TABLE>
<CAPTION>

ITEM 1. FINANCIAL STATEMENTS

                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS

                                     ASSETS

                                                         (Unaudited)
                                                       March 31, 2003     June 30, 2002
                                                       --------------     --------------
<S>                                                    <C>                <C>
Current assets:
  Cash and cash equivalents                            $       63,727     $      169,334
  Accounts receivable                                          72,787             40,128
                                                       --------------     --------------
Total current assets                                   $      136,514     $      209,462


Property and equipment (at cost):
  Oil and gas properties, full cost method:
    Proved properties (including wells and
    related equipment and facilities)                  $    1,537,625     $    1,537,625
  Office and other equipment                                      910                910
                                                       --------------     --------------
                                                       $    1,538,535     $    1,538,535
Less accumulated depreciation, depletion
  and amortization                                            936,376            880,865
                                                       --------------     --------------
                                                              602,159            657,670

TOTAL ASSETS                                           $      738,673     $      867,132
                                                       ==============     ==============
</TABLE>





















            See accompanying notes to condensed financial statements.

                                       4
<PAGE>
<TABLE>
<CAPTION>

                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                     (Unaudited)
                                                   March 31, 2003      June 30, 2002
                                                   --------------      --------------
<S>                                                <C>                 <C>
Current liabilities:
  Accounts payable and accrued expenses            $        8,955      $       43,118
  Due to affiliates                                             0               9,110
                                                   --------------      --------------
Total current liabilities                          $        8,955      $       52,228

Non-current liabilities:
  Deferred income taxes                                         0                   0

Commitments and contingencies

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 31,180,329 shares at
    March 31, 2003 and June 30, 2002                    1,559,017           1,559,017

  Additional paid-in capital                            8,892,992           8,892,992

  Accumulated deficit                                  (9,722,291)         (9,637,105)
                                                   --------------      --------------

Stockholders' equity                                      729,718             814,904
                                                   --------------      --------------

TOTAL LIABILITIES & EQUITY                         $      738,673      $      867,132
                                                   ==============      ==============
</TABLE>









            See accompanying notes to condensed financial statements.

                                       5
<PAGE>
<TABLE>
<CAPTION>

                               CUBIC ENERGY, INC.
                       CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                   For the Three     For the Three
                                                    Months Ended      Months Ended
                                                   March 31, 2003    March 31, 2002
                                                   --------------    --------------
<S>                                                <C>               <C>
Revenue:
  Oil and gas sales                                $       97,903    $       55,335
     Other Income                                               0               881
                                                   --------------    --------------

Total revenue                                      $       97,903    $       56,216
                                                   --------------    --------------

Costs and expenses:
  Oil and gas production, operating and
    development costs                              $       46,044    $       36,247
  Selling, general and
    administrative expenses                                14,324            41,868
  Depreciation, depletion and
    amortization                                           12,640            24,181
                                                   --------------    --------------

Total costs and expenses                           $       73,008    $      102,296
                                                   --------------    --------------

Operating income (loss)                            $       24,895    $      (46,080)
                                                   --------------    --------------

Non-operating income (expense):
  Gain (loss) on sales of securities               $            0    $            0
  Other income                                                  0                 0
  Interest expense                                              0                 0
  Interest income                                               0                 0
                                                   --------------    --------------

Total non-operating income (expense)               $            0    $            0
                                                   --------------    --------------

Income (loss) before taxes:                        $       24,895    $      (46,080)

(Provision for) benefit of income taxes                         0             6,900
                                                   --------------    --------------

Net income (loss)                                  $       24,895    $      (39,180)
                                                   ==============    ==============

Net gain (loss) per common share
- basic and diluted                                $        0.001    $       (0.001)
                                                   ==============    ==============

Weighted average common shares outstanding
- basic and diluted                                    31,180,329        30,751,974
                                                   ==============    ==============
</TABLE>




            See accompanying notes to condensed financial statements.
                                       6
<PAGE>
<TABLE>
<CAPTION>

                               CUBIC ENERGY, INC.
                       CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                   For the nine       For the nine
                                                   Months Ended       Months Ended
                                                  March 31, 2003     March 31, 2002
                                                  --------------     --------------
<S>                                               <C>                <C>
Revenues:
  Oil and gas sales                               $      251,646     $      152,686
     Other Income                                              0                881
                                                  --------------     --------------

Total revenues                                    $      251,646     $      153,567
                                                  --------------     --------------

Costs and expenses:
  Oil and gas production, operating and
  development costs                               $      133,037     $      115,863
  Selling, general and
  administrative expenses                                148,284            184,016
  Depreciation, depletion and
  amortization                                            55,511             70,361
                                                  --------------     --------------

Total costs and expenses                          $      336,832     $      370,240
                                                  --------------     --------------

Operating income (loss)                           $      (85,186)    $     (216,673)
                                                  --------------     --------------

Non-operating income (expense):
  Gain (loss) on sales of securities              $            0     $            0
  Other income                                                 0                  0
  Interest expense                                             0                  0
  Interest income                                              0                  0
                                                  --------------     --------------

Total non-operating income (expense)              $            0     $            0
                                                  --------------     --------------

Income (loss) before taxes:                       $      (85,186)    $     (216,673)

(Provision for) benefit of income taxes                        0             32,500
                                                  --------------     --------------

Net income (loss)                                 $      (85,186)    $     (184,173)
                                                  ==============     ==============

Net gain (loss) per common share
- basic and diluted                               $       (0.002)    $       (0.006)
                                                  ==============     ==============

Weighted average common shares outstanding
- basic and diluted                                   31,180,329         30,751,974
                                                  ==============     ==============
</TABLE>






            See accompanying notes to condensed financial statements.

                                       7
<PAGE>
<TABLE>
<CAPTION>

                               CUBIC ENERGY, INC.
                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                         For the nine       For the nine
                                                         Months Ended       Months Ended
                                                        March 31, 2003     March 31, 2002
                                                        --------------     --------------
<S>                                                     <C>                <C>
Cash flows from operating activities:
Net income (loss)                                       $      (85,186)    $     (184,173)
Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
  Depreciation, depletion and amortization                      55,511             70,361
Net change in assets and liabilities:
  (Increase) decrease in accounts receivable                   (32,659)            23,550
  Increase (decrease) in loan from affiliate                    (9,110)           221,511
  Increase (decrease) in accounts payable and
    Accrued liabilities                                        (34,163)             7,366
  Increase (decrease) in deferred taxes                              0            (32,500)
                                                        --------------     --------------
Net cash provided (used) by operating activities        $     (105,607)    $      106,115
                                                        --------------     --------------


Cash flows from investing activities:
Acquisition of oil & gas properties                     $            0     $            0
                                                        --------------     --------------
Net cash provided (used) by investing activities        $            0     $            0
                                                        --------------     --------------


Cash flows from financing activities:
Affiliate loan                                          $            0     $            0
Changes in common stock                                 $            0     $            0
Paid in Capital                                         $            0     $            0
                                                        --------------     --------------
Net cash provided (used) by financing activities        $            0     $            0
                                                        --------------     --------------


Net increase (decrease) in cash and
    cash equivalents                                    $     (105,607)    $      106,115
                                                        --------------     --------------

Cash at beginning of period                                    169,334             85,208
                                                        --------------     --------------

Cash at end of period                                   $       63,727     $      191,323
                                                        ==============     ==============
</TABLE>










            See accompanying notes to condensed financial statements.
                                       8
<PAGE>

                               CUBIC ENERGY, INC.
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2003
                                   (Unaudited)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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, 2002,  Form 10-KSB and should be read in  conjunction
with the financial statements contained herein.

The  financial  information  included  herein as of March 31, 2003,  and for the
three-month  and nine-month  periods ended March 31, 2003,  and 2002,  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/s.


Earnings per share:

The Company has 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.
















                                       9
<PAGE>

         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
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 10-KSB for
the fiscal year ended June 30, 2002.


























                                       10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS

Results of Operations:

Three Months Ended March 31, 2003 Compared To
Three Months Ended March 31, 2002

Gross  Revenues for the three months ended March 31, 2003 increased from $55,335
at March 31,  2002 to $97,903 at March 31,  2003 due to  increased  natural  gas
production and higher natural gas prices.

Oil and Gas Production,  Operating and Development  Costs increased from $36,247
(66% of oil and gas  sales) at March  31,  2002 to  $46,044  (47% of oil and gas
sales) at March 31, 2003 due to an increase in the number of wells producing.

Operating Income increased from a loss of $46,080 at March 31, 2002 to a gain of
$24,895  at March 31,  2003 due to an  increase  in  natural  gas  produced,  an
increase in natural gas prices,  and a reduction  in general and  administrative
costs.


Nine Months Ended March 31, 2003 Compared To
Nine Months Ended March 31, 2002

Gross  Revenues for the nine months ended March 31, 2003 increased from $152,686
at March 31,  2002 to  $251,646  at March 31, 2003 due to an increase in natural
gas production and an increase in natural gas prices.

Oil and Gas Production,  Operating and Development Costs increased from $115,863
(76% of oil and gas  sales) at March 31,  2002 to  $133,037  (53% of oil and gas
sales) at March 31, 2003 due to an increase in the number of wells producing.

Operating  Income  increased from a loss of $184,173 at March 31, 2002 to a loss
of $85,186 at March 31,  2003 due to an increase  in natural  gas  produced,  an
increase in natural gas prices,  and a reduction  in general and  administrative
costs.


Liquidity and Capital Resources:
Long-term debt of the company is currently zero.












                                       11
<PAGE>

ITEM 3.    CONTROLS AND PROCEDURES

Regarding  Rule 13a-14 of the  Securities  Exchange Act of 1934:  Our  principal
executive and financial officers have concluded, based on their evaluation as of
a date within 90 days before the filing of this Form 10-Q,  that our  disclosure
controls and procedures under Rule 13a-14 of the Securities Exchange Act of 1934
are  effective  to ensure that  information  we are  required to disclose in the
reports  we file or  submit  under  the  Exchange  Act is  recorded,  processed,
summarized and reported within the time periods specified in the SEC's rules and
forms, and include  controls and procedures  designed to ensure that information
we are required to disclose in such reports is accumulated  and  communicated to
management,  including  our  principle  executive  and  financial  officers,  as
appropriate to allow timely decisions regarding required disclosure.

Subsequent  to our  evaluation,  there were no  significant  changes in internal
controls  or other  factors  that  could  significantly  affect  these  internal
controls.


                           PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

As previously reported,  prior legal proceedings  initiated by Clifton Kees, Jr.
(Kees) of Palo Pinto,  Texas,  regarding  claims of  preferential  rights to the
Reagan Lease,  resulted in an award to Kees of a 1% Overriding Royalty Interest,
in the sum of $30,390,  paid in full October 7, 2002.  Outstanding  legal issues
are limited to the possible  liability of reimbursement of Kees' legal fees. The
issue is under the advisement of ruling judge of the previous proceedings,  with
no expected date of return or amount of liability.

ITEM 5. Other Information

Per the Joint Operating  Agreement (the  "Agreement")  with Tauren  Exploration,
Inc.,  effective  November  1, 2002 - Cubic's  office  address has moved to 9870
Plano Road,  Dallas,  Texas  75238.  The  improved  facilities  offer up to-date
telephone and computer cabling, contemporary finish-out appearance, and spacious
accommodations.  With the improved  location,  office rent has been increased by
$150 per month from $1,050 to $1,200.






















                                       12
<PAGE>

                                   SIGNATURES

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.
                                             (Registrant)


Date: May 15, 2003                           /s/ Calvin A. Wallen, III
                                             -----------------------------------
                                             Calvin A. Wallen, III, President
                                             (Principal Executive, Financial and
                                             Accounting Officer)


























                                       13
<PAGE>

                                  CERTIFICATION
                      Pursuant to Rule 13a-14(b) and 15d-14

I, Calvin A. Wallen,III, certify that:

     1. I have  reviewed  this  quarterly  report on Form 10-Q of Cubic  Energy,
     Inc.;

     2. Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

     3. Based on my knowledge,  the financial  statements,  and other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

     4.  I  am  responsible,  as  C.E.O.  and  C.  F.O.,  for  establishing  and
     maintaining  disclosure controls and procedures (as defined in Exchange Act
     Rules 13a-14 and 15d-14) for the registrant and I have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
     material information relating to the registrant, including its consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     (b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     (c)  presented  in  this  quarterly   report  our  conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

     5.  I  have  disclosed,  based  on  our  most  recent  evaluation,  to  the
     registrant's  auditors and the Audit Committee of the registrant's Board of
     Directors (or persons performing the equivalent function):

     (a) all  significant  deficiencies  in the design or  operation of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     (b) any fraud,  whether or not material,  that involves management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

     6. I have  indicated  in this  quarterly  report  whether or not there were
     significant  changes in internal  controls or in other  factors  that could
     significantly  affect internal controls  subsequent to the date of our most
     recent  evaluation,   including  any  corrective  actions  with  regard  to
     significant deficiencies and material weaknesses.


         Date: May 15, 2003                 Signature: /s/ Calvin A. Wallen, III
                                                      --------------------------
                                                           Calvin A. Wallen, III
                                                                  As CEO and CFO



                                       14
<PAGE>


                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Cubic Energy, Inc. (the "Company") on
Form 10-Q for the period ending  September 30, 2002 as filed with the Securities
and  Exchange  Commission  on the date  hereof (the  "Report"),  I, CEO and CFO,
certify,  pursuant to 18 U.S.C.  ss. 1350, as adopted pursuant to ss. 906 of the
Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and

(2) The  information  contained in the Report fairly  presents,  in all material
respects, the financial condition and results of operations of the Company.



         Date: May 15, 2003                 Signature: /s/ Calvin A. Wallen, III
                                                      --------------------------
                                                           Calvin A. Wallen, III
                                                                  As CEO and CFO























                                       15