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

                                   FORM 10-QSB

(Mark One)

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

                  For the Quarterly Period Ended March 31, 2002

                                       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 - 31,180,329 shares as of March 31, 2002

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

<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

         Condensed Balance Sheets
         As of March 31, 2002, (unaudited) and June 30, 2001                 4,5

         Condensed Statement of Operations, (unaudited)
         For the three months ended March 31, 2002 and 2001 Restated          6

         Condensed Statement of Operations, (unaudited)
         For the nine months ended March 31, 2002 and 2001 Restated           7

         Condensed Statements of Cash Flows, (unaudited)
         For the nine months ended March 31, 2002 and 2001 Restated           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                                              12

     ITEM 4.  Submissions of Matters to a Vote of Security Holders           13

     ITEM 5.  Other Information                                              13

     ITEM 6.  Exhibits and Reports on Form 8-K                               13

SIGNATURES                                                                   13


                                       2
<PAGE>


                         INDEPENDENT ACCOUNTANTS' REPORT



The stockholders and Board of Directors
Cubic Energy, Inc.

We have reviewed the accompanying  condensed balance sheet as of March 31, 2002,
and the related condensed  statements of operations,  and of cash flows of Cubic
Energy, Inc. for the three and nine month periods ended March 31, 2002 and 2001.
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 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.  Inc.  as of June 30,  2001,  and the  related  statements  of  operations,
stockholders'  equity and cash flows for the year then ended;  and in our report
dated  September  24,  2001,  we  expressed  an  unqualified  opinion  on  those
statements.

                                                    PHILIP VOGEL & CO. PC



                                                    Certified Public Accountants
Dallas, Texas

May 13, 2002


                                       3
<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS
                        March 31, 2002 and June 30, 2001

                                     ASSETS

                                                   (Unaudited)
                                                 March 31, 2002   June 30, 2001
                                                 --------------   --------------
Current Assets:

   Cash and cash equivalents                     $      191,323   $       85,208
   Accounts receivable                                   15,266           38,816
                                                 --------------   --------------

          Current assets                                206,589          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                         633,325          562,964
                                                 --------------   --------------

            Net property and equipment                6,577,920        6,648,281


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


             TOTAL ASSETS                        $    6,784,509   $    6,772,305
                                                 ==============   ==============



          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS

                                       4
<PAGE>
<TABLE>
<CAPTION>

                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS
                        March 31, 2002 and June 30, 2001


                       LIABILITIES & STOCKHOLDERS' EQUITY


                                                     (Unaudited)
                                                   March 31, 2002     June 30, 2001
                                                   --------------    --------------
<S>                                                <C>               <C>
Current Liabilities:
   Accounts payable                                $       17,875    $       10,509
   Due to affiliates
                                                            4,596           790,098
                                                   --------------    --------------
         Total current liabilities
                                                           22,471           800,607

Noncurrent Liabilities:
   Deferred income taxes                                  439,300           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 31,180,329 shares
     as of March 31, 2002 and 29,989,614
    shares as of June 30, 2001                          1,559,016         1,499,481
    Additional paid in capital                          8,814,867         7,867,389
    Accumulated deficit                                (4,051,145)       (3,866,972)
                                                   --------------    --------------

         Total stockholders' equity                     6,322,738         5,499,898


         TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY                      $    6,784,509    $    6,772,305
                                                   ==============    ==============
</TABLE>


          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS


                                       5
<PAGE>

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

                                                                    (Restated)
                                                For the Three     For the Three
                                                Months Ended      Months Ended
                                               March 31, 2002    March 31, 2001
                                               --------------    --------------
Revenue:
   Oil and gas sales                           $       55,335    $       56,320
   Preferred return                                      --                --
   Other                                                  881              --
                                               --------------    --------------

          Total revenue                                56,216            56,320
                                               --------------    --------------

Costs and expenses:
   Oil and gas production, operating
    and development costs                              36,247            19,547
   Selling, general and administrative expense         41,868            32,189
   Depreciation, depletion and amortization            24,181            19,966
                                               --------------    --------------

            Total costs and expenses                  102,296            71,702
                                               --------------    --------------

Operating income (loss)                               (46,080)          (15.382)
                                               --------------    --------------

Net income (loss) before income tax                   (46,080)          (15,382)
                                               --------------    --------------

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

Net income (Loss)                              $      (39,180)   $      (15,382)
                                               ==============    ==============
Net income (loss) per common share - basic
and diluted                                            (0.001)           (0.001)
                                               ==============    ==============
Weighted average common shares outstanding
- basicand diluted                                 30,751,974        29,989,614
                                               ==============    ==============


          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS

                                       6
<PAGE>

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

                                                                    (Restated)
                                                  For the Nine     For the Nine
                                                  Months Ended     Months Ended
                                                 March 31, 2002   March 31, 2001
                                                 --------------   --------------
Revenue:

   Oil and gas sales                             $      152,686   $      234,843
   Preferred return                                        --            272,877
   Other                                                    881           16,000
                                                 --------------   --------------

          Total revenue                                 153,567          523,720
                                                 --------------   --------------

Costs and expenses:
   Oil and gas production, operating
    and development costs                               115,863           90,204
   Selling, general and administrative expense          184,016          108,846
   Depreciation, depletion and amortization              70,361           71,104
                                                 --------------   --------------

            Total costs and expenses                    370,240          270,154
                                                 --------------   --------------

Operating income (loss)                                (216,673)         253,566
                                                 --------------   --------------

Non-operating income (expenses):                           --               --

Net income (loss) before income tax                    (216,673)         253,566
                                                 --------------   --------------

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

Net income (Loss)                                $     (184,173)  $      253,566
                                                 ==============   ==============
Net income (loss) per common share
- basic and diluted                                      (0.006)           0.008
                                                 ==============   ==============
Weighted average common shares outstanding
- basic and diluted                                  30,435,580       29,989,614
                                                 ==============   ==============

          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS

                                       7
<PAGE>
<TABLE>
<CAPTION>

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

                                                                           (Restated)
                                                        For the Nine      For the Nine
                                                        Months Ended      Months Ended
                                                       March 31, 2002    March 31, 2001
                                                       --------------    --------------
<S>                                                    <C>               <C>
Cash flows from operating activities:

   Net income (loss)                                   $     (184,173)   $      253,566
Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
   Depreciation, depletion and amortization                    70,361            71,104
Net change in assets and liabilities:
   (Increase) decrease in accounts receivable                  23,550           (66,536)
   (Increase) decrease in other assets                           --              41,764
   Increase (decrease) in loan from affiliate                 221,511               551
   Increase (decrease) in accounts payable and
   accrued liabilities                                          7,366              --
   Increase (decrease) in deferred income tax                 (32,500)             --
                                                       --------------    --------------

Net cash provided (used) by operating activities              106,115           300,449
                                                       --------------    --------------
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                                               --            (290,125)
                                                       --------------    --------------

Net cash provided (used) by financing activities                 --            (290,125)
                                                       --------------    --------------

Net increase (decrease) in cash and cash equivalents   $      106,115    $         (543)
                                                       --------------    --------------

Cash beginning of period                                       85,208                20
                                                       --------------    --------------

 Cash at end of period                                 $      191,323    $         (523)
                                                       --------------    --------------
</TABLE>


          THE ACCOMPANYING NOTES ARE PART OF THESE 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)  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 and nine months ended March
     31,  2001,  presented  herein,  have been  restated  to give  effect to the
     combination.  As a result,  revenues reported for the three and nine months
     ended  March  31,  2001  have  been  increased  by  $40,398  and  $445,136,
     respectively,  and net income  (loss) for the three and nine  months  ended
     March 31, 2001 has been increased by $11,594 and $360,267, respectively.

(4)  Issuance of shares in exchange for debt:

     Effective  as of  January  1,  2002,  Cubic  Energy,  Inc.  issued  856,712
     unregistered common shares to Tauren Exploration,  Inc. in exchange for the
     cancellation  of $856,712  in Cubic  Energy,  Inc.  debt for monies paid on
     behalf  of  and  services   provided  to  Cubic  Energy,   Inc.  by  Tauren
     Exploration, Inc.

     This agreement, in addition, grants Cubic Energy, Inc. certain ground-floor
     participation  opportunities  with  respect to Tauren  Exploration,  Inc.'s
     prospect and project  inventory.  Calvin  Wallen III, CEO and a Director of
     Cubic  Energy,  Inc.,  is an  affiliate  and  controlling  party of  Tauren
     Exploration, Inc.


                                       9
<PAGE>

                               CUBIC ENERGY, INC.

                    NOTES TO UNAUDITED FINANCIAL STATEMENTS

                              AS OF MARCH 31, 2002

                                  (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 nine months ended March 31, 2002 contained herein.

The  financial  statements  included  herein (three and nine month periods ended
March 31, 2002) 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 MARCH 31, 2002 COMPARED TO THREE MONTHS ENDED MARCH 31, 2001

HISTORICALLY PRESENTED:

Gross  revenues for the three  months  ended March 31 increased  from $15,922 in
2001 to $56,216 in 2002 due to the  transaction  consummated  by the  company on
April 27, 2001.

Oil and gas production,  operating and  development  costs increased from $9,526
(60% of oil and gas sales) in the three  months  ended March 31, 2001 to $36,247
(65% of oil and gas  sales) in the  three  months  ended  March  31,  2002.  The
increase in costs was  attributable  to the  maintenance and repair of producing
wells.

Operating  income  decreased  from a loss of $26,976 in the three  months  ended
March 31, 2001 to a loss of $83,800 in the three months ended March 31, 2002 due
to lower market prices for oil and gas.

RESTATED COMBINED:

Gross  revenues  from oil and gas  sales  for the three  months  ended  March 31
decreased  from  $56,320 in 2001 to $55,335 in 2002 due to the lower  production
and lower market prices in oil and gas.

Oil and gas production,  operating and development  costs increased from $19,547
(35% of oil and gas sales) in the three  months  ended March 31, 2001 to $36,247
(66% of oil and gas sales) in the three months ended March 31, 2002 due to lower
production and lower market prices in oil and gas.

Operating loss increased from ($15,382) in the three months ended March 31, 2001
to a loss of ($39,180) at March 31, 2002 due to lower production and lower
market prices in oil and gas, and the transaction consummated by the Company on
April 27, 2001.


                                       10
<PAGE>

NINE MONTHS ENDED MARCH 31, 2002 COMPARED TO NINE MONTHS ENDED MARCH 31, 2001

HISTORICALLY PRESENTED:

Gross revenues for the nine months ended March 31 increased from $78,584 in 2001
to $153,567 in 2002 due to the  transaction  consummated by the company on April
27, 2001.

Oil and gas production,  operating and development  costs increased from $39,707
(51% of oil and gas sales) in the nine  months  ended March 31, 2001 to $115,863
(75% of oil and gas sales) in the nine months ended March 31, 2002. The increase
in costs was attributable to the maintenance and repair of producing wells.

Operating  income  decreased  from a loss of $106,701  in the nine months  ended
March 31, 2001 to a loss of $184,173 in the nine months ended March 31, 2002 due
to lower market prices for oil and gas.

RESTATED COMBINED:

Gross  revenues  from oil and gas sales for the nine months ended March 31, 2002
decreased from $152,686, as compared to $234,843 as of March 31, 2001 due to the
lower production and lower market prices in oil and gas.

Oil and gas production,  operating and development  costs increased from $90,204
(36% of oil and gas sales) in the nine months ended March, 2001 to $115,863 (75%
of oil and gas  sales) in the nine  months  ended  March  31,  2002 due to lower
production and lower market prices in oil and gas.

Operating income decreased from $253,566 in the nine months ended March, 2001 to
a loss of $184,173 at March 31, 2002 due to lower  production  and lower  market
prices in oil and gas, and the  transaction  consummated by the Company on April
27, 2001.


Liquidity and Capital Resources

As of October 01, 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.


                                       11
<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 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.


ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS


The  Company's  Annual  Stockholder  meeting  was  held  December  14,  2001  in
Minneapolis,  Minnesota.  Shareholders were asked to ratify the selection of the
Company's  accounting firm,  Philip Vogel & Co., PC, and to vote on directors of
the Company for terms of one year or until their replacement is duly elected.


                                       12
<PAGE>

The shareholders approved the Company's selection of accounting firm and elected
the slate directors brought forth before them.

APPROVAL OF ACCOUNTANTS            YES VOTES          NO VOTES       ABSTENTIONS

Philip Vogel & Co., PC             25,957,624          1,480            1,860

ELECTION OF DIRECTORS

Calvin A. Wallen, III              25,938,153          1,200           21,600
Gene Howard                        25,907,540          1,200           52,213
Jon S. Ross                        25,959,003          1,200              800


ITEM 5. OTHER INFORMATION

Effective as of January 1, 2002, Cubic Energy, Inc. issued 856,712  unregistered
common shares to Tauren  Exploration,  Inc. in exchange for the  cancellation of
$856,712 in Cubic  Energy,  Inc.  debt for monies paid on behalf of and services
provided to Cubic Energy, Inc. by Tauren Exploration, Inc.

This agreement,  in addition,  grants Cubic Energy,  Inc.  certain  ground-floor
participation opportunities with respect to Tauren Exploration,  Inc.'s prospect
and project  inventory.  Calvin  Wallen III, CEO and a Director of Cubic Energy,
Inc., is an affiliate and controlling party of Tauren Exploration, Inc. See Item
6 below.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

     10        Contract with Tauren  Exploration,  Inc. For Debt  Conversion and
               Participation


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.
                                          BY: /s/ Calvin A. Wallen III
                                             -------------------------
                                             Calvin A. Wallen III
                                             President and Chairman of the Board





DATE:  May 14, 2002