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

                                  FORM 10-QSB/A

 (Mark One)

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

         For the Quarterly Period Ended December 31, 2001 - Amendment #1

                                       Or

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

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

                          Commission File Number 0-9355

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

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

                             1720 Northwest Highway
                                    Suite 320
                                Garland, TX 75041

                    (Address of principal executive offices)

                                 (972) 686-0369

                (Issuer's telephone number, including area code)


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

                                 Yes [x] No [ ]

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

     Common Stock, $.05 par Value - 30,323,617 shares as of December 31, 2001

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


<PAGE>


                               CUBIC ENERGY, INC.

                                TABLE OF CONTENTS

PART 1. Financial Information

    ITEM 1. Financial Statements

             Condensed Balance Sheets
             As of December 31, 2001, (unaudited) and June 30, 2001.........3, 4

             Condensed Statement of Operations, (unaudited)
             For the three months ended December 31, 2001 and 2000 Restated....5

             Condensed Statements of Operations, (unaudited)
             For the six months ended December 31, 2001 and 2000 Restated......6

             Condensed Statements of Cash Flows, (unaudited)
             For the six months ended December 31, 2001 and 2000 Restated......7

             Notes to Condensed Financial Statements...........................8

    ITEM 2. Management's Discussion and Analysis...........................9, 10

PART II. Other Information

    ITEM 1. Legal Proceedings.................................................11

    Signatures ...............................................................11










                                       2
<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                                Amended 07/09/02
                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS
                       December 31, 2001 and June 30, 2001

                                     ASSETS

                                             (Unaudited)
                                          December 31, 2001     June 30, 2001
                                          -----------------   -----------------
Current Assets:
   Cash and cash equivalents              $         198,401   $          85,208
   Accounts receivable                               10,974              38,816
                                          -----------------   -----------------


          Current assets                            209,375             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                    609,144             562,964
                                          -----------------   -----------------


            Net property and equipment            6,602,101           6,648,281


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


             TOTAL ASSETS                 $       6,811,476   $       6,772,305
                                          =================   =================



          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       3
<PAGE>
<TABLE>
<CAPTION>

                                Amended 07/09/02
                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS
                       December 31, 2001 and June 30, 2001

                       LIABILITIES & STOCKHOLDERS' EQUITY

                                                            (Unaudited)
                                                         December 31, 2001      June 30, 2001
                                                         -----------------    -----------------
<S>                                                      <C>                  <C>
Current Liabilities:
   Accounts payable                                      $           9,658    $          10,509
   Due to affiliates                                               850,413              790,098
                                                         -----------------    -----------------

         Total current liabilities                                 860,071              800,607


Noncurrent Liabilities:
   Deferred income taxes                                           446,200              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 30,323,617 shares as of
    December 31, 2001 and 29,989,614 shares as of June
    30, 2001                                                     1,516,181            1,499,481
    Additional paid in capital                                   8,000,989            7,867,389
    Accumulated deficit                                         (4,011,965)          (3,866,972)
                                                         -----------------    -----------------

         Total stockholders' equity
                                                                 5,503,105            5,499,898

         TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY                            $       6,811,476    $       6,772,305
                                                         =================    =================

</TABLE>


          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       4
<PAGE>
<TABLE>
<CAPTION>

                                Amended 07/09/02
                               CUBIC ENERGY, INC.
                        CONDENSED STATEMENT OF OPERATIONS
                                   (Unaudited)

                                                                          (Restated)
                                                    For the Three        For the Three
                                                    Months Ended         Months Ended
                                                 December 31, 2001    December 31, 2000
                                                 -----------------    -----------------
<S>                                              <C>                  <C>
Revenue:

   Oil and gas sales                             $          47,395    $          91,019
   Preferred return                                           --                159,917
                                                 -----------------    -----------------

          Total revenue                                     47,395              250,936
                                                 -----------------    -----------------

Costs and expenses:
   Oil and gas production, operating
    and development costs                                   34,277               38,312
   Selling, general and administrative expense              83,749               79,532
   Depreciation, depletion and amortization                 21,043               25,035
                                                 -----------------    -----------------

            Total costs and expenses                       139,069              142,879
                                                 -----------------    -----------------

Operating income (loss)                                    (91,674)             108,057
                                                 -----------------    -----------------

Net income (loss) before income tax                        (91,674)             108,057
                                                 -----------------    -----------------

(Provision) benefit for income taxes                        13,700                 --
                                                 -----------------    -----------------

Net income (Loss)                                $         (77,974)   $         108,057
                                                 =================    =================

Net income (loss) per common share,
basic and diluted                                           (0.003)               0.004
                                                 =================    =================

Weighted average common shares outstanding,
basic and diluted                                       30,152,985           29,989,614
</TABLE>



          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       5
<PAGE>
<TABLE>
<CAPTION>

                                Amended 07/09/02
                               CUBIC ENERGY, INC.
                        CONDENSED STATEMENT OF OPERATIONS
                                   (Unaudited)

                                                                          (Restated)
                                                     For the Six          For the Six
                                                    Months Ended         Months Ended
                                                 December 31, 2001    December 31, 2000

                                                 -----------------    -----------------
<S>                                              <C>                  <C>
Revenue:
   Oil and gas sales                             $          97,353    $         194,445
   Preferred return                                           --                288,877
                                                 -----------------    -----------------

          Total revenue                                     97,353              483,322
                                                 -----------------    -----------------

Costs and expenses:
   Oil and gas production, operating
    and development costs                                   79,616               80,183
   Selling, general and administrative expense             142,150              108,846
   Depreciation, depletion and amortization                 46,180               52,321
                                                 -----------------    -----------------


            Total costs and expenses                       267,946              241,350
                                                 -----------------    -----------------

Operating income (loss)                                   (170,593)             241,972
                                                 -----------------    -----------------

Net income (loss) before income tax                       (170,593)             241,972
                                                 -----------------    -----------------

(Provision) benefit for income taxes                        25,600                 --
                                                 -----------------    -----------------

Net income (Loss)                                $        (144,993)   $         241,972
                                                 =================    =================

Net income (loss) per common share,
basic and diluted                                           (0.005)               0.008
                                                 =================    =================

Weighted average common shares outstanding,
basic and diluted                                       30,071,300           29,989,614
</TABLE>



          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS


                                       6
<PAGE>
<TABLE>
<CAPTION>

                                Amended 07/09/02
                               CUBIC ENERGY, INC.
                        CONDENSED STATEMENT OF CASH FLOWS
                                   (Unaudited)

                                                                               (Restated)
                                                          For the Six          For the Six
                                                          Months Ended         Months Ended
                                                       December 31, 2001    December 31, 2000
                                                       -----------------    -----------------
<S>                                                    <C>                  <C>
Cash flows from operating activities:
   Net income (loss)                                   $        (144,993)   $         241,972
Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
   Depreciation, depletion and amortization                       46,180               52,321
Net change in assets and liabilities:
   (Increase) decrease in accounts receivable                     27,842              (36,159)
   (Increase) decrease in other assets                              --                 41,764
   Increase (decrease) in loan from affiliate                    210,615                  551
   Increase (decrease) in accounts payable and
   accrued liabilities                                              (851)                --
   Increase (decrease) in deferred income tax                    (25,600)                --
                                                       -----------------    -----------------

Net cash provided (used) by operating activities                (113,193)             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   $         113,193    $             543
                                                       -----------------    -----------------


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


Cash at end of period                                  $         198,401    $            (523)
                                                       -----------------    -----------------
</TABLE>



          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS


                                       7
<PAGE>

                                Amended 07/09/02
                               CUBIC ENERGY, INC.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                                   (Unaudited)

(1)  Basis of presentation
          The  accounting  policies  followed  by Cubic  Energy,  Inc.,  a Texas
          corporation (the "Company" or "Cubic"), are set forth in the Company's
          financial  statements that are a part of its June 30, 2001, Form 10KSB
          and should be read in  conjunction  with the financial  statements for
          the six months ended December 31, 2001, contained herein.

          The financial information included herein as of December 31, 2001, and
          for the six-month periods ended December 31, 2001, and 2000, have been
          presented  without an audit,  pursuant to  accounting  principles  for
          interim financial  information generally accepted in the United States
          of America,  and the rules of the Securities and Exchange  Commission.
          The Company  believes  that the  disclosures  are adequate to make the
          information  presented  not  misleading.   The  information  presented
          reflects  all  adjustments  (consisting  solely  of  normal  recurring
          adjustments), which are, in the opinion of management, necessary for a
          fair statement of results for the period.

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

          Basic and diluted earnings per share amounts,  as well as the weighted
          average common shares considered  outstanding for the six months ended
          December  31,  2000,  have  been  restated  to  reflect  the  business
          combination described above.

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

          The interim financial statements for the six months ended December 31,
          2000,  presented  herein,  have been  restated  to give  effect to the
          combination.  As a result,  revenues  reported have been  increased by
          $147,783 and net income (loss) has been increased by $321,697.

(4)  Summary of Significant Accounting Policies
          The  accounting  policies  followed  by  Cubic  Energy,   Inc.,  Texas
          corporation (the "Company" or "Cubic"), formerly known as Roseland Oil
          and Gas, Inc., an Oklahoma corporation, are set forth in Note 2 to the
          Company's  financial  statements  in its June 30,  1998 Form 10KSB and
          should be read in  conjunction  with the financial  statements for the
          six months ended December 31, 2001 contained herein.

          The financial  statements  included herein (three and six month period
          ended December 31, 2001) have been prepared by the Company, without an
          audit,  pursuant  to  generally  accepted  accounting  principles  for
          interim  financial  information  and the rules and  regulations of the
          Securities  and Exchanges  Commission.  The Company  believes that the
          disclosures  are  adequate  to  make  the  information  presented  not
          misleading.   The  information   presented  reflects  all  adjustments
          (consisting solely of normal recurring adjustments), which are, in the
          opinion of  management,  necessary for a fair statement of results for
          the period.


                                       8
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS

     Results of Operations

     Three  Months  Ended  December  31,  2001  Compared To Three  Months  Ended
     December 31, 2000

          HISTORICALLY PRESENTED:

          Gross revenues for the three months ended December 31,  increased from
          $22,032 in 2000 to $47,395 in 2001 due to the transaction  consummated
          by the Company on April 27, 2001.

          Oil and gas production, operating and development costs increased from
          $12,475  (57% of oil and gas sales) at  December  31,  2000 to $34,277
          (72% of oil and gas sales) at December 31, 2001.

          Operating income decreased from a loss of $55,288 at December 31, 2000
          to a loss of $91,674 at December 31, 2001 due to lower  market  prices
          for oil and gas.

          RESTATED COMBINED:

          Gross revenues  decreased from $91,019 at December 31, 2000 to $47,395
          at December 31, 2001 due to lower  production  and lower market prices
          for oil and gas.

          Oil and gas production, operating and development costs decreased from
          $38,312  (42% of oil and gas sales) at  December  31,  2000 to $34,277
          (72% of oil and gas sales) at December 31, 2001.

          Operating  Income  decreased  from a gain of $108,057 at December  31,
          2000 to a loss of $91,674 at December 31, 2001 due to lower production
          and lower market prices for oil and gas.


     Six Months Ended  December 31, 2001  Compared To Six Months Ended  December
     31, 2000

          HISTORICALLY PRESENTED:

          Gross  revenues  for the six months ended  December 31 increased  from
          $46,662 in 2000 to $97,353 in 2001 due to the transaction  consummated
          by the company on April 27, 2001.

          Oil and gas production, operating and development costs increased from
          $30,181  (65% of oil and gas sales) in the six months  ended  December
          31, 2000 to $79,616 (82% of oil and gas sales) in the six months ended
          December  31,  2001.  The  increase in costs was  attributable  to the
          maintenance and repair of producing wells.

          Operating  income  increased  from a loss of $79,725 in the six months
          ended  December 31, 2000 to a loss of $170,593 in the six months ended
          December 31, 2001 due to lower market prices for oil and gas.

          RESTATED COMBINED:

          Gross  revenues  for the six months ended  December 31 decreased  from
          $194,445  in 2000 to $97,353 in 2001 due to the lower  production  and
          lower market prices in oil and gas.

          Oil and gas production, operating and development costs decreased from
          $80,183  (41% of oil and gas sales) in the six months  ended  December
          31, 2000 to $79,616 (81% of oil and gas sales) in the six months ended
          December 31, 2001 due to lower  production  and lower market prices in
          oil and gas.

          Operating  income  increased  from  $241,972  in the six months  ended
          December  31, 2000 to a loss of  $170,593 at December  31, 2001 due to
          lower  production  and lower  market  prices  in oil and gas,  and the
          transaction consummated by the Company on April 27, 2001.


                                       9
<PAGE>

     Liquidity and Capital Resources

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

     Year 2000 issue

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

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

          This report contains  "forward-looking  statements" within the meaning
          of Section 27A of the Securities Act of 1933, as amended,  and Section
          21E  of  the  Securities  Exchange  Act  of  1934,  as  amended.  Such
          forward-looking  statements  are based on  current  expectations  that
          involve a number of risks and  uncertainties  that could cause  actual
          results  to  differ  materially  from  the  results  discussed  in the
          forward-looking  statements.  Generally,   forward-looking  statements
          include  words  or  phrases  such as  "management  anticipates",  "the
          Company believes",  "the Company anticipates" and words and phrases of
          similar impact.  The  forward-looking  statements are made pursuant to
          safe harbor provisions of the Private Securities  Litigation's  Reform
          Act of 1995.

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





                                       10
<PAGE>

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

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

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

                                           CUBIC ENERGY, INC.
DATE:  February 12, 2002                   BY: /s/ Calvin A. Wallen III
                                              -------------------------------
                                              Calvin A. Wallen III, President



                                       11