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

                                   FORM 10-QSB

(Mark One)

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

                  For the Quarterly Period Ended March 31, 2001

                                       Or

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

             For the Transition period from___________ to___________


                          Commission File Number 0-9355

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

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

                             1720 Northwest Highway
                                    Suite 320
                                Garland, TX 75041

                    (Address of principal executive offices)

                                 (972) 686-0369

                (Issuer's telephone number, including area code)

                           Roseland Oil and Gas, Inc.

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

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

                                 Yes [x] No [ ]

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

      Common Stock, $.05 par Value - 18,736,947 shares as of March 31, 2001

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



                                       1

<PAGE>

                               CUBIC ENERGY, INC.

                      (Formerly Roseland Oil and Gas, Inc.)

                                TABLE OF CONTENTS



PART 1  Financial Information

     ITEM 1.  Financial Statements

         Independent Accountant's Report                                    3

         Balance Sheets
         As of March 31, 2001, (unaudited) and June 30, 2000              4-5

         Statement of Operations, unaudited
         For the three months ended March 31, 2001 and 2000                 6

         Statement of Operations, unaudited
         For the nine months ended March 31, 2001 and 2000                  7

         Statements of Cash Flows, unaudited
         For the nine months ended March 31, 2001and 2000                   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


SIGNATURES                                                                 12




                                       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, 2001,
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, 2001 and 2000.
These financial statements are the responsibility of the Company's management.

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

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

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




                                                 PHILIP VOGEL & CO. PC

                                                 /s/ Philip Vogel & Co. PC
                                                 -------------------------

                                                 Certified Public Accountants


Dallas, Texas
May 10, 2001



                                       3
<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                                CUBIC ENERGY, INC
                            CONDENSED BALANCE SHEETS
                          March, 2001 and June 30, 2000
                                   (Unaudited)



                                     ASSETS


                                            (Unaudited)
                                          March 31, 2001    June 30, 2000
                                          --------------   --------------
Current Assets:

   Cash and cash equivalents              $        7,114   $           20
   Accounts receivable                            11,572            8,416
                                          --------------   --------------


          Current assets                          18,686            8,436
                                          --------------   --------------


Property and equipment, at cost:

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


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

    Less accumulated depreciation,
     depletion and amortization                  216,215          211,567
                                          --------------   --------------


            Net property and equipment         1,392,588        1,397,236
                                          --------------   --------------



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



             TOTAL ASSETS                 $    1,411,274   $    1,405,672
                                          ==============   ==============



            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       4
<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                            CONDENSED BALANCE SHEETS
                        March 31, 2001 and June 30, 2000
                                   (Unaudited)

                        LIABILITIES & STOCKHOLDERS EQUITY



                                                   (Unaudited)
                                                  March 31, 2001    June 30, 2000
                                                  --------------    --------------
<S>                                               <C>               <C>
Current Liabilities:
   Accounts payable                               $       25,028    $       49,369

   Due to affiliates                                     817,621           680,977
                                                  --------------    --------------

         Total current liabilities                       842,649           730,346
                                                  --------------    --------------

Stockholders' equity:
    Preferred stock - $.01 par value, authorized
    10,000,000 shares, issued none                             0                 0
    Common stock, -$.05 par value, authorized
    50,000,000 shares, issued 18,736,947 shares
    as of December 31, 2000 and 18,916,947
    shares as of June 30, 2000                           936,848           945,848
    Additional paid in capital                         3,058,242         3,049,242
    Accumulated deficit                               (3,426,465)       (3,319,764)
                                                  --------------    --------------

         Total stockholders' equity                      568,625           675,326


         TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY                     $    1,411,274    $    1,405,672
                                                  ==============    ==============

</TABLE>





            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       5
<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                        CONDENSED STATEMENT OF OPERATIONS
               For the Three Months Ended March 31, 2001 and 2000
                                   (Unaudited)


                                                      (Unaudited)
                                                     For the Three     For the Three
                                                      Months Ended      Months Ended
                                                     March 31, 2001    March 31, 2000
                                                     --------------    --------------
<S>                                                  <C>               <C>
Revenue:
   Oil and gas sales                                 $       15,922    $       15,018
   Other                                                          0             1,227
                                                     --------------    --------------

          Total revenue                                      15,922            16,245

Costs and expenses:
   Oil and gas production, operating
    and development costs                                     9,526             9,872
   Selling, general and administrative expense               32,189            41,100
   Depreciation, depletion and amortization                   1,183             4,080
                                                     --------------    --------------

            Total costs and expenses                         42,898            55,052

Operating income (loss)                                     (26,976)          (38,807)

Non-operating income (expenses):
   Interest income                                                0                 0
   Gain (loss) on sales of securities and assets                  0                 0
   Other income (loss)                                            0                 0
   Interest expense                                               0               184
                                                     --------------    --------------

             Total non-operating income (expenses)                0               184
                                                     --------------    --------------


Net income (loss) before income tax                         (26,976)          (38,991)
                                                     --------------    --------------

(Provision) benefit for income taxes                              0                 0

Net income (Loss)                                    $      (26,976)   $      (38,991)
                                                     ==============    ==============

Net loss per common share - basic and diluted                (0.001)           (0.002)
                                                     ==============    ==============
Weighted average common shares outstanding
- basic and diluted                                      18,736,947        18,698,147
                                                     ==============    ==============

</TABLE>

            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       6
<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                        CONDENSED STATEMENT OF OPERATIONS
                For the Nine Months Ended March 31, 2001 and 2000
                                   (Unaudited)


                                                       (Unaudited)
                                                      For the Nine      For the Nine
                                                      Months Ended      Months Ended
                                                     March 31, 2001    March 31, 2000
                                                     --------------    --------------
<S>                                                  <C>               <C>
Revenue:
  Oil and gas sales                                  $       62,584    $       56,768
  Other                                                      16,000             2,604
                                                     --------------    --------------

          Total revenue                                      78,584            59,372
                                                     ==============    ==============
Costs and expenses:
  Oil and gas production, operating
  and development costs                                      39,707            25,635
  Selling, general and administrative expense               140,931           231,091
  Depreciation, depletion and amortization                    4,647            11,954
                                                     --------------    --------------

            Total costs and expenses                        185,285           268,680
                                                     ==============    ==============

Operating income (loss)                                    (106,701)         (209,308)
                                                     ==============    ==============
Non-operating income (expenses):
  Interest income                                                 0                 0
  Gain (loss) on sales of securities and assets                   0            41,590
  Other income (loss)                                             0                 0
  Interest expense                                                0             6,503
                                                     --------------    --------------

             Total non-operating income (expenses)                0            48,093
                                                     --------------    --------------


Net income (loss) before income tax                        (106,701)         (257,401)
                                                     --------------    --------------

(Provision) benefit for income taxes                              0                 0
                                                     --------------    --------------

Net income (Loss)                                    $     (106,701)   $     (257,401)
                                                     ==============    ==============

Net loss per common share - basic and diluted                (0.006)           (0.014)
                                                     ==============    ==============
Weighted average common shares outstanding
- basic and diluted                                      18,797,385        18,698,147
                                                     ==============    ==============

</TABLE>

            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       7
<PAGE>
<TABLE>
<CAPTION>

                                CUBIC ENERGY, INC
                        CONDENSED STATEMENT OF CASH FLOWS
                For the Nine Months Ended March 31, 2001 and 2000
                                   (Unaudited)

                             STATEMENT OF CASH FLOWS

                                                         (Unaudited)
                                                        For the Nine      For the Nine
                                                        Months Ended      Months Ended
                                                       March 31, 2001    March 31, 2000
                                                       --------------    --------------
<S>                                                    <C>               <C>
Cash flows from operating activities:
   Net income (loss)                                   $     (106,701)   $     (257,401)
Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
   Depeciation, depletion and amortization                      4,647            11,955
Net change in assets and liabilities:
   (Increase) decrease in accounts receivable                  (3,155)           12,971
   (Increase) decrease in other assets                              0           101,691
   Increase (decrease) in loan from affiliate                       0           116,533
   Increase (decrease) in accounts payable and
    accrued liabilities                                       (24,341)          (11,041)
                                                       --------------    --------------

Net cash provided (used) by operating activities             (129,550)          (25,292)
                                                       --------------    --------------

Net cash provided (used) by investing activities                    0                 0
                                                       --------------    --------------
Cash flows from financing activities:
   Affiliate loan                                             136,644                 0
   Changes in common stock                                          0           146,031
   Changes in debt                                                  0          (118,760)
                                                       --------------    --------------

Net cash provided (used) by investing activities              136,644            27,271
                                                       --------------    --------------

Net increase (decrease) in cash and cash equivalents   $        7,094    $        1,374

Cash beginning of period                                           20             1,374
                                                       --------------    --------------

Cash at end of period                                  $        7,114    $        3,353
                                                       ==============    ==============

</TABLE>

            SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS


                                       8
<PAGE>

                               CUBIC ENERGY, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)



(1)      Basis of presentation

         The  quarterly  financial  information  included  herein is  unaudited;
         however,  such information reflects all adjustments  (consisting solely
         of  normal  recurring   adjustments)  which  are,  in  the  opinion  of
         management,  necessary for a fair  statement of results for the interim
         period.

(2)      Earnings per share

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

(3)      Subsequent event

         On March 26, 2001, the Company offered approximately  11,100,000 shares
         of its common stock in exchange for certain direct working interests in
         select  producing  oil and/or  natural gas wells owned by its  majority
         stockholder,  and membership  units in various funds that are currently
         operated by its majority stockholder. The Company anticipates that this
         exchange will be fully  subscribed  to and that the resulting  business
         combination  will be  accounted  for as a  pooling  of  interests.  The
         transaction  described in this  paragraph is voidable by the company if
         an  insufficient  number of  interests  are  subscribed  for  exchange.
         Financial  statements  prepared in accordance  with generally  accepted
         accounting principles and related proforma financial information is not
         yet available.




                                       9
<PAGE>

                               CUBIC ENERGY, INC.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                   (Unaudited)

                              AS OF MARCH 31, 2001


1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

The financial  statements  included herein as of March 31, 2001,  three and nine
month periods ended March 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.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS


RESULTS OF OPERATIONS


THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000

Gross  revenues for the three  months  ended March 31 increased  from $15,018 in
2000 to $15,922 in 2001 due to the increase in oil and gas prices.

Oil and gas production,  operating and  development  costs decreased from $9,872
(65.7% of oil and gas sales) in the three  months ended March 31, 2000 to $9,526
(59.8% of oil and gas  sales) in the three  months  ended  March 31,  2001.  The
decrease in costs was  attributable  to the  completion of the  maintenance  and
repair  of  producing  wells.  Selling,   general  and  administrative  expenses
decreased  from  $41,000 in the three  months ended March 31, 2000 to $32,189 in
three months ended March 31, 2001 due to the  decreased  legal,  accounting  and
audit costs resulting from the  implementation  of new software  systems and the
utilization of corporate personnel versus contract personnel.

Operating  income  increased  from a loss of $38,807 in the three  months  ended
March 31, 2000 to a loss of $26,647 in the three months ended March 31, 2001 due
to a decrease in selling,  general and administrative  expenses and the increase
in oil and gas prices.



                                       10
<PAGE>

NINE MONTHS ENDED MARCH 31, 2000 COMPARED TO NINE MONTHS ENDED MARCH 31, 2001

Gross revenues for the nine months ended March 31 increased from $56,768 in 2000
to $62,584 in 2001 due to the increase in oil and gas prices.

Oil and gas production,  operating and development  costs increased from $25,635
(64.6% of oil and gas sales) in the nine months  ended March 31, 2000 to $39,707
(63.4% of oil and gas  sales) in the nine  months  ended  March  31,  2001.  The
increase in costs was  attributable  to the  maintenance and repair of producing
wells. Selling,  general and administrative  expenses decreased from $231,091 in
the nine months  ended March 31, 2000 to $140,931 in nine months ended March 31,
2001 due to the decreased  legal,  accounting and audit costs resulting from the
implementation  of  new  software  systems  and  the  utilization  of  corporate
personnel versus contract personnel.

Operating income improved from a loss of $257,401 in the nine months ended March
31, 2000 to a loss of $106,372 in the nine months  ended March 31, 2001 due to a
decrease in selling, general and administrative expenses and the increase in oil
and gas prices.

Liquidity and Capital Resources

The Company has no long-term debt as of March 31, 2001.

Year 2000 Issue

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

Safe Harbor  Statements Under The Private  Securities  Litigation  Reform Act of
1995

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


                                       11
<PAGE>

The  factors  that could  cause  actual  results to differ  materially  from the
forward-looking  statements  include,  but  are not  limited  to:  (i)  industry
conditions  and  competition  (ii) the cyclical  nature of the  industry,  (iii)
domestic and  worldwide  supplies and demand for oil and gas,  (iv)  operational
risks and insurance, (v) environmental liabilities which may arise in the future
which are not covered by insurance or indemnity,  (vi) the impact of current and
future laws and government  regulations,  as well as repeal or  modification  of
same,  affecting  the oil and gas  industry  and  the  Company's  operations  in
particular,  (vii) production  levels and other activities of OPEC and other oil
and gas  producers,  and the impact that the above factors and other events have
on the current and  expected  future  pricing of oil and natural gas, and (viii)
the risks described from time to time in the Company's reports to the Securities
and Exchange  Commission,  including the Company's  Annual Report Form 10KSB for
the fiscal year ended June 30, 2000.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

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

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


                                             CUBIC ENERGY, INC.

DATE:  May 11, 2001                          BY: /s/ Calvin A. Wallen III




                                             Calvin A. Wallen III, President
                                             (Principal Executive, Financial and
                                              Accounting Officer)



                                       12