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


                                   FORM 10-QSB

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

                For the Quarterly Period Ended September 30, 2002

                          Commission File Number 0-9355

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

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

                                 9870 Plano Road
                                Dallas, TX 75238
                    (Address of principal executive offices)

                                 (972) 686-0369
                (Issuer's telephone number, including area code)


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

                                 Yes [X] No [ ]

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

           Common Stock                Outstanding at September 30, 2002
          --------------               ---------------------------------
          $.05 par value                          31,180,329

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


<PAGE>

                               CUBIC ENERGY, INC.

                                TABLE OF CONTENTS



                         PART 1 - FINANCIAL INFORMATION

ITEM 1. Financial Statements

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

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

Condensed Statement of Operations, (unaudited)
For the three months ended September 30, 2002 and 2001.........................6

Condensed Statements of Cash Flows, (unaudited)
For the three months ended September 30, 2002 and 2001.........................7

Notes to Condensed Financial Statements.....................................8, 9

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



                           PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings.....................................................10

SIGNATURES....................................................................11

Certification: Re: 13a-14(b) and 15d-14.......................................12

Certification: Re: Section 906 of the Sarbanes-Oxley Act of 2002..............13






                                       2
<PAGE>

                          PART I. FINANCIAL INFORMATION

                         INDEPENDENT ACCOUNTANTS' REPORT


The Stockholders and Board of Directors
Cubic Energy, Inc.


We have reviewed the  accompanying  condensed  balance sheet as of September 30,
2002, and the related condensed statements of income, and of cash flows of Cubic
Energy,  Inc. for the  three-month  periods  ended  September 30, 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 auditing  standards  generally  accepted in the United States of
America,  the objective of which is the  expression of an opinion  regarding the
financial  statements taken as a whole.  Accordingly,  we do not express such an
opinion.

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

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




                                                    PHILIP VOGEL & CO. PC

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

                                                    Certified Public Accountants


Dallas, Texas
November 12, 2002




                                       3
<PAGE>
<TABLE>
<CAPTION>

ITEM 1. FINANCIAL STATEMENTS

                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS

                                     ASSETS

                                                      (Unaudited)
                                                   September 30, 2002       June 30, 2002
                                                   ------------------     ------------------
<S>                                                <C>                    <C>
Current assets:
  Cash and cash equivalents                        $          158,592     $          169,334
  Accounts receivable - trade                                  31,253                 40,128
                                                   ------------------     ------------------
Total current assets                               $          189,845     $          209,462


Property and equipment (at cost):
  Oil and gas properties, full cost method:
    Proved properties (including wells and
    related equipment and facilities)              $        1,537,625     $        1,537,625
  Office and other equipment                                      910                    910
                                                   ------------------     ------------------
                                                   $        1,538,535     $        1,538,535
  Less accumulated depreciation, depletion
  and amortization                                            903,411                880,865
                                                   ------------------     ------------------
                                                              635,124                657,670

                                                   $          824,969     $          867,132
                                                   ==================     ==================
</TABLE>















            See accompanying notes to condensed financial statements.

                                       4
<PAGE>
<TABLE>
<CAPTION>

                               CUBIC ENERGY, INC.
                            CONDENSED BALANCE SHEETS

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                       (Unaudited)
                                                   September 30, 2002         June 30, 2002
                                                   ------------------      ------------------
<S>                                                <C>                     <C>
Current liabilities:
  Accounts payable and accrued expenses            $           37,179      $           43,118
  Due to affiliates                                             4,300                   9,110
                                                   ------------------      ------------------
Total current liabilities                          $           41,479      $           52,228

Non-current liabilities:
  Deferred income taxes                                             0                       0

Commitments and contingencies

Stockholders' equity:
  Preferred stock - $.01 par value,
    authorized 10,000,000 shares,
    issued: none                                   $                0      $                0
  Common stock - $.05 par value,
    Authorized 50,000,000 shares,
    issued 31,180,329 shares at
    September 30, 2002 and
    June 30, 2002                                           1,559,017               1,559,017

  Additional paid-in capital                                8,892,992               8,892,992
  Accumulated deficit                                      (9,668,519)             (9,637,105)
                                                   ------------------      ------------------
Stockholders' equity                                          783,490                 814,904
                                                   ------------------      ------------------
                                                   $          824,969      $          867,132
                                                   ==================      ==================

</TABLE>









            See accompanying notes to condensed financial statements.

                                       5
<PAGE>
<TABLE>
<CAPTION>

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

                                                     For the Three          For the Three
                                                     Months Ended           Months Ended
                                                  September 30, 2002     September 30, 2001
                                                  ------------------     ------------------
<S>                                               <C>                    <C>
Revenues:
  Oil and gas sales                               $           74,602     $           49,958
                                                  ------------------     ------------------
Total revenues                                    $           74,602     $           49,958
                                                  ------------------     ------------------
Costs and expenses:
  Oil and gas production, operating and
  development costs                               $           34,544     $           45,339
  Selling, general and
  administrative expenses                                     48,926                 58,401
  Depreciation, depletion and
  amortization                                                22,546                 25,137
                                                  ------------------     ------------------

Total costs and expenses                          $          106,016     $          128,877
                                                  ------------------     ------------------

Operating income (loss)                           $          (31,414)    $          (78,919)
                                                  ------------------     ------------------
Non-operating income (expense):
  Gain (loss) on sales of securities              $                0     $                0
  Other income                                                     0                      0
  Interest expense                                                 0                      0
  Interest income                                                  0                      0
                                                  ------------------     ------------------

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

Income (loss) before taxes:                       $          (31,414)    $          (78,919)

Provision for (benefit of) income taxes                            0                (11,900)
                                                  ------------------     ------------------

Net income (loss)                                 $          (31,414)    $          (67,019)
                                                  ==================     ==================
Net gain (loss) per common share
- basic and diluted                               $           (0.001)    $           (0.002)
                                                  ==================     ==================
Weighted average common shares outstanding
- basic and diluted                                       31,180,329             29,989,614
                                                  ==================     ==================
</TABLE>





            See accompanying notes to condensed financial statements.

                                       6
<PAGE>
<TABLE>
<CAPTION>

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

                                                           For the Three          For the Three
                                                           Months Ended           Months Ended
                                                        September 30, 2002     September 30, 2001
                                                        ------------------     ------------------
<S>                                                     <C>                    <C>
Cash flows from operating activities:

Net income (loss)                                       $          (31,414)    $          (67,019)

Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
  Depreciation, depletion and amortization                          22,546                 25,137

Net change in assets and liabilities:
  (Increase) decrease in accounts receivable                         8,875                 27,481
  Increase (decrease) in loan from affiliate                        (4,810)                33,349
  Increase (decrease) in accounts payable and
    Accrued liabilities                                             (5,939)                 5,171
  Increase (decrease) in deferred taxes                                  0                (11,900)
                                                        ------------------     ------------------

Net cash provided (used) by operating activities        $          (10,742)    $           12,219
                                                        ------------------     ------------------

Net cash provided (used) by investing activities        $                0     $                0
                                                        ------------------     ------------------

Net cash provided (used) by financing activities        $                0     $                0
                                                        ------------------     ------------------

Net increase (decrease) in cash and
    cash equivalents                                    $          (10,742)    $           12,219
                                                        ------------------     ------------------

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

Cash at end of period                                   $          158,592     $           97,427
                                                        ==================     ==================
</TABLE>










            See accompanying notes to condensed financial statements.

                                       7
<PAGE>

                               CUBIC ENERGY, INC.
                          NOTES TO FINANCIAL STATEMENTS
                            AS OF SEPTEMBER 30, 2002
                                   (Unaudited)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation:

The accounting policies followed by Cubic Energy, Inc., a Texas corporation (the
"Company" or "Cubic"),  are set forth in the Company's financial statements that
are a part of its June 30, 2002,  Form 10-KSB and should be read in  conjunction
with the  financial  statements  for the three months ended  September 30, 2002,
contained herein.

The financial  information included herein as of September 30, 2002, and for the
three-month  periods ended  September 30, 2002,  and 2001,  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.

Amendment of prior Reports filed:

The  September  30,  2001 Form  10-QSB was  amended  on July 12,  2002 by filing
through   EDGAR,   to  reflect  a  correction   in  the  Selling,   General  and
Administrative  Expense  category.  This current Report on form 10-QSB indicates
the amounts as previously amended.

Earnings per share:

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

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.


                                       8
<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 10-KSB for
the fiscal year ended June 30, 2002.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS

Results of Operations:

Three Months Ended  September 30, 2002 Compared To Three Months Ended  September
30, 2001 Gross Revenues for the three months ended  September 30, 2002 increased
from  $49,958 at  September  30,  2001 to $74,602 at  September  30, 2002 due to
decreased operating expenses and natural increase of production.

Oil and Gas Production,  Operating and Development  Costs decreased from $45,339
(91% of oil and gas sales) at September  30, 2001 to $34,544 (46% of oil and gas
sales) at September 30, 2002.

Operating  Income  increased  from a loss of $78,919 at September  30, 2001 to a
loss of $31,414 at September 30, 2002 due to reduction of operating expenses and
improving gas prices.

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


                                       9
<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 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 claim.
The Company, after its initial investigation, disputed Kees' legal rights to the
overriding royalty and had filed suit to challenge this royalty.  However, based
on court ruling, Kees is entitled to his overriding royalty and the Company will
owe Kees $30,390 in back overriding royalty payments. Kees will also be entitled
to legal fees expended in the challenging lawsuit.

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 in the re-work of the Reagan #2-11 well.
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 suit also sought
monetary damages against the named  defendants.  This lawsuit was filed on April
26, 1999. All section 11 preferential  rights were returned to the Company on or
about January 2002.  All parties to the lawsuit have now either settled with the
Company or had the remaining claims against them dismissed.





                                       10
<PAGE>

                                   SIGNATURES

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


                                             CUBIC ENERGY, INC.
                                             (Registrant)


Date: November 14, 2002                       /s/ Calvin A. Wallen, III
-----------------------                      -----------------------------------
                                             Calvin A. Wallen, III, President
                                             (Principal Executive, Financial and
                                             Accounting Officer)



























                                       11
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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


Date:November 13, 2002                      Signature: /s/ Calvin A. Wallen, III
                                                      --------------------------
                                                      Calvin A. Wallen, III
                                                      As CEO and CFO


                                       12
<PAGE>

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

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

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

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

Date:November 13, 2002                      Signature: /s/ Calvin A. Wallen, III
                                                      --------------------------
                                                      Calvin A. Wallen, III
                                                      As CEO and CFO


























                                       13