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 September 30, 2000

                                       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 - 18,917,949 shares as of September 30, 2000

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

Balance Sheets
As of  September 30, 2000, (unaudited) and June 30, 2000                   3, 4

Statement of Operations, unaudited
For the three months ended September 30, 2000 and 1999                        5

Statements of Cash Flows, unaudited
For the three months ended September 30, 2000 and 1999                        6


Notes to Unaudited Financial Statements                                       7


ITEM 2.  Management's Discussion and Analysis                              7, 8



                           PART II - Other Information

ITEM 1.  Legal Proceedings                                                    9


SIGNATURES                                                                    9




                                       2
<PAGE>
<TABLE>
<CAPTION>



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                                CUBIC ENERGY, INC
                                  BALANCE SHEET
                      September 30, 2000 and June 30, 2000
                                   (Unaudited)

                                     ASSETS


                                                 For the period ended      For the period ended
                                                   September 30,2000            June 30,2000
<S>                                                  <C>                        <C>
Current Assets:
 Cash and cash equivalents                           $      602                 $       20
 Accounts receivable                                     19,045                      8,416
                                                     ----------                 ----------

    Current assets                                      19,647                      8,436


Property and equipment, at cost
  Oil and gas properties                              1,254,646                  1,607,893
  Office and other equipment                                909                        910
                                                     ----------                 ----------

    Total property and equipment                      1,255,555                  1,608,803

  Less accumulated depreciation,
   depletion and amortization                           140,368                    211,567
                                                     ----------                 ----------

    Net property and equipment                        1,395,923                  1,397,236


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

    TOTAL ASSETS                                     $1,415,569                 $1,405,672
                                                     ==========                 ==========

</TABLE>


          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       3
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<TABLE>
<CAPTION>




                                CUBIC ENERGY, INC
                                  BALANCE SHEET
                      September 30, 2000 and June 30, 2000
                                   (Unaudited)

                        LIABILITIES & STOCKHOLDERS EQUITY



                                                          For the period ended   For the period ended
                                                           September 30, 2000      June 30, 2000
<S>                                                            <C>                   <C>

Current Liabilities:
  Accounts payable                                             $     41,098          $     49,369
  Due to affiliates                                                 722,741               680,977
                                                               ------------          ------------

         Total current liabilities                                  763,840               730,346


Stockholders' equity:
  Common  stock,  -$.05 par  value, authorized
  50,000,000    shares,  issued 18,917,947 shares
  in 2000 and 18,238,347 shares in 1999
  Additional paid in capital                                        945,848               945,848
  Accumulated deficit                                             3,049,242             3,049,242
                                                                 (3,343,360)           (3,319,764)
                                                               ------------           ------------

         Total stockholders' equity                                 651,730               675,326



         TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY                                  $  1,415,570          $  1,405,672
                                                               ============          ============

</TABLE>




          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS





                                       4
<PAGE>
<TABLE>
<CAPTION>




                                CUBIC ENERGY, INC
                             STATEMENT OF OPERATIONS
             For the Three Months Ended September 30, 2000 and 1999
                                   (Unaudited)



                                                    For the Three               For the Three
                                                    Months Ended                Months Ended
                                                   September 30,2000          September 30, 1999
<S>                                                 <C>                         <C>
Revenue:
   Oil and gas sales                                $      24,630               $      18,668
   Other                                                        0                           4
                                                    -------------               -------------

          Total revenue                                    24,630                      18,672

Costs and expenses:
   Oil and gas production, operating
   and development costs                                   17,703                       7,191
   Selling, general and administrative expense             29,210                      93,643
   Depreciation, depletion and amortization                 1,313                       3,947
                                                    -------------               -------------

            Total costs and expenses                       48,226                     104,781

Operating income (loss)                                   (23,596)                    (86,109)

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                          62
                                                    -------------               -------------


             Total non-operating income (expenses)              0                          62
                                                    -------------               -------------


Net income (loss) before income tax                       (23,596)                    (86,171)
                                                    -------------               -------------

(Provision) benefit for income taxes                            0                           0

Net income (Loss)                                   $     (23,596)              $     (86,171)
                                                    =============               =============


Net loss per common share - basic and diluted

</TABLE>


          THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       6
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<TABLE>
<CAPTION>




                                CUBIC ENERGY, INC
                             STATEMENT OF CASH FLOWS
             For the Three Months Ended September 30, 2000 and 1999
                                   (Unaudited)

                             STATEMENT OF CASH FLOWS

                                                         For the Three            For the Three
                                                          Months Ended             Months Ended
                                                       September 30,2000        September 30,1999
<S>                                                          <C>                      <C>

Cash flows from operating activities:
   Net income (loss)                                         $ (23,596)               $ (86,171)
Adjustments to reconcile net income (loss)
to cash provided (used) by operating activities:
   Depeciation, depletion and amortization                       1,313                    3,947
   Provision (gain) loss for deferred income tax                     0                        0
Net change in assets and liabilities:
   (Increase) decrease in accounts receivable                  (10,629)                   1,159
   (Increase) decrease in notes receivable                           0                        0
   (Increase) decrease in other assets                               0                   55,398
   Increase (decrease) in loan from affiliate                        0                   48,792
   Increase (decrease) in accounts payable and
    accrued liabilities                                         (8,270)                  (3,979)
   Increase (decrease) in other accounts payable                     0

Net cash provided (used) by operating activities               (41,182)                  19,146

Cash flows from investing activities:
   Changes to oil & gas properties                                   0                        0
   Changes in other assets                                           0                        0

Net cash provided (used) by investing activities                     0                        0

Cash flows from financing activities:
   Affiliate loan                                               41,764                        0
   Changes in common stock                                           0                        0
   Changes in debt                                                   0                        0

Net cash provided (used) by investing activities                41,764                        0

Net increase (decrease) in cash and cash equivalents                                   $ 19,146

Cash beginning of period                                            20                    1,374

Cash at end of period                                         $    602                 $ 20,520

</TABLE>

                  THE ACCOMPANYING NOTES ARE PART OF THESE FINANCIAL STATEMENTS



                                       7
<PAGE>




                               CUBIC ENERGY, INC.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

                            AS OF SEPTEMBER 30, 2000

                                   (Unaudited)



1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The accounting  policies followed by Cubic Energy,  Inc., Texas corporation
(the  "Company" or "Cubic"),  formerly  known as Roseland Oil and Gas,  Inc., an
Oklahoma  corporation,  are  set  forth  in  Note 2 to the  Company's  financial
statements  in its June 30,  1998 Form 10KSB and  should be read in  conjunction
with the  financial  statements  for the three months ended  September  30, 2000
contained herein.

     The financial  statements  included herein as of September 30, 2000,  three
month period ended September 30, 2000 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 SEPTEMBER 30, 2000 COMPARED TO THREE MONTHS ENDED
SEPTEMBER 30, 1999

     Gross  revenues  for the three months  ended  September  30 increased  from
$18,672 in 1999 to $24,630 in 2000 due to the  disposal of oil and gas wells and
increases in oil and gas production and prices.

      Oil and gas  production,  operating and  development  costs increased from
$7,191 (38.5% of oil and gas sales) in the three months ended September 30, 1999
to $17,703  (71.0% of oil and gas sales) in three  months  ended  September  30,
2000. The increase in costs was attributable to the reworking of producing wells
to increase production.  Selling,  general and administrative expenses decreased
from  $104,781 in the three months ended  September 30, 1999 to $46,323 in three
months ended September 30, 2000.

     Operating income decreased from a loss of $86,109 in the three months ended
September 30, 1999 to a loss of $23,596 in the three months ended  September 30,
2000 due to a decrease in  accounting  and legal fees,  and increases in oil and
gas production and prices.



                                       8
<PAGE>



Liquidity and Capital Resources

     As of October 01, 1999,  long-term debt of $118,760 was converted to common
stock.  This  leaves  no  outstanding  long-term  debt as of March  31,  2000 as
compared  to the total  long- term debt of $118,760 as of June 30, 1999 of which
none was  classified  as current.  See the  Company's  June 30, 1999 Form 10KSB,
Footnote 4.

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.

 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, 1999.



                                       9
<PAGE>



PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the spring of 1999,  the Company  became aware of the claim of Clifford 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,
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 Vanderver,  et al." against
Kees, Venderver 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.

                                         CUBIC ENERGY, INC.

DATE: November 10, 2000                  BY: /s/ Calvin A. Wallen III, President
                                         ---------------------------------------
                                         Calvin A. Wallen III, President
                                         (Principal Executive, Financial and
                                         Accounting Officer)