Annual Shareholders Meeting

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NYSE Amex QBC www.CubicEnergyInc.com

Annual Shareholders Meeting Friday, April 24,
2009
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Company Overview

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Key Investment Highlights Why Cubic?

• Working interest in acreage position of 9,300
  acres in the heart of the Haynesville/Bossier
  Shale
• 150 locations
• Nearly all acreage HBP (95)
• Difficult to replicate a similar acreage position
• Extremely attractive economics FD of
  1.21/Mcf
• Numerous prolific wells surrounding Cubics
  acreage position
• Including announced Chesapeake/Goodrich well
  which initially produced 14.5 MMcfpd directly
  offset to the lease line
• Infrastructure in place

Compressor Site Johnson Branch Field Caddo
Parish, Louisiana
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Cubics Acreage Position
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Selected Horizontal Haynesville Completions
IP results for Haynesville wells in the vicinity
of Cubics acreage have been extraordinary
Goodwin 9-5 OP HK 9-16N-11W IP 21,100
MCFPD Comp 12/08
Chiggero 14-1H OP CHK 14-16N-15W IP 4,634
MCFPD Comp 7/19/08
SLRT 29-2H OP CHK 29-16N-15W IP 2,647
MCFPD Comp 10/10/08
Brown 17-4 OP HK 17-16N-11W IP 23,400
MCFPD Comp 11/08
EGP 9-63H OP HK 9-16N-11W IP 17,016 MCFPD Comp
6/26/08
Bison 31H OP CHK 31-16N-14W IP 10,642
MCFPD Comp 8/28/08
Hutchinson 9-5 OP HK 9-15N-12W IP 19,400
MCFPD Comp 8/13/08
Muslow 22H OP CHK 22-15N-16W IP 9,187
MCFPD Comp 9/27/08
Sample 9-1 OP HK 9-14N-11W IP 28,200
MCFPD Comp 12/08
Walton 14H OP CHK 14-15N-15W IP 11,893
MCFPD Comp 11/1/08
Hunt Plywood 36-11H OP HK 36-15N-13W IP 17,043
MCFPD Comp 9/20/08
Oden Heirs 30H OP EXCO 30-14N-13W IP 22,500
MCFPD Comp 12/10/08
Holland 17H-1 OP CHK 17-14N-15W IP 14,500
MCFPD Comp 12/31/08
Indicates Press Release Reported IP
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Cubic Recoverable Gas in Place for Haynesville

• RPS Scotia Study
• Based on analysis of Schlumberger ELAN Tool
• P50 Original Free Gas in Place 180.6
  BCF/Section
• P50 Original Total Gas in Place 229.8
  BCF/Section
• Based on 80 acre spacing, and
• 20 Recovery Factor, EUR 5.7 BCF/Well
• 25 Recovery Factor, EUR 7.2 BCF/Well
• 30 Recovery Factor, EUR 8.6 BCF/well

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Horizontal Haynesville Shale Type Well Base
Case
IP (1st month) 6,500 MCFPD D (init)
77 b Factor 1.65 D (final) 5 EUR
5.5 BCF
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Base Case Horizontal Haynesville Shale Type
WellReserves Economics

• Horizontal Haynesville Type Curve was developed
  after analysis of producing Chesapeake wells
• Reservoir Assumptions include
• First month average production of 6,500 MCFPD
• Initial decline rate of 77
• Hyperbolic b factor of 1.65
• Terminal decline of 5
• EUR 5.5 BCF
• Economic Assumptions include
• Capital costs of 7.3 MM/well
• LOE of 6,600/well/month
• Strip gas pricing scenario as of 1-05-09
  (09 - 5.79, 10 -
  6.86, 11 - 7.44, aft - 7.13)
• Economic Results
• 35.6 IRR
• 3.3 1 ROI
• 3.3 yr Payout
• 5 MM PV10

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Horizontal Haynesville Shale Type WellMost
Likely Case
IP (1st month) 8,700 MCFPD D (init)
77 b Factor 1.65 D (final) 5 EUR
7.5 BCF
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Horizontal Haynesville Shale Type WellBase Case
vs Most Likely Case
Most Likely Case IP 8,700 MCFPD
Base Case IP 6,500 MCFPD
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Likely Case Horizontal Haynesville Shale Type
WellReserves Economics

• Horizontal Haynesville Type Curve was developed
  after analysis of producing Chesapeake wells and
  also considering new wells with reported IP, but
  no production history
• Reservoir Assumptions include
• First month average production of 8,700 MMCFPD
• Initial decline rate of 77
• Hyperbolic b factor of 1.65
• Terminal decline of 5
• EUR 7.5 BCF
• Economic Assumptions include
• Capital costs of 7.3 MM/well
• LOE of 6,600/well/month
• Strip gas pricing scenario as of 1-5-09
  
  
  (09 - 5.79, 10 - 6.86, 11 -
  7.44, aft - 7.13)
• Economic Results
• 58.8 IRR
• 4.7 1 ROI
• 2.2 yrs payout
• 9.4 MM PV10

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Anticipated SEC Changes
The SEC has unanimously approved new reserve
rules for Exploration Production (EPs)
companies that will go into effect for 2009
reserves.

• Commodity Prices The new rules will allow
  companies to average the end of month prices for
  the prior 12-months, instead of a single day
  price.
• New PUD guidelines Currently, proved reserves
  for undrilled locations more than one offset from
  a productive location must demonstrate certainty
  that there is continuity of production from the
  existing productive formation. This has precluded
  most companies from booking reserves more than
  one offset away. Previously, there has been
  discussion on updating the definition of PUD
  reserves to include reasonable certainty
  thereby, allowing reserves to be booked more than
  one offset from existing productive units.
• Probable/Possible Reserves The new reserves
  definitions will allow but not require EPs to
  formally disclose probable and possible reserves.
• New Technology Historically, proved reserves
  have been booked primarily using production,
  pressure, and log data. Under the new rules, EPs
  will be able to use new technologies, to the
  extent that they are accepted industry-wide, such
  as seismic imaging, numeric reservoir simulation,
  MDT data, etc. to determine proved reserves.

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Disclaimer
This presentation material 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. The opinions,
forecasts, projections or other statements, other
than statements of historical fact, are
forward-looking statements. Although Cubic
Energy Inc. (the Company) believes that the
expectations reflected in such forward-looking
statements are reasonable, they do involve a
number of risks and uncertainties. Among the
important factors that could cause actual results
to differ materially from those indicated by such
forward-looking statements are delays and
difficulties in developing currently owned
properties, the failure of exploratory drilling
to result in commercial wells, delays due to the
limited availability of drilling equipment and
personnel, the availability of capital,
fluctuations in oil and gas prices, general
economic conditions and the risk factors detailed
in the Companys 10-K filed for the fiscal year
ending June 30, 2008, filed with the Securities
and Exchange Commission
Hudson 10 No. 1 Johnson Branch Field Caddo
Parish, Louisiana
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NYSE Amex QBC www.CubicEnergyInc.com
9870 Plano Road Dallas, TX 75238 Phone
972-686-0369 Fax [phone] Investor
Relations Donna Luedtke Email
donna_at_cubicenergyinc.com
Daniels 3 No. 1 Johnson Branch Field in Caddo
Parish, Louisiana