Cubic Appoints New CFO

Cubic Energy has appointed Scott D. Guffey as Cubic's new Chief Financial Officer. Mr. Guffey brings more than 19 years of corporate finance-related experience to the Company.

Mr. Guffey previously served as Vice President of Corporate Finance for venture capital-backed BenefitMall Inc., where he secured its debt and equity financings, and led the company's financial planning and analysis (FP&A), investor relations and mergers and acquisitions (M&A) functions.

Prior to joining BenefitMall, Mr. Guffey served as Vice President of Finance, M&A and Investor Relations for publicly-traded Aegis Communications Group, Inc. from 1997 through 2000. Before joining Aegis, he was Vice President of Technology Investment Banking with Principal Financial Securities, Inc. for three years, and has 7 years of FP&A and M&A experience with Electronic Data Systems Corporation (EDS).

Mr. Guffey holds an M.B.A from Southern Methodist University and a B.A. in Economics from the University of Virginia.

Calvin Wallen III, President and CEO of Cubic stated, "Scott's solid financial background and investor relations experience makes him an ideal choice as Cubic's CFO. He will provide a valuable contribution to the Company's future growth.''

Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company's oil and gas assets and activity are concentrated primarily in Texas and Louisiana.