Cubic Energy, Inc. has exercised its election to extend the closing of the previously announced acquisition of the Gastar Exploration Texas, LP ("Gastar" or the "Seller") East Texas properties until August 30, 2013, with Cubic making another payment to Gastar of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00).

Once closing occurs, this sum, in addition to the aggregate amounts previously deposited will equal Four Million Six Hundred Thousand Dollars ($4,600,000.00) which represents 10% of the purchase price. This amount shall all be applied to the Purchase Price at closing, thus reducing the purchase price by $4,600,000.

Tags: Cubic Energy, Gastar Exploration Ltd.