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

                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934


                           (Amendment No.____________)


                               CUBIC ENERGY, INC.
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                         Common Stock, $0.05 par value
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                   77742 900
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


                                 July 28, 2006
- --------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

          [_]  Rule 13d-1(b)

          [X]  Rule 13d-1(c)

          [_]  Rule 13d-1(d)


- ----------
* The remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 or  otherwise  subject to the  liabilities  of that  section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).





CUSIP No. 77742 900                   13G                      Page 2 of 6 Pages


________________________________________________________________________________
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)


     George Karfunkel
________________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

     (a) [X]
     (b) [_]
________________________________________________________________________________
3.   SEC USE ONLY



________________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION


     United States
________________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES           3,375,000
               _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY          -0-
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         3,375,000
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            -0-
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


     3,375,000
________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [_]


     N/A
________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9


     7.4%
________________________________________________________________________________
12.  TYPE OF REPORTING PERSON (See Instructions)


     IN
________________________________________________________________________________




CUSIP No. 77742 900                   13G                      Page 3 of 6 Pages



Item 1(a).  Name of Issuer:


            Cubic Energy, Inc. (the "Company")
            ____________________________________________________________________

Item 1(b).  Address of Issuer's Principal Executive Offices:


            9870 Plano Road
            Dallas, Texas  75238
            ____________________________________________________________________

Item 2(a).  Name of Person Filing:


            George Karfunkel
            ____________________________________________________________________

Item 2(b).  Address of Principal Business Office, or if None, Residence:


            c/o American Stock Transfer & Trust Company
            59 Maiden Lane
            New York, New York  10038
            ____________________________________________________________________

Item 2(c).  Citizenship:


            George Karfunkel a citizen of the United States.
            ____________________________________________________________________

Item 2(d).  Title of Class of Securities:


            Common Stock, $0.05 par value
            ____________________________________________________________________

Item 2(e).  CUSIP Number:


            77742  900
            ____________________________________________________________________

Item 3.     If This Statement  is Filed  Pursuant to  Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

     (a)  [_]  Broker or dealer registered under Section 15 of the Exchange Act.

     (b)  [_]  Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c)  [_]  Insurance  company as defined in Section 3(a)(19) of the Exchange
               Act.

     (d)  [_]  Investment  company  registered under Section 8 of the Investment
               Company Act.

     (e)  [_]  An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

     (f)  [_]  An employee  benefit plan or endowment  fund in  accordance  with
               Rule 13d-1(b)(1)(ii)(F);

     (g)  [_]  A parent  holding  company or control  person in accordance  with
               Rule 13d-1(b)(1)(ii)(G);



CUSIP No. 77742 900                   13G                      Page 4 of 6 Pages

     (h)  [_]  A savings  association  as defined in Section 3(b) of the Federal
               Deposit Insurance Act;

     (i)  [_]  A  church  plan  that  is  excluded  from  the  definition  of an
               investment  company  under  Section  3(c)(14)  of the  Investment
               Company Act;

     (j)  [_]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

     If this statement is filed pursuant to Rule 13d-1(c), check this box. [X]

Item 4.  Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a)  Amount beneficially owned:

          3,375,000
          ______________________________________________________________________

     (b)  Percent of class:

          7.4%
          ______________________________________________________________________

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote               3,375,000


          (ii)  Shared power to vote or to direct the vote                -0-


          (iii) Sole power to dispose or to direct the disposition of  3,375,000


          (iv)  Shared power to dispose or to direct the disposition of   -0-



Item 5.  Ownership of Five Percent or Less of a Class.

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ].


Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.


         Not Applicable.
         _______________________________________________________________________

Item 7.  Identification and  Classification of the Subsidiary Which Acquired the
         Security  Being  Reported on by the Parent  Holding  Company

         Not Applicable.
         _______________________________________________________________________



CUSIP No. 77742 900                   13G                      Page 5 of 6 Pages

Item 8.  Identification and Classification of Members of the Group.


         Not Applicable.
         _______________________________________________________________________

Item 9.  Notice of Dissolution of Group.


          Not Applicable.
          ______________________________________________________________________

Item 10.  Certifications.

     (a)  Not Applicable.


     (b)  "By signing  below I certify  that,  to the best of my  knowledge  and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or  influencing
          the control of the issuer of the  securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having that purpose or effect."
















CUSIP No. 77742 900                   13G                      Page 6 of 6 Pages

SIGNATURE
- ---------

     After reasonable inquiry and to the best of the undersigned's knowledge and
belief,  the  undersigned  certifies  that  the  information  set  forth in this
statement is true, complete and correct.



                                                   /s/ George Karfunkel
                                                  ------------------------------
                                                  George Karfunkel, individually