Gulf United Energy, Inc. is in the business of assembling and funding upstream and downstream oil and gas exploration and production projects. We have and continue to actively pursue upstream projects, but we have not yet entered into any upstream agreements.

In July 2007, we entered into a joint venture agreement with Cia. Mexicana de Gas Natural, S.A. de C.V., a corporation organized and existing under the laws of the United Mexican States ("CMGN"). CMGN is engaged in the pipeline business and the terminal business in Mexico. In connection with its pipeline business, CMGN owned 100% of the capital stock of Fermaca Gas de Cancun ("Fermaca Gas"). Fermaca Gas owns 50% of the capital stock of Energia Yaax ("Yaax") and CMGN owns the remaining 50% of the capital stock of Yaax. Yaax will develop, own and operate the pipeline between Valladolid, Cancun and Punta Venado. Pursuant to the terms of the joint venture agreement, we acquired a 24% interest in Fermaca Gas through which we own an indirect ownership in Yaax. In connection with its terminal business, CMGN owned 100% of the capital stock of Fermaca LNG Cancun ("Fermaca LNG"). Fermaca LNG owns 50% of the capital stock of SIIT Energy ("SIIT Energy") and CMGN owns the remaining 50% of the capital stock of SIIT Energy. SIIT Energy will develop, own and operate the terminal located in the Port of Punta Venado in the State of Quintana Roo. Pursuant to the terms of the joint venture agreement, we acquired a 24% interest in Fermaca LNG through which we have an indirect ownership in SIIT Energy. Fermaca Gas and Fermaca LGN purpose are to design, construct, operate and maintain an open access natural gas pipeline between Valladoloid, Cancun and Punta Venado, as well as a liquified natural gas storage and re-gasification facility.