UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



---

Form 10-QSB

(Mark One)



| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | ---------------------------------------------------------------------------------------

For the quarterly period ended June 30, 2005

| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | ----------------------------------------------------------------------------------------

| | For the transition period from ________ to __________
| | -----------------------------------------------------

Commission File No. 000-30841



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UNITED ENERGY CORP.

(Exact
  name of small business issuer as specified in its charter)



| | Nevada(State or other jurisdiction ofincorporation or organization)            |  | 22-3342379(I.R.S. Employer Identification No.) | 
| | ------------------------------------------------------------------------------ |  | ---------------------------------------------- | 
| |                                                                                |  |                                                | 
| | 600MeadowlandsParkway#20,Secaucus,N.J.(Address of principal executive offices) |  | 07094(Zip Code)                                | 

(800) 327-3456

(Small business issuers telephone number, including area code)

Indicate
  by check mark whether the Issuer (1) has filed all reports required to be filed
  by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
  12 months (or for such shorter period that the Issuer was required to file such
  reports), and (2) has been subject to such filing requirements for the past
  90 days. YesNo

Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.



| | Class |  | Outstanding as of August 12, 2005 | 
| | ----- |  | --------------------------------- | 

| | Common Stock, $.01 par value |  | 25,147,517 shares | 
| | ---------------------------- |  | ----------------- | 

| |  |  |  | 
| |  |  |  | 



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INDEX



|PART I. FINANCIAL INFORMATION |                                                                                                                
|----------------------------- | ---------------------------------------------------------------------------------------------------------------
|Item 1.                       | Financial Statements                                                                                           
|                              | Consolidated balance sheets June 30, 2005 (Unaudited) and March 31, 2005                                       
|                              | Consolidated statements of operations for the three months ended June 30, 2005 (Unaudited) and 2004 (Unaudited)
|                              | Consolidated statement of stockholders equity for the three months ended June 30, 2005 (Unaudited)            
|                              | Consolidated statements of cash flows for the three months ended June 30, 2005 (Unaudited) and 2004 (Unaudited)
|                              | Notes to consolidated financial statements                                                                     
|Item 2.                       | Managements Discussion and Analysis or Plan of Operations                                                     
|Item 3                        | Controls and Procedures                                                                                        
|PART II. OTHER INFORMATION    |                                                                                                                
|Item 1.                       | Legal Proceedings                                                                                              
|Item 2.                       | Changes in Securities and Small Business Issuer Purchases of Equity Securities                                 
|Item 3.                       | Defaults upon Senior Securities                                                                                
|Item 4.                       | Submission of Matters to a Vote of Security Holders                                                            
|Item 5.                       | Other Information                                                                                              
|Item 6.                       | Exhibits                                                                                                       
|Signatures                    |                                                                                                                
|Certifications                |                                                                                                                



2



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UNITED ENERGY CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2005 AND MARCH 31, 2005



|                                                                                                               |  | June 30,2005 |           | March 31,2005 |  
|-------------------------------------------------------------------------------------------------------------- |  | ------------ | --------- | ------------- | -
|                                                                                                               |  |              |           |               |  
|                                                                                                               |  | (Unaudited)  |           |               |  
|ASSETS                                                                                                         |  |              |           |               |  
|CURRENT ASSETS:                                                                                                |  |              |           |               |  
|Cash and cash equivalents                                                                                      |  | $            | 215,208   |               | $
|Accounts receivable, net of allowance for doubtful accounts of $11,214 and $22,192, respectively               |  |              | 145,934   |               |  
|Inventory, net of allowance of $16,290 and $16,290, respectively                                               |  |              | 139,370   |               |  
|Note receivable, net of reserve of $31,350 and $31,350, respectively                                           |  |              | 18,650    |               |  
|Prepaid expenses and other current assets                                                                      |  |              | 64,043    |               |  
|                                                                                                               |  |              |           |               |  
|Total current assets                                                                                           |  |              | 583,205   |               |  
|                                                                                                               |  |              |           |               |  
|PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of $322,034 and $305,584 respectively |  |              | 158,253   |               |  
|                                                                                                               |  |              |           |               |  
|OTHER ASSETS:                                                                                                  |  |              |           |               |  
|Goodwill, net                                                                                                  |  |              | 15,499    |               |  
|Patents, net of accumulated amortization of $99,126 and $92,486, respectively                                  |  |              | 301,110   |               |  
|Loans receivable                                                                                               |  |              |          |               |  
|Deposits                                                                                                       |  |              | 1,385     |               |  
|Deferred financing costs, net of accumulated amortization of $132,379 and $106,303, respectively               |  |              | 180,514   |               |  
|                                                                                                               |  |              |           |               |  
|Total assets                                                                                                   |  | $            | 1,239,966 |               | $
|                                                                                                               |  |              |           |               |  

The accompanying notes are an integral part of these consolidated balance sheets





3



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UNITED ENERGY CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2005 AND MARCH 31, 2005



|                                                                                                                                                            |  | June 30,2005 |             | March 31,2005 |  
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | ----------- | ------------- | -
|                                                                                                                                                            |  |              |             |               |  
|                                                                                                                                                            |  | (Unaudited)  |             |               |  
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                                        |  |              |             |               |  
|                                                                                                                                                            |  |              |             |               |  
|CURRENT LIABILITIES:                                                                                                                                        |  |              |             |               |  
|Accounts payable                                                                                                                                            |  | $            | 145,870     |               | $
|Accrued expenses                                                                                                                                            |  |              | 92,132      |               |  
|Convertible term note payable, net of discount                                                                                                              |  |              | 12,529      |               |  
|Due to related parties                                                                                                                                      |  |              | 244,141     |               |  
|                                                                                                                                                            |  |              |             |               |  
|Total current liabilities                                                                                                                                   |  |              | 494,672     |               |  
|                                                                                                                                                            |  |              |             |               |  
|LONG TERM LIABILITIES:                                                                                                                                      |  |              |             |               |  
|Convertible term note payable, net of discount                                                                                                              |  |              | 540,565     |               |  
|                                                                                                                                                            |  |              |             |               |  
|Total liabilities                                                                                                                                           |  |              | 1,035,237   |               |  
|                                                                                                                                                            |  |              |             |               |  
|                                                                                                                                                            |  |              |             |               |  
|STOCKHOLDERS EQUITY:                                                                                                                                       |  |              |             |               |  
|Common stock: $0.01 par value 100,000,000 shares authorized; 24,187,517 and 23,255,267 shares issued and outstanding as of June 30, 2005 and March 31, 2005 |  |              | 241,875     |               |  
|Additional paid-in capital                                                                                                                                  |  |              | 13,175,160  |               |  
|Stock subscription receivable                                                                                                                               |  |              |            |               |  
|Accumulated deficit                                                                                                                                         |  |              | (13,212,306 | )             |  
|                                                                                                                                                            |  |              |             |               |  
|Total stockholders equity                                                                                                                                  |  |              | 204,729     |               |  
|                                                                                                                                                            |  |              |             |               |  
|Total liabilities and stockholders equity                                                                                                                  |  | $            | 1,239,966   |               | $
|                                                                                                                                                            |  |              |             |               |  

The accompanying notes are an integral part of these consolidated balance sheets





4



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UNITED ENERGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2005 AND 2004



|                                                                  |  | For the Three MonthsEnded June 30, |           
|----------------------------------------------------------------- |  | ---------------------------------- | ----------
|                                                                  |  | 2005                               |           
|                                                                  |  |                                    |           
|                                                                  |  | (Unaudited)                        |           
|REVENUES, net                                                     |  | $                                  | 76,610    
|                                                                  |  |                                    |           
|COST OF GOODS SOLD                                                |  |                                    | 61,717    
|                                                                  |  |                                    |           
|                                                                  |  |                                    |           
|Gross profit                                                      |  |                                    | 14,893    
|                                                                  |  |                                    |           
|                                                                  |  |                                    |           
|OPERATING EXPENSES:                                               |  |                                    |           
|Selling, general and administrative                               |  |                                    | 721,422   
|Depreciation and amortization                                     |  |                                    | 17,245    
|                                                                  |  |                                    |           
|Total operating expenses                                          |  |                                    | 738,667   
|                                                                  |  |                                    |           
|                                                                  |  |                                    |           
|Loss from operations                                              |  |                                    | (723,774  
|                                                                  |  |                                    |           
|                                                                  |  |                                    |           
|OTHER INCOME (EXPENSE), net:                                      |  |                                    |           
|Interest income                                                   |  |                                    | 10        
|Interest expense                                                  |  |                                    | (90,574   
|                                                                  |  |                                    |           
|Total other expense, net                                          |  |                                    | (90,564   
|                                                                  |  |                                    |           
|                                                                  |  |                                    |           
|Net loss                                                          |  | $                                  | (814,338  
|                                                                  |  |                                    |           
|                                                                  |  |                                    |           
|BASIC AND DILUTED LOSS PER SHARE:                                 |  |                                    |           
|Total basic and diluted loss per share                            |  | $                                  | (0.03     
|                                                                  |  |                                    |           
|                                                                  |  |                                    |           
|WEIGHTED AVERAGE NUMBER OF SHARES, OUTSTANDING, basic and diluted |  |                                    | 23,529,472
|                                                                  |  |                                    |           

The accompanying notes are an integral part of these consolidated statements.





5



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UNITED ENERGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY

FOR THE THREE MONTHS ENDED JUNE 30, 2005 (UNAUDITED)

|                                                          |  |                      |  |         |  | AdditionalPaid-InCapital |  | AccumulatedDeficit |   | StockSubscriptionReceivable |   | Total    |  
|--------------------------------------------------------- |  | -------------------- |  | ------- |  | ------------------------ |  | ------------------ | - | --------------------------- | - | -------- | -
|                                                          |  |                     
|                                                          |  | Common
        Stock
|                                                          |  |                     
|                                                          |  | Shares               |  | Amount 
|                                                          |  |                      |  |         |  |                          |  |                    |   |                             |   |          |  
|BALANCE, April 1, 2005                                    |  | 23,255,267           |  | 232,552 |  | 12,308,963               |  | (12,397,968        | ) | (13,333                     | ) | 130,214  |  
|Common stock issued in conversion of note payable         |  | 932,250              |  | 9,323   |  | 736,477                  |  |                   |   |                            |   | 745,800  |  
|Proceeds from stock subscription receivable               |  |                     |  |        |  |                         |  |                   |   | 13,333                      |   | 13,333   |  
|Warrants granted in consideration for consulting services |  |                     |  |        |  | 129,720                  |  |                   |   |                            |   | 129,720  |  
|Net loss                                                  |  |                     |  |        |  |                         |  | (814,338           | ) |                            |   | (814,338 | )
|                                                          |  |                      |  |         |  |                          |  |                    |   |                             |   |          |  
|BALANCE, June 30, 2005                                    |  | 24,187,517           |  | 241,875 |  | 13,175,160               |  | (13,212,306        | ) |                            |   | 204,729  |  
|                                                          |  |                      |  |         |  |                          |  |                    |   |                             |   |          |  

The accompanying notes are an integral part of these consolidated statements.





6



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UNITED ENERGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED JUNE 30, 2005 AND 2004



|                                                                           |  | 2005        |          | 2004 |  
|-------------------------------------------------------------------------- |  | ----------- | -------- | ---- | -
|                                                                           |  |             |          |      |  
|                                                                           |  | (Unaudited) |         
|CASH FLOWS FROM OPERATING ACTIVITIES:                                      |  |             |          |      |  
|Net loss                                                                   |  | $           | (814,338 | )    | $
|                                                                           |  |             |          |      |  
|Adjustments to reconcile net loss to net cash used in operating activities |  |             |          |      |  
|Depreciation and amortization                                              |  |             | 92,460   |      |  
|Stock granted in consideration for services                                |  |             |         |      |  
|Warrants granted in consideration for services                             |  |             | 129,720  |      |  
|                                                                           |  |             |          |      |  
|Changes in operating assets and liabilities                                |  |             |          |      |  
|Decrease in accounts receivable, net                                       |  |             | 637,071  |      |  
|Increase in inventory, net                                                 |  |             | (3,410   | )    |  
|Decrease in note receivable, net                                           |  |             | 10,000   |      |  
|Decrease (increase) in prepaid expenses                                    |  |             | 56,532   |      |  
|Decrease in deposits                                                       |  |             |         |      |  
|Decrease in accounts payable and accrued expenses                          |  |             | (117,044 | )    |  
|                                                                           |  |             |          |      |  
|                                                                           |  |             |          |      |  
|Net cash used in operating activities                                      |  |             | (9,009   | )    |  
|                                                                           |  |             |          |      |  
|                                                                           |  |             |          |      |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                      |  |             |          |      |  
|Receipts from loans receivable-net                                         |  |             | 137      |      |  
|Proceeds from the sale of fixed assets                                     |  |             |         |      |  
|Payments for acquisition of property and equipment                         |  |             | (9,116   | )    |  
|Payments for patents                                                       |  |             | (12,147  | )    |  
|                                                                           |  |             |          |      |  
|                                                                           |  |             |          |      |  
|Net cash (used in) provided by investing activities                        |  |             | (21,126  | )    |  
|                                                                           |  |             |          |      |  
|                                                                           |  |             |          |      |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                      |  |             |          |      |  
|Payment of related party payable                                           |  |             | (133,600 | )    |  
|Proceeds from stock subscription receivable                                |  |             | 13,333   |      |  
|                                                                           |  |             |          |      |  
|                                                                           |  |             |          |      |  
|Net cash used in financing activities                                      |  |             | (120,267 | )    |  
|                                                                           |  |             |          |      |  
|                                                                           |  |             |          |      |  
|Net decrease in cash and cash equivalents                                  |  |             | (150,402 | )    |  
|CASH AND CASH EQUIVALENTS, beginning of period                             |  |             | 365,610  |      |  
|                                                                           |  |             |          |      |  
|                                                                           |  |             |          |      |  
|CASH AND CASH EQUIVALENTS, end of period                                   |  | $           | 215,208  |      | $
|                                                                           |  |             |          |      |  

The accompanying notes are an intergral part of these consolidated statements





7



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UNITED ENERGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED JUNE 30, 2005 AND 2004



|                                                                         |  | 2005        |         | 2004 |  
|------------------------------------------------------------------------ |  | ----------- | ------- | ---- | -
|                                                                         |  |             |         |      |  
|                                                                         |  | (Unaudited) |        
|                                                                         |  |             |         |      |  
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                       |  |             |         |      |  
|                                                                         |  |             |         |      |  
|Cash paid during the period                                              |  |             |         |      |  
|Interest                                                                 |  | $           | 705     |      | $
|Income taxes                                                             |  | $           | 1,006   |      | $
|                                                                         |  |             |         |      |  
|SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |             |         |      |  
|Conversion of accrued expenses due to former employee into warrants      |  | $           |        |      | $
|Conversion of note payable into common stock                             |  | $           | 745,800 |      | $

The accompanying notes are an integral part of these consolidated statements.





8



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UNITED ENERGY CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2005 (Unaudited)



|1. | BASIS OF PRESENTATION AND GOING CONCERN
|-- | ---------------------------------------

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB of Regulation S-B. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments necessary for a fair presentation of the Companys financial position at June 30, 2005 (unaudited) and the results of its operations for the three months ended June 30, 2005 and 2004 (unaudited) and cash flows for the three months ended June 30, 2005 and 2004(unaudited). All such adjustments are of a normal and recurring nature. Interim financial statements are prepared on a basis
consistent with the Companys annual financial statements. Results of operations for the three months ended June 30, 2005 are not necessarily indicative of the operating results that may be expected for the year ending March 31, 2006.

The consolidated balance sheet as of March 31, 2005 has been derived from the audited financial statements at that date but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements.

For further information, refer to the consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-KSB.

Going Concern- During the past two fiscal years ended March 31, 2005 and 2004, the Company has recorded aggregate losses from operations of $4,423,974 and has incurred total negative cash flow from operations of $3,801,148 for the same two-year period. During the three months ended June 30, 2005 the Company experienced a net loss from operations of $814,338 and negative cash flow from operating activities of $9,009. These matters raise substantial doubt about the Companys ability to continue as a going concern. The Companys consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Liquidity The Companys continued existence is dependent upon several factors, including increased sales volume, collection of existing receivables and the ability to achieve profitability from the sale of the Companys product lines. In order to increase its cash flow, the Company is continuing its efforts to stimulate sales and cut back expenses not directly supporting its sales and marketing efforts.

|2. | CONVERTIBLE DEBT
|-- | ----------------

On March 24, 2004, the Company issued a secured convertible term note in the amount of $1,750,000, which has a term of three years and accrues interest at the greater of the prime rate of interest, currently 6.25% per year (as published in the Wall Street Journal), or 4% per year. Interest is payable monthly in arrears commencing on May 1, 2004, and on the first day of each consecutive calendar month after that date. Monthly amortization payments commenced on October 1, 2004, at the rate of $58,333.

The
  holder of the Term Note has the option to convert all or a portion of the note
  (including principal, interest and penalties) into shares of common stock at
  any time, subject to specified limitations, at a fixed conversion price of $1.00
  per share. The conversion price is subject to adjustment for stock splits, stock
  dividends and similar events. On March 18, 2005, in connection with the financing,
  the fixed conversion price was adjusted to $0.80. The Companys obligations
  under the Term Note are secured by a first priority securityinterest in the Companys assets. During the
  quarter ended June 30, 2005, the holder of the Term Note converted $745,800
  in principal into 932,250 shares of common stock. Between July 1 and August
  12, 2005, the holder of the Term Note converted $687,631 in principal and $369
  in interest into 860,000 shares of common stock.



9



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UNITED ENERGY CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

|3. | SEGMENT INFORMATION
|-- | -------------------

Under the provision of SFAS No. 131, the Companys activities fall within two operating segments: Graphic Arts and Specialty Chemicals. The following tables set forth the Companys industry segment information for the three months and three months ended June 30, 2005 and 2004.

The Companys total revenues and net loss by segment for the three month period ended June 30, 2005 and identifiable assets as of June 30, 2005 are as follows:



|                                         |  | Graphic Arts |         | Specialty Chemicals |   | Corporate |   | Total |         
|---------------------------------------- |  | ------------ | ------- | ------------------- | - | --------- | - | ----- | --------
|                                         |  |              |         |                     |   |           |   |       |         
|Revenues                                 |  | $            | 271     |                     | $ | 76,339    |   | $     |        
|                                         |  |              |         |                     |   |           |   |       |         
|Gross profit                             |  | $            | 271     |                     | $ | 14,622    |   | $     |        
|General and administrative               |  |              | 34,332  |                     |   | 466,444   |   |       | 220,646 
|Depreciation, amortization and depletion |  |              |        |                     |   | 14,917    |   |       | 2,328   
|Interest income                          |  |              |        |                     |   |          |   |       | 10      
|Interest expense                         |  |              |        |                     |   |          |   |       | 90,574  
|                                         |  |              |         |                     |   |           |   |       |         
|Net loss                                 |  | $            | (34,061 | )                   | $ | (466,739  | ) | $     | (313,538
|                                         |  |              |         |                     |   |           |   |       |         
|Cash and cash equivalents                |  | $            |        |                     | $ |          |   | $     | 215,208 
|Accounts receivable, net                 |  |              | 74,295  |                     |   | 71,639    |   |       |        
|Inventory, net                           |  |              | 20,025  |                     |   | 119,345   |   |       |        
|Note receivable, net                     |  |              | 18,650  |                     |   |          |   |       |        
|Prepaid expenses                         |  |              |        |                     |   |          |   |       | 64,043  
|Property and equipment, net              |  |              |        |                     |   | 132,176   |   |       | 26,077  
|Goodwill, net                            |  |              |        |                     |   | 15,499    |   |       |        
|Patents, net                             |  |              |        |                     |   | 301,110   |   |       |        
|Deferred note costs                      |  |              |        |                     |   |          |   |       | 180,514 
|Deposits                                 |  |              |        |                     |   |          |   |       | 1,385   
|                                         |  |              |         |                     |   |           |   |       |         
|Total assets                             |  | $            | 112,970 |                     | $ | 639,769   |   | $     | 487,227 
|                                         |  |              |         |                     |   |           |   |       |         
|Capital Expenditures                     |  | $            |        |                     | $ | 9,116     |   | $     |        
|                                         |  |              |         |                     |   |           |   |       |         



10



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UNITED ENERGY CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

The Companys total revenues and net income (loss) by segment for the three month period ended June 30, 2004 and identifiable assets as of June 30, 2004 are as follows:



|                                                 |  | Graphic
        Arts |         | Specialty
        Chemicals |   | Corporate |   | Total |          
|------------------------------------------------ |  | -------------------- | ------- | --------------------------- | - | --------- | - | ----- | ---------
|                                                 |  |                      |         |                             |   |           |   |       |          
|Revenues                                         |  | $                    | 70,699  |                             | $ | 197,938   |   | $     |         
|                                                 |  |                      |         |                             |   |           |   |       |          
|Gross
        profit                             |  | $                    | 31,801  |                             | $ | 123,801   |   | $     |         
|General
        and administrative               |  |                      | 23,110  |                             |   | 361,660   |   |       | 283,546  
|Depreciation,
        amortization and depletion |  |                      |        |                             |   | 17,556    |   |       | 2,055    
|Interest
        income                          |  |                      |        |                             |   |          |   |       | 5,698    
|Interest
        expense                         |  |                      |        |                             |   |          |   |       | 69,392   
|                                                 |  |                      |         |                             |   |           |   |       |          
|Net
        income (loss)                        |  | $                    | 8,691   |                             | $ | (255,415  | ) | $     | (349,295 
|                                                 |  |                      |         |                             |   |           |   |       |          
|Cash
        and cash equivalents                |  | $                    |        |                             | $ |          |   | $     | 990,103  
|Accounts
        receivable, net                 |  |                      | 73,464  |                             |   | 127,974   |   |       |         
|Inventory,
        net                           |  |                      | 107,070 |                             |   | 136,937   |   |       |         
|Note
        receivable, net                     |  |                      | 53,650  |                             |   |          |   |       |         
|Prepaid
        expenses                         |  |                      |        |                             |   | 45,700    |   |       | 87,037   
|Property
        and equipment, net              |  |                      |        |                             |   | 184,580   |   |       | 29,766   
|Goodwill,
        net                            |  |                      |        |                             |   | 17,509    |   |       |         
|Patents,
        net                             |  |                      |        |                             |   | 303,896   |   |       |         
|Loan
        receivable, net                     |  |                      |        |                             |   |          |   |       | 1,262    
|Deferred
        note costs                      |  |                      |        |                             |   |          |   |       | 284,818  
|Deposits                                         |  |                      |        |                             |   |          |   |       | 1,385    
|                                                 |  |                      |         |                             |   |           |   |       |          
|Total
        assets                             |  | $                    | 234,184 |                             | $ | 816,596   |   | $     | 1,394,371
|                                                 |  |                      |         |                             |   |           |   |       |          
|Capital
        Expenditures                     |  | $                    |        |                             | $ | 7,787     |   | $     |         
|                                                 |  |                      |         |                             |   |           |   |       |          



|GEOGRAPHICAL INFORMATION |  | REVENUE |       
|------------------------ |  | ------- | ------
|                         |  | 2005    |       
|                         |  |         |       
|U.S.                     |  | $       | 76,610
|Non U.S.                 |  |         |      
|                         |  |         |       
|Total revenue            |  | $       | 76,610
|                         |  |         |       



11



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UNITED ENERGY CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

|4. | SALE OF OIL WELL LEASES
|-- | -----------------------

In April 2004, the Company sold their oil well leases located in Laramie County, Wyoming for $15,000 and a 4.5% royalty on all future oil sales from these wells. The Company recognized no gain or loss on the sale of the oil well leases. In May 2004, the state of Wyoming returned the $75,000 deposit made by the company at the time the oil leases were purchased.

|5. | RELATED-PARTY TRANSACTIONS
|-- | --------------------------

The Company has an amount due to Robert Seaman, a major shareholder and former director of the Company. Amount due to the related party as of June 30, 2005 and 2004 is $244,141. This amount is unsecured, non-interest bearing and due upon demand.

Martin Rappaport, a major shareholder and director of the Company, owns the property from which United Energy leases the 9,600 square foot facility it occupies in Secaucus, New Jersey. The Company pays approximately $108,000 per year under the lease, excluding real estate taxes. The Company believes that the lease is at fair market value with leases for similar facilities.

During January and February 2005, the Companies Chairman of the Board, Ron Wilen, loaned the Company $133,600. The loan was unsecured, non interest bearing and due upon demand. The loan was repaid in April 2005.

|6. | STOCK-BASED COMPENSATION
|-- | ------------------------

At June 30, 2005, the Company has stock-based compensation plans. As permitted by SFAS No.123, Accounting for Stock Based Compensation, as amended by SFAS No. 148, the Company accounts for stock-based compensation arrangements with employees in accordance with provisions of Account Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees.   The Company accounts for equity instruments issued to non-employees in accordance with the provisions of SFAS No.123 and Emerging Issues Task Force (EITF) Issue No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services.  All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value
of the equity instrument issued, whichever is more reliably measurable. In December 2004, the Financial Accounting Standards Board issued SFAS 123R Share Based Payments. SFAS 123R requires public companies to record non-cash compensation expense related to payment for employee services by an equity award, such as stock options, in their financial statements over the requisite service period. The Company will adopt SFAS 123R during the fourth quarter. Stock-based compensation for non-employees was $129,720 and $67,100 for the three months ended June 30, 2005 and 2004, respectively. The following table illustrates the effect on net loss and loss per share if the Company had applied the fair value recognition provisions of SFAS No. 123 to all stock-based compensation:





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UNITED ENERGY CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)



|                                                                                                        |  | For the Three MonthsEnded June 30, |         
|------------------------------------------------------------------------------------------------------- |  | ---------------------------------- | --------
|                                                                                                        |  |                                    |         
|                                                                                                        |  | 2005                               |         
|                                                                                                        |  |                                    |         
|Net loss as reported                                                                                    |  | $                                  | (814,338
|Deduct:                                                                                                 |  |                                    |         
|Total stock based employee compensation expense determined under fair value based method for all awards |  |                                    | (163,756
|                                                                                                        |  |                                    |         
|Pro forma loss                                                                                          |  | $                                  | (978,094
|                                                                                                        |  |                                    |         
|Basic and diluted loss per common share                                                                 |  |                                    |         
|As reported                                                                                             |  | $                                  | (0.03   
|Pro forma                                                                                               |  | $                                  | (0.04   

|7. | COMMITMENTS AND CONTINGENCIES
|-- | -----------------------------

Sales Commission Claim

In July 2002, an action was commenced against us in the Court of Common Pleas of South Carolina, Pickens County, brought by Quantum International Technology, LLC and Richard J. Barrett. Plaintiffs allege that they were retained as a sales representative of ours and in that capacity made sales of our products to the United States government and to commercial entities. Plaintiffs further allege that we failed to pay to plaintiffs agreed commissions at the rate of 20% of gross sales of our products made by plaintiffs. The complaint seeks an accounting, compensatory damages in the amount of all unpaid commissions plus interest thereon, and punitive damages in an amount triple the compensatory damages, plus legal fees and costs. Plaintiffs maintain that they are entitled to receive an aggregate of approximately $350,000 in compensatory and punitive damages, interest and costs. In June 2003,
the action was transferred from the court in Pickens County to a Master in Equity sitting in Greenville, South Carolina and was removed from the trial docket. The action, if tried, will be tried without a jury. No trial date has been scheduled.  We believe, based on the advice of counsel, we have meritorious defenses to the claims asserted in the action and intend to vigorously to defend the case. The outcome of this matter cannot be determined at this time.

|8. | RECLASSIFICATION
|-- | ----------------

Certain amounts from the prior period consolidated financial statements have been reclassed to conform to current period presentation with no effect on the net income.

|9. | SUBSEQUENT EVENT
|-- | ----------------

During July 2005, the Company issued one additional Series A unit or 100,000 shares of its common stock for a purchase price of $80,000 as per the securities purchase agreement dated March 18, 2005.





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|Item 2 | Managements
        Discussion and Analysis or Plan of Operations
|------ | ------------------------------------------------------------------

CAUTIONARY STATEMENT RELATING TO FORWARD-LOOKING STATEMENTS

The matters discussed in this Form 10-QSB contain certain forward-looking statements and involve risks and uncertainties (including changing market conditions, competitive and regulatory matters, etc.) detailed in the disclosure contained in this Form 10-QSB and the other filings with the Securities and Exchange Commission made by the Company from time to time. The discussion of the Companys liquidity, capital resources and results of operations, including forward-looking statements pertaining to such matters, does not take into account the effects of any changes to the Companys operations. Accordingly, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those identified herein. This item should be read in conjunction with the financial statements and other items contained elsewhere in the report.

Overview

We develop and distribute environmentally friendly specialty chemical products with applications in several industries and markets. Our current line of products includes:

| |  | KH-30 paraffin dispersant for the oil industry and related products;
| | - | --------------------------------------------------------------------

| |  | Uniproof specialty-coated proofing paper for the printing industry; and
| | - | -----------------------------------------------------------------------

| |  | following additional testing, Slick Barrier underwater protective coatings for use in marine applications.
| | - | ------------------------------------------------------------------------------------------------------------

Through our wholly owned subsidiary, Green Globe Industries, Inc., we provide the U.S. military with a variety of environmentally friendly, non-hazardous, biodegradable solvents and cleaners under our trade name Qualchem. Green Globe is a qualified supplier for the U.S. military and has sales contracts currently in place.

We have developed and patented a system referred to as our S2 system, to work with our environmentally friendly paraffin dispersants products. This patented technology produces high volumes of steam and heat at variable pressures and temperatures to completely dissolve most deposits of paraffin and asphaltene within oil wells, pipelines or storage tanks. The S2 system apparatus is portable, compact and easy to use. We are further developing the process to enhance and support sales of KH-30 and its related products for the oil industry and for other potential applications.

A key component of our business strategy is to pursue collaborative joint working and marketing arrangements with established international oil and oil service companies. We intend to enter into these relationships to more rapidly and economically introduce our KH-30 product line to the worldwide marketplace for refinery, tank and pipeline cleaning services. We are currently negotiating potential working arrangements with several companies.

Business Operations and Principal Products

K-Product Line of Chemicals

KH-30 is a mixture of modified oils, dispersants and oil-based surfactants designed to control paraffin and asphaltene deposits in oil wells. When applied in accordance with our recommended procedures, KH-30 has resulted in substantial production increases of between two and five times in paraffin-affected oil and gas wells by allowing for a faster penetration of paraffin and asphaltene deposits. KH-30 disperses and suspends paraffin and asphaltene in a free-flowing state and prevents solids from sticking to each other or to oil well equipment. KH-30 is patented in the United States, Australia, Russia, Nigeria, Venezuela, Vietnam and the OAPI (the Africa Intellectual Property Organization, which includes the countries of Burkina-Faso, Benin, Central African Republic, Congo, Ivory Coast, Cameroon, Gabon, Guinea, Guinea-Bissau, Mali, Mauritania, Niger, Senegal, Chad and Togo). We





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have 12 additional country patent applications pending in most of the major oil-producing countries around the world (including the European Union and Canada).

Although we believe that the application of our K-Line of products on a continuous basis will result in higher production and lower lease operating costs in oil wells, the introduction of our K-Line of products into the oil and gas producing industry has been difficult. Many entrenched players such as the hot oilers and the major oil service companies who benefit from high mark-ups on their proprietary products have no incentive to promote the use of our K-Line of products. Moreover, oil production engineers are reluctant to risk damage to a well from a product that does not have the endorsement and backing of a major enterprise. Consequently, the pace of introduction of our K-line of products has been much slower than we initially anticipated. We believe that this situation has begun to change as a result of our marketing efforts with several oil service companies and well
owners beginning to use our products after successful trials.

KX-91 is used for cleanup and stimulation of well bores. It works on all gravities of crudes. Penetrates and disperses faster than KH-30 and has a freeze point of 40F. KX-91 is good for tanks with buildup on the bottom and can be used on pipelines with paraffin and asphaltene blockages.

KH-30S is an outstanding flow enhancer. Used mainly on heavy crudes to reduce the viscosity and reduce drag and friction. It has been very successful in tanks with high bottoms and should be injected into the oil stream to help enhance flow.

KDR-75 is effective in reducing friction pressure of petroleum crude and related oil products due to turbulent flow through pipelines and helps restore laminar flow. As a result, an increase in flow rate and productivity with reduced energy consumption can be achieved.

KX-100 is a product where contact time is limited for removal of a plug. It is fast acting and an outstanding dispersant that can be used in temperatures as low as 25F. It can be used in nearly any application with great results.

KX-105DS-A Degreaser is a strong multi-functional, non-hazardous chemical cleaning compound designed to dissolve and remove tough heavy organic and sludge deposits. It possesses strong wetting, penetrating, dispersing and solvating properties. Hence, safe for use in oil field cleaning applications.

KX-104PDC is designed to reduce pour point, gel point, or cloud point of crude oil and improve its cold flow property and pumpability in oil field processing applications.

KX-200-A Pentrant is a proprietary chemical composition, specifically developed to handle problems with paraffin and asphaltene blockages and high viscosity crude with flow impairment.

KX-404 EB is specifically formulated to destabilize both, oil-in-water and water-in-oil type emulsions when used in low treatment dosages of 50-100 PPM with minimal contact time. It triggers kinetically and thermodynamically unstable, weaker, transient emulsion phase into a sharp clean break down of oil & water phase. The application of steam heat up to 150-200F will activate and speed up demulsification.



15



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Additional Product Line of Chemicals

AS-12 is an acidic cleaner in liquid form, which has been formulated to aid in the removal of Iron Sulfide and mild depositions of Calcium Carbonate from down-hole equipment surfaces and any other locations where a low pH may be advisable. Due to its very low pH, it is recommended that general safety precautions be observed while handling the concentrated material, wearing suitable facial and skin precautions.

CI-95 is formulated around an oil-soluble, water-dispersible filming amine designed for use in sour gas and producing oil wells. It is a liquid compound, which has been formulated to give a very tenacious film with an extended persistency without undesirable gunking on the down-hole tubulars.

SCI-97 Quatemary Surfacant is designed for use in down-hole cleanups in producing oil wells. It is a quatemary ammonium chloride compound which has been successfully used to clean the down-hole surfaces in producing wells, as well as in salt water disposal and injections systems, while at the same time water-wetting the solids to assist in removing these from the produced crude oil.

SI-15 Scale Inhibitor is a broad based spectrum, high-calcium tolerant, water soluble scale inhibitor which has been formulated to inhibit the formation and deposition of Calcium Carbonate scale in oil field brines. SI-15 will complex well with the calcium cations, impeding crystal growth and subsequent scale formation and deposition.

HI-17 is an aqueous solution of an alkyl amine along with other proprietary ingredients, which is used to prevent precipitation of sodium chloride crystals from high chloride brines. It may be applied over the wide range of temperatures and pressures, which are typically found in producing oil and gas wells with little to no impact on performance.

Uniproof Proofing Paper

We have developed a photo-sensitive coating that is applied to paper to produce what is known in the printing industry as proofing paper or blue line paper. We developed this formulation over several years of testing. The formulation is technically in the public domain as being within the scope of an expired patent of duPont. However, other companies have not duplicated the exact formulation utilized by us, to the best of our knowledge, and we protect it as a trade secret.

Slick Barrier

Slick Barrier is an underwater protective coating, which prevents the adherence of barnacles to boat hulls. The product is environmentally friendly and biodegradable, which we believe to be particularly appealing in fresh water marine applications. The product is currently being tested on pleasure boats throughout the United States and Europe. A patent application for Slick Barrier was filed in 2003, and we are applying for trademark protection both nationally and internationally. We expect to release this product in 2005, although no specific date has been set.

GreenGlobe Industries

In November 1998, we acquired all of the outstanding shares of Green Globe in exchange for 30,000 shares of our common stock. Green Globe is operated as a separate subsidiary and sells its products under the trade name Qualchem.  The acquisition of Green Globe has given us access to the chemistry and product lines of Green Globe which include environmentally friendly paint strippers and cleaners, many of which have been qualified for use by the U.S. military. Of particular note in the Green Globe line was the development of dual package cleaning and drying wipes which produce a clear, non-reflective coating on glasses, computer screens and instrument panels. The wipes were developed, and have received U.S. military approval, for the cleaning of the instrument panels of combat aircraft.





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Proprietary Technologies

With respect to our formulations, which are proprietary, we have patented our KH-30 oil well cleaner in the United States, Australia, Russia, Nigeria, Venezuela, Vietnam and OAPI. We also have 12 additional country patent applications pending in most of the major oil-producing countries around the world (including the European Union and Canada). We believe our patent is strong and will help our competitive position. However, we are aware that others may try to imitate our product or invalidate our patents. We have in the past vigorously enforced our trade secrets such as the one relating to our Uniproof proofing paper, and intend to continue to do so in the future. However, we recognize that intellectual property rights provide less than complete protection. We believe that no other company is currently producing a product similar to KH-30.

In addition to applying for patent protection on our KH-30 product, we have also registered KH-30 as a trademark. Trademark protection has also been obtained for the Uniproof name for our proofing paper. We anticipate applying for both patent and trademark protection for our other products in those jurisdictions where we deem such protection to be beneficial.

RESULTS OF OPERATIONS

Three Months Ended June 30, 2005 Compared to the Three Months Ended June 30, 2004

Revenues. Revenues for the three months ended June 30, 2005 were $76,610, a $192,027, or 71% decrease from revenues of $268,637 in the comparable three months of 2004. The decrease in revenues was due to lower sales of Specialty Chemicals and Uniproof proofing paper. Specialty Chemicals, which include sales of our KH-30 products and Green Globe/Qualchem military sales, decreased by $121,599 to $76,339, or 61% compared to $197,938 in the comparable three months in the previous year. This decrease was due primarily to lower sales of our KH-30 family of oil dispersant products. Uniproof proofing paper sales decreased $70,428 due to no orders from our primary customer.

Cost of Goods Sold. Cost of goods sold decreased $51,318, or 45% to $61,717 or 81% of sales, for the three months ended June 30, 2005 from $113,035, or 42% of sales for the three months ended June 30, 2004. The decrease in cost of goods sold and the higher percentage of sales was due to the lower sales levels.

Gross Profit. Gross profit for the three months ended June 30, 2005, decreased by $140,709, or 90% to $14,893 or 19% of sales compared with $155,602 or 58% of sales in the prior period. The decrease in gross profit and gross profit percentage reflects the lower levels of sales of specialty chemicals and Uniproof proofing paper.

Operating Costs and Expenses

General and Administrative Expenses. General and administrative expenses increased $53,106 to $721,422 or 942% of sales for the three months ended June 30, 2005 compared with $668,316 or 249% of sales for the three months ended June 30, 2004. The increase in general and administrative expenses is primarily related to an increase in professional fees for consulting services partially offset by lower salaries and benefits due to the departure of certain executives, lower travel and entertainment expenses, marketing expense, insurance and office expenses.

Depreciation and Amortization. Depreciation and amortization remained relatively constant for the three months ended June 30, 2005 as compared to June 30, 2004.

Interest Expense. The Company had interest expense of $90,574 for the three months ended June 30, 2005 compared with interest expense of $69,392 in the corresponding period in 2004. The increase was due to the additional warrants issued to the holder of the convertible term note in February 2005.





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Net Loss. The three months ended June 30, 2005 resulted in a net loss of $814,338 or $0.03 per share as compared to a net loss of $596,019 or $0.03 per share for the three months ended June 30, 2004. The average number of shares of common stock used in calculating earnings per share increased 1,312,938 shares to 23,529,472 as a result of 932,250 shares issued for the conversion of the note payable and 800,000 shares issued in connection with the private placement.

Liquidity and Capital Resources

As
  of June 30, 2005, the Company had $215,208 in cash and cash equivalents, as
  compared to $365,610 at March 31, 2005.

The
  $150,402 decrease in cash and cash equivalents was due to net cash used in operating
  activities of $9,009, net cash used in investing activities of $21,126 and net
  cash used in financing activities of $120,267. Cash used in investing activities
  consisted of payments of $12,147 related to patent applications for KH-30 and
  the purchase of production equipment and other fixed assets of $9,116, which
  was partially offset by receipt from loans of $137. Cash used in financing activities
  consisted of the payment of a related party payable of $133,600, partially offset
  by the receipt of stock subscription receivable of $13,333.

During July 2005, the Company issued one additional Series A Unit or 100,000 shares of its common stock for a purchase price of $80,000 as per the securities purchase agreement dated March 18, 2005

As of June 30, 2005 the Company had no backlog. Backlog represents products that the Companys customers have committed to purchase. The Companys backlog is subject to fluctuations and is not necessarily indicative of future sales.

During the past two fiscal years ended March 31, 2005 and 2004, the Company has recorded aggregate losses from operations of $4,423,974 and has incurred total negative cash flow from operations of $3,801,148 for the same two-year period. During the three months ended June 30, 2005, the Company experienced a net loss from operations of $814,338 and negative cash flow from operating activities of $9,009. These matters raise substantial doubt about the Companys ability to continue as a going concern. The Companys consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Companys continued existence is dependent upon several factors, including increased sales volume, collection of existing receivables and the ability to achieve profitability from the sale of the Companys product lines. In order to increase its cash flow, the Company is continuing its efforts to stimulate sales and cut back expenses not directly supporting its sales and marketing efforts.





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Concentration of Risk

The Company sells its Uniproof proofing paper to three customers. One of these customers constitutes 98% of Graphic Arts sales and 26% of total customer sales for the three months period ended June 30, 2004. There were no sales to this customer during the three months ended June 30, 2005. The loss of this customer would have adverse financial consequences to the Company. We have provided liberal credit terms to this customer and there is a risk that a certain amount of this receivable balance may prove to be uncollectible. The Company believes that this customer will purchase additional product and the Company would use that as leverage to collect any outstanding balances.

Quantitative and Qualitative Disclosures about Market Risk

The market risk inherent in our market risk sensitive variable interest rate debt is the potential losses arising from adverse changes in interest rates.

At June 30, 2005, the Company had a loan that had a variable interest rate. The loan, whichhad an outstanding balance of $845,200 at June 30, 2005, was obtained in March 2004 and has a three-year term. The loan accrues interest at the greater of the prime rate of interest (as published in the Wall Street Journal) or 4% per annum. A one-percentage point increase in the prime rate of interest affecting our loan would increase our net loss by $8,452 over a year.





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|Item 3. | Controls
        and Procedures.
|------- | --------------------------------

Evaluation of the Companys Disclosure Controls

As of the end of the period covered by this report, the Company has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (disclosure controls). This evaluation (the controls evaluation) was done under the supervision and participation of the Companys management, including its chief executive officer (the CEO) and interim chief financial officer (the CFO) pursuant to SEC Rule 13a-15. Rules adopted by the Securities and Exchange Commission require that in this section of the report the Company present the conclusions of its CEO and CFO about the effectiveness of the Companys disclosure controls based on and as of the date of the controls evaluation.

CEO and CFO Certifications

Appearing as exhibits 31.1 and 31.2 to this report are Certifications of the CEO and CFO. The certifications are required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (the Section 302 Certifications). This section of this report contains information concerning the controls evaluation referred to in the Section 302 Certifications and this information should be read in conjunction with the Section 302 Certifications for a more complete understanding of the topics presented.

Disclosure Controls

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in the Companys reports filed under the Securities Exchange Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to the Companys management, including, without limitation, the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Limitations on the Effectiveness of Controls

The Companys management, including, without limitation, the CEO and CFO, does not expect that the Companys disclosure controls will prevent all error and fraud. A control system no matter how well conceived and operated can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations of all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

Scope of Controls Evaluation

The CEO/CFO evaluation of the Companys disclosure controls included a review of the controls objective and design, the controls implementation by the Company and the effect of the controls on the information generated for use in this report. In the course of the controls evaluation, management sought to identify data errors, controls problems or acts of fraud and to confirm that appropriate corrective action, including process movements, was being undertaken. This type of evaluation will be done on a quarterly basis so that the conclusions concerning controls effectiveness can be reported in the Companys quarterly reports on Form 10-QSB and annual report on Form 10-KSB. The overall goals of these various review and evaluation activities are to monitor the Companys disclosure controls and to make modifications, as necessary. In this regard, the Companys
intent is that the disclosure controls will be maintained as dynamic controls systems that change (including improvements and corrections) as conditions warrant.





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Conclusions

Based upon the controls evaluation, the Companys CEO and CFO have concluded that, as of the end of the period covered by this report, the Companys disclosure controls are effective to provide reasonable assurance that information required to be disclosed in the Companys reports filed under the Securities Exchange Act such as this report, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms.

There has been no change in the Companys internal controls over financial reporting during the fiscal quarter ended June 30, 2005, that has materially affected, or is reasonably likely to materially affect, the Companys internal controls over financial reporting.





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PART II

OTHER INFORMATION

|Item 1. | Legal
        Proceedings
|------- | -------------------------

See Note 7, Commitments and Contingencies to the Consolidated Financial Statements.

|Item 2. | Changes
        in Securities and Use of Proceeds
|------- | -------------------------------------------------

Not Applicable

|Item 3. | Defaults
        upon Senior Securities
|------- | ---------------------------------------

See Note 3, Convertible Debt

|Item 4. | Submission
        of Matters to a Vote of Security Holders
|------- | -----------------------------------------------------------

Not Applicable

|Item 5. | Other
        Information
|------- | -------------------------

Not Applicable

|Item 6. | Exhibits
|------- | --------

| | (a) | Exhibits.
| | --- | ---------

| | 31.1 | Written Statement of the Chief Executive Officer Pursuant to 18 U.S.C. §1350 Sec. 302
| | ---- | -------------------------------------------------------------------------------------

| | 31.2 | Written Statement of the Chief Financial Officer Pursuant to 18 U.S.C. §1350 Sec. 302
| | ---- | -------------------------------------------------------------------------------------

| | 32.1 | Written Statement of the Chief Executive Officer Pursuant to 18 U.S.C. §1350 Sec. 906
| | ---- | -------------------------------------------------------------------------------------

| | 32.2 | Written Statement of the Chief Financial Officer Pursuant to 18 U.S.C. §1350 Sec. 906
| | ---- | -------------------------------------------------------------------------------------



22



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United
  Energy Corp.

FORM 10-QSB

June 30, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Small business issuer has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.



Dated:   August 12, 2005
        
        UNITED ENERGY CORP.By:
        /s/ Brian KingBrian King,Chief Executive Officer(as principal executive officer)


By:
        /s/ James McKeeverJames McKeever,Interim Chief Financial Officer(as principal financial and accountingofficer)




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