==================================================================================================

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

FORM 10-QSB

[X]
     Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934FOR THE QUARTERLY PERIOD ENDED MAY 31, 2007OR[  ]
     Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from toCommission file number 000-52322


GULF UNITED ENERGY, INC.(Exact name of registrant as specified in its charter)

Nevada
     20-5893642(State or other jurisdiction of incorporation or organization)
     (IRS Employer Identification No.)


5858 Westheimer Street, Suite 850Houston, Texas 77057(Address of principal executive offices, including zip code.)(713) 942-6575(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (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 Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X]   No [  ]

The Company is a Shell company: Yes [  ]   No [X]

State the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: 25,600,000 shares of $0.001 par value common stock outstanding as of July 11, 2007.

===================================================================================================





---



PART IGULF UNITED ENERGY, INC.(A Development Stage Company)TABLE OF CONTENTS

Part I. Financial InformationItem 1
     Financial StatementsBalance Sheets at May 31, 2007 and August 31,2006
     4Statements of Operations
     5For the Three and Nine Months Ended May 31, 2007 and 2006 andthe Period From Inception (September 19, 2003) to May 31, 2007Statements of Cash Flows
     6For the Nine Months Ended May 31, 2007 and 2006 and Period fromInception (September 19, 2003) through May 31, 2007Statement of Changes in Stockholders' Equity (Deficiency) Period from
     7Inception (September 19, 2003) to May 31, 2007Notes to the Financial Statements
     8Item 2
     Management's Discussion and Analysis or Plan of Operation
     12Item 3
     Controls and Procedures
     13Part II. Other InformationItem 1
     Legal Proceedings
     14Item 2
     Unregistered Sales of Equity Securities and Use of Proceeds
     14Item 3
     Defaults Upon Senior Securities
     14Item 4
     Submission of Matters to a Vote of Security Holders
     14Item 5
     Other Information
     14Item 6
     Exhibits
     14Signatures
     15






Page 2 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)

BALANCE SHEETS(Unaudited)

May 31
     
     
     
     August 312007
     
     
     
     2006ASSETSCurrent AssetsCash
     $
     16,805
     
     
     $
     2,869Deposits
     
     22,500
     
     
     
     -Non-Current Advances On Investment Acquisition (Note 3)
     
     1,458,235
     
     
     
     -Total Assets
     $
     1,497,540
     
     
     $
     2,869LIABILITIESCurrentAccounts payable and accrued liabilities
     $
     26,487
     
     
     $
     11,452Loans payable related parties (Note 4)
     
     26,574
     
     
     
     29,402Shareholder loans payable and accrued interest (Note 4)
     
     1,495,156
     
     
     
     -1,548,217
     
     
     
     40,854STOCKHOLDERS' EQUITY (DEFICIENCY)Common StockAuthorized:200,000,000 shares with a par value of $0.001Issued and Outstanding:25,600,000 shares as of May 31, 2007 and25,415,000 shares as of August 31, 2006
     
     25,600
     
     
     
     25,415Additional paid-in capital
     
     194,700
     
     
     
     635Deficit Accumulated During The Development Stage
     
     (270,977
     )
     
     
     (64,035
     )(50,677
     )
     
     
     (37,985
     )Total Liabilities and Stockholders' Deficiency
     $
     1,497,540
     
     
     $
     2,869




The accompanying notes are an integral part of these financial statements





Page 3 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)STATEMENTS OF OPERATIONS(Unaudited)Period FromInceptionThree Months Ended
     
     
     
     Nine Months Ended
     
     
     (September 19, 2003)May 31
     
     
     
     May 31
     
     
     
     to May 312007
     
     
     
     2006
     
     
     
     2007
     
     
     
     2006
     
     
     
     2007Revenue
     $
     -
     
     
     $
     -
     
     
     $
     -
     
     
     $
     -
     
     
     $
     -Expenses:Office and sundry
     
     2,821
     
     
     
     1,139
     
     
     
     7,140
     
     
     
     3,381
     
     
     
     20,838Professional fees
     
     37,631
     
     
     
     1,867
     
     
     
     61,261
     
     
     
     18,220
     
     
     
     99,424Consulting
     
     -
     
     
     
     -
     
     
     
     10,000
     
     
     
     -
     
     
     
     10,000Management fees
     
     12,000
     
     
     
     -
     
     
     
     22,000
     
     
     
     -
     
     
     
     22,000Mineral property costs
     
     -
     
     
     
     490
     
     
     
     -
     
     
     
     3,490Shareholder loan and other interest
     
     37,242
     
     
     
     -
     
     
     
     106,541
     
     
     
     -
     
     
     
     106,541Gain on settlement of debt
     
     -
     
     
     
     -
     
     
     
     -
     
     
     
     -
     
     
     
     (3,333
     )Loss from discontinued operations
     
     -
     
     
     
     -
     
     
     
     -
     
     
     
     -
     
     
     
     15,50789,694
     
     
     
     3,496
     
     
     
     206,942
     
     
     
     25,091
     
     
     
     270,977Net(Loss) For ThePeriod
     $
     (89,694
     )
     
     $
     (3,496
     )
     
     $             (206,942
     )
     
     $
     (25,091
     )
     
     $
     (270,977
     )Basic And DilutedLoss Per Share
     $
     (0.00
     )
     
     $
     (0.00
     )
     
     $
     (0.01
     )
     
     $
     (0.00
     )Weighted AverageNumber Of SharesOutstanding
     
     25,476,836
     
     
     
     25,415,000
     
     
     
     25,476,836
     
     
     
     25,415,000




The accompanying notes are an integral part of these financial statements







Page 4 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)STATEMENTS OF CASH FLOWS(Unaudited)Period FromNine Months Ended
     
     
     
     InceptionMay 31,
     
     
     
     May 31,
     
     
     
     Through May 31,2007
     
     
     
     2006
     
     
     
     2007Cash Flows From Operating ActivitiesNet loss for the period
     $
     (206,942
     )
     
     $
     (25,091
     )
     
     $
     (270,977
     )Accrued interest added to shareholder loans
     
     106,171
     
     
     
     -
     
     
     
     109,504Gain on settlement of debt
     
     -
     
     
     
     -
     
     
     
     (3,333
     )Adjustments to reconcile net loss to net cash used byoperating activities:Increase in deposits
     
     (22,500
     )
     
     
     -
     
     
     
     (22,500
     )Accounts payable and accrued liabilities
     
     15,035
     
     
     
     1,997
     
     
     
     26,487Net Cash Used By Operating Activities
     
     (108,236
     )
     
     
     (23,094
     )
     
     
     (160,819
     )Cash Flows From Investment ActivityAdvances on investment acquisition
     
     (50,000
     )
     
     
     -
     
     
     
     (50,000
     )Cash Flows From Financing ActivitiesCapital stock issued
     
     -
     
     
     
     -
     
     
     
     26,050(Decrease)/increase in loans payable to related parties
     
     (2,828
     )
     
     
     29,402
     
     
     
     26,574Proceeds from shareholder loans payable
     
     175,000
     
     
     
     -
     
     
     
     175,000172,172
     
     
     
     29,402
     
     
     
     227,624Increase In Cash During The Period
     
     13,936
     
     
     
     6,308
     
     
     
     16,805Cash, Beginning Of Period
     
     2,869
     
     
     
     432
     
     
     
     -Cash, End Of Period
     $
     16,805
     
     
     $
     6,740
     
     
     $
     16,805Non-Cash Investing and Financing Activities:Investment advances paid from shareholder loans
     $
     1,213,985
     
     
     $
     -
     
     
     $
     1,413,985Capital stock issued for investment acquisition
     $
     194,250
     
     
     $
     -
     
     
     $
     194,250Supplementary Disclosure Of Cash FlowInformation:Cash paid for:Interest
     $
     -
     
     
     $
     -
     
     
     $
     -Income taxes
     $
     -
     
     
     $
     -
     
     
     $
     -The accompanying notes are an integral part of these financial statements




Page 5 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIENCY)PERIOD FROM INCEPTION (SEPTEMBER 19, 2003) TO MAY 31, 2007(Unaudited)

DEFICITACCUMULATEDCOMMON SHARES
     
     
     ADDITIONAL
     
     
     
     DURING THEPAR
     
     
     PAID-IN
     
     
     
     DEVELOPMENTNUMBER
     
     VALUE
     
     
     CAPITAL
     
     
     
     STAGE
     
     
     
     TOTALBalance, September 19,2003 (date of inception)
     -
     
     $
     -
     
     $
     -
     
     
     $
     -
     
     
     $
     -Capital stock issued forcash:October 2003 at $0.001
     2,500,000
     
     
     2,500
     
     
     -
     
     
     
     -
     
     
     
     2,500November 2003 at $0.005
     160,000
     
     
     160
     
     
     640
     
     
     
     -
     
     
     
     800December 2003 at $0.005
     1,400,000
     
     
     1,400
     
     
     5,600
     
     
     
     -
     
     
     
     7,000June 2004 at $0.01
     1,000,000
     
     
     1,000
     
     
     9,000
     
     
     
     -
     
     
     
     10,000July 2004 at $0.25
     23,000
     
     
     23
     
     
     5,727
     
     
     
     -
     
     
     
     5,750Net loss for the period
     -
     
     
     -
     
     
     -
     
     
     
     (15,880
     )
     
     
     (15,880
     )Balance, August 31, 2004
     5,083,000
     
     
     5,083
     
     
     20,967
     
     
     
     (15,880
     )
     
     
     10,170Net loss for the year
     -
     
     
     -
     
     
     -
     
     
     
     (16,578
     )
     
     
     (16,578
     )Balance, August 31, 2005
     5,083,000
     
     
     5,083
     
     
     20,967
     
     
     
     (32,458
     )
     
     
     (6,408
     )November 10, 2005 StockSplit Adjustment
     20,332,000
     
     
     20,332
     
     
     (20,332
     )
     
     
     -
     
     
     
     -Net loss for the year
     -
     
     
     -
     
     
     -
     
     
     
     (31,577
     )
     
     
     (31,577
     )Balance, August 31, 2006
     25,415,000
     
     
     25,415
     
     
     635
     
     
     
     (64,035
     )
     
     
     (37,985
     )Capital stock issued forinvestment:January 2007 at $1.05 per share
     185,000
     
     
     185
     
     
     194,065
     
     
     
     -
     
     
     
     194,250Net loss for the period
     -
     
     
     -
     
     
     -
     
     
     
     (206,942
     )
     
     
     (206,942
     )Balance, May 31, 2007
     25,600,000
     
     $
     25,600
     
     $
     194,700
     
     
     $
     (270,977
     )
     
     $
     (50,677
     )




The accompanying notes are an integral part of these financial statements



Page 6 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSMAY 31, 2007(Unaudited)

The unaudited financial information furnished herein reflects all adjustments, which in the opinion management are necessary to fairly state the Companys financial position and the results of its operations for the periods presented. This report on Form 10-QSB should be read in conjunction with the Companys financial statements and notes thereto included in the Companys Form 10-KSB for the fiscal year August 31, 2006. The Company assumes that the users of the interim financial information herein have or have access to the audited financial statements for the preceding fiscal year and that the adequacy additional disclosures needed for a fair presentation may be determined in that context. Accordingly, footnote disclosure, which would substantially duplicate the disclosure contained in the Companys 10-KSB for the fiscal year ended August 31, 2006 has been omitted. The results of operations for the and nine month periods ended May 31, 2007 are not necessarily indicative of results for the entire ending August 31, 2007.

|1. | NATURE AND CONTINUANCE OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | The Company was incorporated in the State of Nevada on September 19, 2003. The Company is a Development Stage Company as defined by Statement of Financial Accounting Standard (SFAS) No. 7.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|  
|   | On November 10, 2005, the Board of Directors authorized a 5-for-1 stock split of the Companys $0.001 par value common stock. As a result of the split, 20,332,000 additional shares were issued, and additional paid-in capital was reduced by $20,332.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|  
|   | These financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting in an accumulated deficit of $270,977 since inception and further losses are anticipated in the development of its business, raising substantial doubt about the Companys ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has plans to seek additional capital through a private placement and public offering of its common stock. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. In the event the Company is required to cease operations, the assets reflected on the accompanying balance sheets will in all likelihood become impaired and the liquidation of those assets will not be sufficient to repay all outstanding obligations of the Company. Moreover, there will not be sufficient Company resources to provide a return to the investors of their investment in the Company or repayment of the loans made by related parties to the Company.
|  



Page 7 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSMay 31, 2007(Unaudited)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                                                     
|-- | ---------------------------------------------------------------------------------------------------------------
|  
|   | a)                                                                                                             
|  
|   |                                                                                                                
|  
|   | b)                                                                                                             
|  
|   |                                                                                                                
|  
|   |                                                                                                                
|  
|   | c)                                                                                                             
|  
|   |                                                                                                                
|  
|3. | ADVANCES ON INVESTMENT ACQUISITION                                                                             
|  
|   | As of May 31, 2007, Advances on investment acquisition amounts to $1,458,235 as compared to $0 at May 31, 2006.
|  

Description
     
     AmountCash advances
     $
     1,263,985185,000 shares issued at $1.05
     
     194,250$
     1,458,235


On March 22, 2006, the Company entered into a letter of intent with Cia. Mexicana de Gas Natural, S. A. de C. V. (CMGN), a private Mexican corporation, whereby the Company would acquire a 24% interest in each of two private Mexican companies (referred to as Pipeline



Page 8 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSMAY 31, 2007(Unaudited)

|3. | ADVANCES ON INVESTMENT ACQUISITION(Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Company and Terminal Company). Pipeline Company owns a 50% equity interest in a project to design, construct, operate and maintain an open access natural gas pipeline between Valladolid, Cancun and Punta Venado. Terminal Company owns a 50% equity interest in a project to build a proposed liquefied natural gas storage and regasification facility. At that time, the Company borrowed $200,000 from a shareholder to make the initial advance required under the letter of intent. No additional payments were made resulting in the termination of the letter of intent on May 22, 2006 and the investment in the joint venture was transferred to the shareholder in full settlement of the debt.                                                                                                                                                                                                                                                                                                                                                                                                                                     
|  
|   | On November 16, 2006, the parties to the March 22, 2006 agreement entered into an amended letter of intent whereby the general terms of the initial letter of intent were reinstated. Under the terms of the letter of intent, the Company would be responsible for 12% of the overall expenditures to design and construct the natural gas pipeline. The Company estimates that it will take approximately two years to complete the pipeline at a total cost of about $140,000,000. The Companys share of these projected costs would be $16,800,000. The proposed LNG terminal is in the permitting process. The amended letter of intent acknowledges $1,036,985 has been advanced to CMGN on behalf of the Company, by a Company shareholder, (including the initial advance of $200,000) pursuant to the original letter of intent. In order to complete the acquisition of the 24% interest in the two Mexican private companies, the Company was required to pay an additional $409,410 on or before December 5, 2006 and to issue 750,000 restricted common shares of the Company to CMGN within 15 days of completion of the transaction.
|  
|   | On December 11, 2006, the parties entered into a second amended letter of intent whereby the payment of $409,410 was deferred to December 15, 2006 from December 5, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|  
|   | On January 11, 2007, the parties entered into a third amended letter of intent whereby the terms of the agreement were amended to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   | On April 4, 2007, the parties entered into a fourth amended letter of intent whereby the terms of the agreement were amended to extend the completion date to May 31, 2007. On May 30, 2007, the parties entered into a fifth amended letter of intent whereby the terms of the agreement were amended to extend the completion date to July 15, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|  
|   | All restricted shares issued shall be subject to a 24-month hold period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  



Page 9 of 14

---

GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSMAY 31, 2007(Unaudited)

In connection with the amended letter of intent the Company has agreed to pay a finders fee to the lending shareholder equal to 8.5% of any proceeds the Company receives from the joint venture. The Company will not have any finders fee obligation if it does not conclude the formal joint venture agreement with CMGN.

|4. | LOANS PAYABLE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Directors of the Company provided loans of $26,574 to the Company. The loans are non-interest bearing, unsecured and payable upon demand.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|  
|   | The Company has relied upon loans from one shareholder totaling $1,495,156 including accrued interest of $37,061 during the current quarter ended May 31, 2007 to fund its advances for the interest in the Mexican Joint Venture. That amount is comprised of $1,213,985 of Advances on Investment Acquisition, $175,000 loan for operating costs and $106,171 in interest cost. The loan is secured by the Companys equity interest in the joint venture. The loan bears interest at a rate of 10% per annum and is due in full on October 1, 2007. The Company may, at any time, satisfy the loan in its entirety by transferring its interest in the letter of intent to the shareholder.
|  
|5. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|  
|   | The Company has no significant commitments or contractual obligations with any parties reflecting executive compensation, consulting arrangements or other matters, except as disclosed in these financial statements and accompanying notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|  















Page 10 of 14

---

ITEM 2.      MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

Plan of Operation

Our plan of operation for the twelve months following the date of this quarterly report is to complete our acquisitions of the joint venture interests in the natural gas pipeline and liquid natural gas re-gasification facility in the states of Quintana Roo and Yucatan, Mexico. In order to earn a 24% joint venture interest in the projects, we have advanced a total of $1,263,985 to Cia. Mexicana de Gas Natural, S.A. de C.V. (CMGN) and issued 185,000 shares of our restricted common stock with an estimated value of $194,250. In addition, we must enter into a joint venture agreement by July 15, 2007 and issue a further 750,000 shares of our restricted common stock within 15 days of completion of the transaction.

We anticipate the operator commencing engineering, procurement and construction of the natural gas pipeline late in the third quarter of 2007. We estimate that it will take approximately two years to complete the pipeline at a total cost of about $140,000,000. Our share of these projected costs will be $16,800,000. We anticipate raising these funds through secured debt financing (as to about $11,800,000) and through the sale of our equity (as to about $5,000,000). However, there is no guarantee that we will be able to raise the necessary funding for completion of the natural gas pipeline project.

Our advances to date are expected to cover the natural gas pipeline permitting expenses for 2007, but we anticipate receiving project cash calls of $1,700,000 during November and December 2007 and $2,000,000 during January to April 2008. We estimate spending approximately $600,000 during the next 12 months on general and administrative expenses and also anticipate repaying a shareholder loan and accrued interest of approximately $1,546,000 in October 2007. Total expenditures over the next 12 months are, therefore, expected to be approximately $5,846,000.

Results of Operations for Quarter Ending May 31, 2007

We have not earned any revenues during the period from inception through May 31, 2007. We have not completed the acquisitions of joint venture interests relating to the design, construction, operation and maintenance of an open access natural gas pipeline between Valladolid, Cancun and Punta Venado and a liquefied natural gas storage and regasification facility. Accordingly, we currently do not have any revenue generating operations.

We incurred operating expenses in the amount of $89,694 for the quarter ended May 31, 2007, resulting in a net loss of the same amount as compared to a $3,496 loss for the same quarter in fiscal 2006. The increase in our net loss in 2006 was primarily the result of an increase in professional fees of $35,764, management fees of $12,000 and interest expense of $37,242. The operating expenses in the quarter ended May 31, 2007 were comprised of professional fees of $37,631, management fees of $12,000, interest expense of $37,242 and office and sundry costs of $2,821.

We have not attained profitable operations and are dependent upon obtaining additional debt or equity financing, if available. For these reasons, there is substantial doubt that we will be able to continue as a going concern.





Page 11 of 14

---

ITEM 3.     CONTROLS AND PROCEDURESEvaluation of Disclosure Controls

Our management evaluated the effectiveness of our disclosure controls and procedures as of the end of our fiscal quarter on May 31, 2007. This evaluation was conducted by our chief executive officer, Don Wilson, and our principal accounting officer, Bruno Fruscalzo.

Disclosure controls are controls and other procedures that are designed to ensure that information that we are required to disclose in the reports we file pursuant to the Securities Exchange Act of 1934 is recorded, processed, summarized and reported.

Limitations on the Effectiveness of Controls

Our management does not expect that our disclosure controls or our internal controls over financial reporting will prevent all error and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, but not absolute, assurance that the objectives of a control system are met. Further, any control system reflects limitations on resources, and the benefits of a control system must be considered relative to its costs. These limitations also include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of a control. A design of a control system is also based upon certain assumptions about potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected.

Conclusions

Based upon their evaluation of our controls, our chief executive officer and principal accounting officer have concluded that, subject to the limitations noted above, the disclosure controls are effective providing reasonable assurance that material information relating to us is made known to management on a timely basis during the period when our reports are being prepared. There were no changes in our internal controls that occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect our internal controls.

PART II- OTHER INFORMATION

Item 1.     Legal Proceedings

We are not a party to any pending legal proceeding. Management is not aware of any threatened litigation, claims or assessments.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

None.



Page 12 of 14

---

Item 3. Defaults Upon Senior Securities

None.

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

None.

Item 5. Other Information

On January 11, 2007, April 4, 2007 and May 30, 2007, we entered into amendments to the letter of intent with CMGN. The amendments required a total of $1,263,985 to be advanced by December 15, 2006, which has been advanced. The Company also had to either pay an additional $184,410 to CMGN or issue 185,000 restricted shares of common stock by January 30, 2007 and we issued the 185,000 restricted shares of common stock on January 29, 2007. To complete the transaction the Company must enter into a Joint Venture Agreement by July 15, 2007 and issue a further 750,000 restricted common shares of the Company within 15 days of the completion of the transaction. On April 10, 2007 we entered into an amended loan agreement with a shareholder extending the repayment date to July 1, 2007. On June 26, we entered into an amended and restated loan agreement extending the repayment date to October 1, 2007.

Item 6. Exhibits and Reports on Form 8-K

|Exhibit No. | Document Description                                                                       
|----------- | -------------------------------------------------------------------------------------------
|* 10.1      | Letter of Intent Amendment                                                                 
|** 10.2     | Loan Agreement Amendment                                                                   
|** 5.02     | Departure of and Appointment of Certain Officers                                           
|31.1        | Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934         
|31.2        | Certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934         
|32.1        | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
|            | Sarbanes-Oxley Act of 2002                                                                 
|32.2        | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
|            | Sarbanes-Oxley Act of 2002                                                                 

*    Incorporated by reference to Form 8K filed on June 5, 2007.

**  Incorporated by reference to Form 8K filed on June 27, 2007.









Page 13 of 14

---

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Gulf United Energy, Inc./s/ DON WILSONDon Wilson, President and C.E.O.(Principal Executive Officer)DATED: July 11, 2007































Page 14 of 14

---