UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
DC 20549





FORM
10-Q





[X]   Quarterly
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934





For
the quarterly period ended February 28, 2009





[  ]   Transition
Report pursuant to 13 or 15(d) of the Securities Exchange


Act
of 1934





For
the transition period from ___________________ to
___________________





Commission
File Number    000-52322





Gulf United Energy,
Inc.


(Exact
name of small Business Issuer as specified in its charter)








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





3555 Timmons Lane, Suite
1510,  Houston,
Texas      77027


(Address
of principal executive offices)  (Postal or Zip Code)




(713)
893-3543


(Registrant's
telephone number, including area code)




N/A


(Former
name, former address and former fiscal year, if changed since last
report)





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   [X ] Yes  [  ] No





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See definitions of “large accelerated filer”, “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.




Large
      accelerated filer[  ]
            Accelerated
      filer  [  ]Non-accelerated
      filer[  ]
            Smaller
      reporting company [X]





Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act)   [   ] Yes [ X ]
No





APPLICABLE
ONLY TO CORPORATE ISSUERS





As
of April 6, 2009, there were 26,350,000 shares of $0.001 par value common stock
issued and outstanding.





GULF
UNITED ENERGY, INC.


(A
Development Stage Company)





TABLE
OF CONTENTS




Part
      I. Financial InformationItem
      1
                  Financial
      StatementsBalance
      Sheets at February 28, 2009 and August 31, 2008
                  F-2Statements
      of Operations For the Three Months and Six Months Ended February 28, 2009
      and Februrary 29, 2008 and for the Period From Inception (September 19,
      2003) through February 28, 2009
                  F-3Statements
      of Cash Flows For the Six Months Ended February 28, 2009 and February 29,
      2008 and for the Period From Inception (September 19, 2003) through
      February 28, 2009
                  F-4Statement
      of Changes in Stockholders' Equity (Deficiency) for the Period from
      Inception (September 19, 2003) to February 28, 2009
                  F-5Notes
      to the Financial  Statements
                  F-6Item
      2
                  Management's
      Plan of Operation
                  3Item
      3
                  Quantitative
      and Qualitative Disclosures About Market Risk
                  4Item
      4
                  Controls
      and Procedures
                  5




Part
      II. Other InformationLegal
      Proceedings
                  6Risk
      Factors
                  6Unregistered
      Sales of Equity Securities and Use of Proceeds
                  6Defaults
      Upon Senior Securities
                  6Submission
      of Matters to a Vote of Security Holders
                  6Other
      Information
                  6Exhibits
                  6Signatures
                  19EX-31.1
      (EXHIBIT 31.1)EX-32.1
      (EXHIBIT 32.1)





GULF
UNITED ENERGY, INC.


(A
Development Stage Company)





PART
1 – FINANCIAL INFORMATION





Item
1.  Financial Statements





SECOND
QUARTER


FINANCIAL
STATEMENTS








February
28, 2009


(Unaudited)


F-1


GULF
UNITED ENERGY, INC.


(A
Development Stage Company)





BALANCE
SHEETS








February
      28,
                    
                    
                    August
      31,2009
                    
                    
                    2008(Unaudited)
                    
                    
                    (Audited)ASSETSCurrent
      AssetsCash
                    
                    $
                    1,343
                    
                    
                    $
                    2,191Pre-paid
      expenses
                    
                    
                    4,968
                    
                    
                    
                    4,968Deposits
                    
                    
                    7,500
                    
                    
                    
                    7,500Total
      Current Assets
                    
                    
                    13,811
                    
                    
                    
                    14,659Computer
      Equipment at cost
                    
                    
                    3,300
                    
                    
                    
                    3,300Less:  Accumulated
      Depreciation
                    
                    
                    (1,650
                    )
                    
                    
                    (1,100
                    )Net
      computer equipment
                    
                    
                    1,650
                    
                    
                    
                    2,200Advances
      to and investment in joint venture projects (Note 3)
                    
                    
                    1,951,210
                    
                    
                    
                    1,951,210Total
      Assets
                    
                    $
                    1,966,671
                    
                    
                    $
                    1,968,069LIABILITIESCurrentAccounts
      payable and accrued liabilities
                    
                    $
                    78,741
                    
                    
                    $
                    43,824Loans
      payable related parties (Note 6)
                    
                    
                    26,574
                    
                    
                    
                    26,574Stockholder
      loan payable and accrued interest (Note 6)
                    
                    
                    2,022,547
                    
                    
                    
                    1,884,274Total
      Liabilities
                    
                    
                    2,127,862
                    
                    
                    
                    1,954,672STOCKHOLDERS'
      EQUITY (DEFICIENCY)Common
      StockAuthorized:200,000,000
      shares with a par value of $0.001Issued
      and Outstanding:26,350,000
      shares as of February 28, 2009 and August 31, 2008
                    
                    
                    26,350
                    
                    
                    
                    26,350Additional
      paid-in capital
                    
                    
                    686,925
                    
                    
                    
                    686,925Deficit
      Accumulated During The Development Stage
                    
                    
                    (874,466
                    )
                    
                    
                    (699,878
                    )(161,191
                    )
                    
                    
                    13,397Total
      Liabilities and Stockholders' Equity (Deficiency)
                    
                    $
                    1,966,671
                    
                    
                    $
                    1,968,069


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


F-2


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)





STATEMENTS
OF OPERATIONS


(Unaudited)








Period
      FromInceptionThree
      Months Ended
                            
                            
                            Six
      Months Ended
                            
                            
                            (September
      19, 2003)February
      28,
                            
                            
                            February
      29,
                            
                            
                            February
      28,
                            
                            
                            February
      29,
                            
                            
                            Through2009
                            
                            
                            2008
                            
                            
                            2009
                            
                            
                            2008
                            
                            
                            February
      28, 2009Revenue
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            -Expenses:Office
      and sundry
                            
                            
                            138
                            
                            
                            
                            71
                            
                            
                            
                            183
                            
                            
                            
                            328
                            
                            
                            
                            15,383Depreciation
      Expense
                            
                            
                            275
                            
                            
                            
                            275
                            
                            
                            
                            550
                            
                            
                            
                            550
                            
                            
                            
                            1,650Professional
      fees
                            
                            
                            36,239
                            
                            
                            
                            51,517
                            
                            
                            
                            45,014
                            
                            
                            
                            86,030
                            
                            
                            
                            284,968Consulting
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            10,455Rent
      and lease expense
                            
                            
                            15,301
                            
                            
                            
                            15,220
                            
                            
                            
                            30,895
                            
                            
                            
                            30,574
                            
                            
                            
                            109,296Public
      relations
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            320
                            
                            
                            
                            -
                            
                            
                            
                            1,265Travel
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            14,213Utilities
                            
                            
                            884
                            
                            
                            
                            759
                            
                            
                            
                            1,322
                            
                            
                            
                            2,071
                            
                            
                            
                            13,843Stockholder
      loan and other interest
                            
                            
                            48,733
                            
                            
                            
                            40,518
                            
                            
                            
                            96,304
                            
                            
                            
                            79,892
                            
                            
                            
                            411,219Total
      expenses
                            
                            
                            101,570
                            
                            
                            
                            108,360
                            
                            
                            
                            174,588
                            
                            
                            
                            199,445
                            
                            
                            
                            862,292Operating
      Loss
                            
                            
                            (101,570
                            )
                            
                            
                            (108,360
                            )
                            
                            
                            (174,588
                            )
                            
                            
                            (199,445
                            )
                            
                            
                            (862,292
                            )Other
      Income and ExpenseGain
      on settlement of debt
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            (3,333
                            )Loss
      from continuing operations
                            
                            
                            (101,570
                            )
                            
                            
                            (108,360
                            )
                            
                            
                            (174,588
                            )
                            
                            
                            (199,445
                            )
                            
                            
                            (858,959
                            )Loss
      from discontinued operations
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            (15,507
                            )Net
      Loss
                            
                            $
                            (101,570
                            )
                            
                            $
                            (108,360
                            )
                            
                            $
                            (174,588
                            )
                            
                            $
                            (199,445
                            )
                            
                            $
                            (874,466
                            )Basic
      And Diluted Loss per sharefrom
      continuing operations
                            
                            $
                            (0.00
                            )
                            
                            $
                            (0.00
                            )
                            
                            $
                            (0.01
                            )
                            
                            $
                            (0.01
                            )
                            
                            $
                            (0.04
                            )Basic
      And Diluted Loss per sharefrom
      discontinued operations
                            
                            $
                            (0.00
                            )
                            
                            $
                            (0.00
                            )
                            
                            $
                            (0.00
                            )
                            
                            $
                            (0.00
                            )
                            
                            $
                            (0.00
                            )Basic
      And Diluted Net Loss per share
                            
                            
                            (0.00
                            )
                            
                            $
                            (0.00
                            )
                            
                            $
                            (0.01
                            )
                            
                            $
                            (0.01
                            )
                            
                            $
                            (0.04
                            )Weighted
      Average Number of Shares Outstanding
                            
                            
                            26,350,000
                            
                            
                            
                            26,350,000
                            
                            
                            
                            26,350,000
                            
                            
                            
                            26,350,000
                            
                            
                            
                            24,825,991
  The
accompanying notes are an integral part of these financial
statements.


F-3


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)


STATEMENTS
OF CASH FLOWS


(Unaudited)





Period
      FromInceptionSix
      Months Ended
                              
                              
                              (September
      19, 2003)February
      28,
                              
                              
                              February
      29,
                              
                              
                              Through2009
                              
                              
                              2008
                              
                              
                              February
      28, 2009Cash
      Flows From Operating ActivitiesNet
      loss for the period
                              
                              $
                              (174,588
                              )
                              
                              $
                              (199,445
                              )
                              
                              $
                              (874,466
                              )Depreciation
      Expense
                              
                              
                              550
                              
                              
                              
                              550
                              
                              
                              
                              1,650Accrued
      interest added to stockholder loan
                              
                              
                              96,273
                              
                              
                              
                              79,893
                              
                              
                              
                              410,562Non-cash
      portion of interest expense
                              
                              
                              -
                              
                              
                              
                              
                              
                              
                              
                              3,333Gain
      on settlement of debt
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              (3,333
                              )Adjustments
      to reconcile net loss to net cash used byoperating
      activities:
                              
                              
                              
                              
                              
                              
                              -Pre-paid
      expenses
                              
                              
                              -
                              
                              
                              
                              4,985
                              
                              
                              
                              (4,968
                              )Increase
      in deposits
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              (7,500
                              )Accounts
      payable and accrued liabilities
                              
                              
                              34,917
                              
                              
                              
                              61,592
                              
                              
                              
                              78,741Net
      Cash Used By Operating Activities
                              
                              
                              (42,848
                              )
                              
                              
                              (52,425
                              )
                              
                              
                              (395,981
                              )Cash
      Flows From Investment ActivitiesCapital
      Expenditures
                              
                              
                              -
                              
                              
                              
                              (300
                              )
                              
                              
                              (3,300
                              )Advances
      to and investment in joint venture projects
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              (250,000
                              )Net
      cash used by investing activities
                              
                              
                              -
                              
                              
                              
                              (300
                              )
                              
                              
                              (253,300
                              )Cash
      Flows From Financing ActivitiesCapital
      stock issued
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              26,050Increase
      in loans payable to related parties
                              
                              
                              -
                              
                              
                              
                              -
                              
                              
                              
                              226,574Proceeds
      from stockholder loan payable
                              
                              
                              42,000
                              
                              
                              
                              51,000
                              
                              
                              
                              398,000Net
      cash provided by financing activities
                              
                              
                              42,000
                              
                              
                              
                              51,000
                              
                              
                              
                              650,624Increase/(Decrease)  In
      Cash During The Period
                              
                              
                              (848
                              )
                              
                              
                              (1,725
                              )
                              
                              
                              1,343Cash,
      Beginning Of Period
                              
                              
                              2,191
                              
                              
                              
                              2,326
                              
                              
                              
                              -Cash,
      End Of Period
                              
                              $
                              1,343
                              
                              
                              $
                              601
                              
                              
                              $
                              1,343Non-Cash
      Investing and Financing Activities:Investment
      advances paid from stockholder loan
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $
                              1,263,985Capital
      stock issued for investment acquisition
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $
                              687,225Settlement
      of loan payable by assignment of investment:Loan
      payable
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $
                              (200,000
                              )Investment
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $
                              200,000Supplementary
      Disclosure Of Cash Flow Information:Cash
      paid for:Interest
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $
                              371Income
      taxes
                              
                              $
                              -
                              
                              
                              $
                              -
                              
                              
                              $
                              -
  The
accompanying notes are an integral part of these financial
statements.


F-4


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)


STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIENCY)


PERIOD
FROM INCEPTION (SEPTEMBER 19, 2003) TO FEBRUARY 28, 2009


(Unaudited)








DEFICITACCUMULATEDCOMMON
      SHARES
                  
                  
                  ADDITIONAL
                  
                  
                  DURING
      THEPAR
                  
                  
                  PAID-IN
                  
                  
                  DEVELOPMENTNUMBER
                  
                  
                  VALUE
                  
                  
                  CAPITAL
                  
                  
                  STAGE
                  
                  
                  TOTALBalance,
      September 19,2003
      (date of inception)
                  
                  
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  -Capital
      stock issued for cash: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 for investment:January
      2007 at $0.735 per share
                  
                  
                  185,000
                  
                  
                  
                  185
                  
                  
                  
                  135,790
                  
                  
                  
                  -
                  
                  
                  
                  135,975July
      2007 at $0.735 per share
                  
                  
                  750,000
                  
                  
                  
                  750
                  
                  
                  
                  550,500
                  
                  
                  
                  -
                  
                  
                  
                  551,250Net
      loss for the year
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (257,804
                  )
                  
                  
                  (257,804
                  )Balance,
      August 31, 2007
                  
                  
                  26,350,000
                  
                  
                  
                  26,350
                  
                  
                  
                  686,925
                  
                  
                  
                  (321,839
                  )
                  
                  
                  391,436Net
      loss for the year
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (378,039
                  )
                  
                  
                  (378,039
                  )Balance,
      August 31, 2008
                  
                  
                  26,350,000
                  
                  
                  
                  26,350
                  
                  
                  
                  686,925
                  
                  
                  
                  (699,878
                  )
                  
                  
                  13,397Net
      loss for the period
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  -
                  
                  
                  
                  (174,588
                  )
                  
                  
                  (174,588
                  )Balance,
      February 28, 2009
                  
                  
                  26,350,000
                  
                  
                  $
                  26,350
                  
                  
                  $
                  686,925
                  
                  
                  
                  (874,466
                  )
                  
                  
                  (161,191
                  )


The
accompanying notes are an integral part of these financial
statements


F-5


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)


NOTES
TO THE FINANCIAL STATEMENTS


February
28, 2009


(Unaudited)








The
unaudited financial information furnished herein reflects all adjustments, which
in the opinion of 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-Q 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 ended August 31, 2008.  The
Company assumes that the users of the interim financial information herein have
read or have access to the audited financial statements for the preceding fiscal
year and that the adequacy of additional disclosures needed for a fair
presentation may be determined in that context.  Accordingly, footnote
disclosures, which would substantially duplicate the disclosure contained in the
Company’s Form 10-KSB for the fiscal year ended August 31, 2008 have been
omitted.  The results of operations for the three months and six
months ended February 28, 2009 are not necessarily indicative of results for the
entire fiscal year ending August 31, 2009.





1.
            NATURE
      AND CONTINUANCE OF OPERATIONS





Gulf
United Energy, Inc. (“the Company”) was incorporated in the State of Nevada,
U.S.A., on September 19, 2003. The Company currently has limited
operations.  The Company is a development stage company as defined by
Statement of Financial Accounting Standards (“SFAS”) No. 7.  The
Company acquired joint venture interests with a private Mexican company in a
proposed natural gas pipeline project and a proposed liquefied natural gas (LNG)
regasification and storage facility in Mexico.





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
$874,466 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
discussed the need to seek additional capital through a private placement and/or
public offering of its common stock; however, efforts to raise additional
capital have been unsuccessful as of this date and there are no assurances that
the Company will be successful in its efforts to raise additional capital. 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.


F-6


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)





NOTES
TO THE FINANCIAL STATEMENTS


February
28, 2009


(Unaudited)





2.
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES








Basis
      of Accounting





The
Company maintains its accounts on the accrual method of accounting in accordance
with accounting principles generally accepted in the United States of America.
The accompanying financial statements of Gulf United Energy, Inc., have been
prepared in accordance with accounting principles generally accepted in the
United States of America and the rules of the Securities and Exchange Commission
(SEC). In the opinion of management, all adjustments necessary for a fair
presentation of financial position and the results of operations have been
reflected herein.





Use
      of Estimates and Assumptions





The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that directly affect the reported amounts of assets,
liabilities, revenues and expenses. Actual results could differ from those
estimates.





Cash
      and Cash Equivalents





Cash and
cash equivalents include cash and all highly liquid financial instruments with
purchased maturities of three months or less.





As of
February 28, 2009 and August 31, 2008, the Company had no cash
equivalents.





Leases





The
Company recognizes operating lease expense monthly over the minimum lease term
on a straight-line basis.





Fair
Value of Financial Instruments





The
Company’s financial instruments consist of cash and accounts payable, accrued
liabilities and debt.  Unless otherwise noted, it is management’s
opinion that the Company is not exposed to significant interest or credit risks
arising from these financial instruments. The fair value of these financial
instruments approximates their carrying values, unless otherwise
noted.  The carrying amount of these financial instruments
approximates fair value due either to length of maturity or interest rates that
approximate prevailing market rates unless otherwise disclosed in these
financial statements.


F-7


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)


NOTES
TO THE FINANCIAL STATEMENTS


FEBRUARY
28, 2009


(Unaudited)





Basic
Loss Per Share





The
Company is required to provide basic and dilutive earnings (loss) per common
share information.





The basic
net loss per common share is computed by dividing the net loss applicable to
common stockholders by the weighted average number of common shares
outstanding.





Diluted
net loss per common share is computed by dividing the net loss applicable to
common stockholders, adjusted on an "as if converted" basis, by the weighted
average number of common shares outstanding plus potential dilutive securities.
For the periods ended February 28, 2009 and August 31, 2008, there were no
potentially dilutive securities issued so diluted net loss per common share
equals basic net loss per share.





Computer
      Equipment





Additions
to computer equipment and software are recorded at cost.  Depreciation
of computer equipment and software is recorded on a straight-line basis over the
estimated useful lives of the assets.  Computer equipment and software
are being depreciated over 36 months.





3.     INVESTMENTS





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 50% interest in a joint venture to be formed (the “Gulf
United/CMGN Joint Venture”). The Company contributes cash to the Gulf
United/CMGN Joint Venture and CMGN contributed its 24% equity interest in a
proposed project to design, construct, operate and maintain an open access
natural gas pipeline between Valladolid, Cancun and Punta Venado, as well as its
initial 24% equity interest in a project to build a proposed LNG storage and
regasification facility. The Company borrowed $200,000 from a stockholder to
make the initial advance required under the letter of intent. No additional
payments were made. The letter of intent was terminated on May 22, 2006 and the
investment in the joint venture was transferred to a stockholder of the Company
in full settlement of the debt.





Subsequent
to August 31, 2006, the Company entered into an amended letter of intent with
CMGN whereby the general terms of the initial letter of intent were reinstated.
The amended letter of intent acknowledged $1,038,985 had been advanced to CMGN
on behalf of the Company, by a Company stockholder, (including the initial
advance of $200,000) pursuant to the original letter of intent. In order to earn
its 50% in the Gulf United/CMGN Joint Venture, the Company paid an additional
$409,410 to CMGN and issued 750,000 shares of the Company’s restricted stock to
CMGN following the execution of the joint venture agreements.  Our
investment in the joint ventures is recorded at cost.





The
Company has entered into a loan agreement with a stockholder regarding funds
advanced on its behalf. The loan is secured by the Company’s equity interest in
the joint venture entities, bears interest at a rate of 10% per annum,
compounded monthly, and is due in full on April 15, 2009.  The Company
may, at any time, satisfy the loan in its entirety by transferring its
interest in the joint venture entities to the lending stockholder.  In
connection with the loan agreement, the Company has agreed to pay a finder’s fee
to the lending stockholder equal to 8.5% of any proceeds the Company receives
from the joint venture.


F-8


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)


NOTES
TO THE FINANCIAL STATEMENTS


FEBRUARY
28, 2009


(Unaudited)











Condensed
audited balance sheets for the joint venture entities as of August 31, 2008 are
included below:





Fermaca
      Gas de Cancun, S.A. de C.V.
                    
                    
                    Fermaca
      LNG de Cancun, S.A. de C.V.Receivables
                    
                    $
                    7,366
                    
                    
                    $
                    8,724Capitilized
      value added tax
                    
                    
                    84,367
                    
                    
                    
                    166,237Projects
      in process
                    
                    
                    5,168,178
                    
                    
                    
                    2,958,834Total
      Assets
                    
                    $
                    5,259,911
                    
                    
                    $
                    3,133,795Income
      tax withholding
                    
                    $
                    393
                    
                    
                    $
                    295Minority
      interest
                    
                    
                    2,625,601
                    
                    
                    
                    1,559,881Total
      liabilities
                    
                    
                    2,625,994
                    
                    
                    
                    1,560,176Total
      stockholders' equity
                    
                    
                    2,633,917
                    
                    
                    
                    1,573,619Total
      Liabilities and Stockholders' Equity
                    
                    $
                    5,259,911
                    
                    
                    $
                    3,133,795


The joint
venture balance sheets reflected above are consolidated with their subsidiaries,
Energia YAAX, S.A de C.V (the company that will construct and own the proposed
natural gas pipeline) and SIIT Energy, S.A. de C.V. (the company that will
construct and own the proposed LNG plant), which are the operating companies in
which the joint venture companies hold a 50% interest.  Because all
costs incurred by the joint ventures and the underlying entities relate to the
proposed development of the pipeline and LNG terminal, the joint venture
companies have capitalized all costs and there are no revenues or expenses
during the construction phase.  The minority interest shown in these
balance sheets is the investment of the other 50% owner in the operating
companies that will own the natural gas pipeline and the LNG storage and
regasification plant.  The Company owns a 24% interest in the joint
venture companies and a 12% net interest in the proposed projects in process
shown in the above condensed balance sheets.





The
Company does not have any financial information on the joint venture companies
any more recent than the August 31, 2008 financial information, but the Company
believes that the financial information has not changed substantially subsequent
to that date.





The
supply of gas to the proposed pipeline is currently in question because Pemex,
the Mexican national oil company, has increased gas re-injection in its oil
fields in an effort to increase oil production, thus decreasing the amount of
gas available for distribution through the Mayacan
system.  Preliminary engineering for the pipeline project has
commenced; however, because of the lack of available natural gas noted above,
procurement for the pipeline project is not expected to commence until after the
end of fiscal 2009 and construction would then require approximately one
year.


F-9
 GULF UNITED ENERGY,
INC.


(A
Development Stage Company)


NOTES
TO THE FINANCIAL STATEMENTS


FEBRUARY
28, 2009


(Unaudited)








4.  COMMON
STOCK





The total
number of shares of stock which the Company shall have the authority to issue is
two hundred million (200,000,000) shares of Common Stock with a par value of one
tenth of one cent ($.001) per share.





As of
February 28, 2009, the Company had 26,350,000 shares of its $.001 par value
common stock issued and outstanding.





5.  INCOME
TAXES





Potential
benefits of income tax losses are not recognized in the accounts until
realization is more likely than not.  The Company has incurred net
operating losses totaling $874,466 which commence expiring in 2023 if not
previously utilized. Pursuant to SFAS No. 109, the Company is required to
compute tax asset benefits for net operating losses carried forward. The
potential benefit of net operating losses has been offset by a valuation
allowance in these financial statements because the Company cannot be assured it
is more likely than not it will utilize the net operating losses carried forward
in future years.





6.
            LOANS
      PAYABLE





Notes
payable consist of the following as of February 28, 2009:





Short-term
                      
                      
                      Long-termUnsecured
      loans to related parties
                      
                      $
                      26,574
                      
                      
                      $
                      0Secured
      loan and interest payable to stockholder
                      
                      $
                      2,022,547
                      
                      
                      $
                      0





Two
stockholders and former directors of the Company provided loans totalling
$26,574.  The loans are non-interest bearing, unsecured and payable
upon demand.





The
Company has received loans from one stockholder totaling $2,022,547. This amount
includes accumulated and unpaid interest of $410,562 as of February 28,
2009.  These funds have been used primarily to purchase our interest
in the Mexican joint ventures.  That total loan amount is comprised
of:  $1,213,985 of advances to the joint ventures, $398,000 used for
operating costs and $410,562 of interest cost.  The loan is secured by
the Company’s equity interest in the joint ventures.  The loan bears
interest at a rate of 10% per annum and is due April 15,
2009.  Management is negotiating an extension of the loan which it
believes will be granted.  The Company may, at any time, satisfy the
loan in its entirety by transferring its interest in the joint ventures to the
stockholder.





7.
            COMMITMENTS
      AND CONTRACTUAL OBLIGATIONS





LEASES





The
Company accounts for rent expense monthly over the minimum lease
term.  The Company occupies office space under a non-cancelable
sub-lease expiring May 2009.


F-10


GULF
UNITED ENERGY, INC.


(A
Development Stage Company)


NOTES
TO THE FINANCIAL STATEMENTS


FEBRUARY
28, 2009


(Unaudited)








Future
minimum lease payments under non-cancelable leases at February 28, 2009 were as
follows:





Amount2009
                                                                
                                                                $
                                                                15,300








JOINT
VENTURE COMMITMENTS





As
reflected herein, the Company has entered into a joint venture agreement to
provide funding currently estimated to be approximately $16,800,000 with respect
to the Company's 12% interest in the proposed pipeline
project.  Additional amounts will be required to fund the Company’s
12% interest in the proposed LNG storage and re-gasification project. At this
time, the Company does not know, and cannot reasonably estimate, its portion of
the costs associated with the proposed LNG storage and re-gasification project.
Because the Company is solely an investor in the joint ventures and not the
operator, management of the Company is currently unable to determine precisely
when the funding amounts will become due or the amounts that will be required.
However, it is anticipated by management that the amounts due will be paid
during the next three fiscal years for the proposed pipeline project and during
the next five fiscal years for the proposed LNG storage and re-gasification
project.  The Company currently does not have adequate resources
available to meet its funding requirements.  Should the Company be
unable to fund the required amounts on a timely basis, the joint venture
interests may revert to the stockholder who has provided the funding reflected
in the accompanying balance sheet as of February 28, 2009 and August 31, 2008;
Or the joint venture interests may be forfeited to the Company’s joint venture
partner.  Due to the current state of the world economy, the
difficulties of the financial markets and relatively low oil and gas prices,
among other things, there are no assurances that either of these projects will
be constructed.  Because construction of these proposed projects has
not commenced, and because the Company lacks the resources to fund its share of
construction costs coupled with the current state of the world economy, it is
possible that these projects will not be built according to schedule or may not
be built at all.  In the event that the projects are postponed for a
lengthy period of time, or are cancelled altogether, the value of the Company’s
advances and interest in the joint venture projects will decline precipitously
and may not retain any value.  Management of the Company is unable, at
this time, to determine the extent of impairment that may exist with respect to
its advances and interest in the joint venture projects; however, the impairment
could be substantial.  Should the joint venture projects become
impaired, the Company may transfer the projects to satisfy the loans from the
stockholder, such loans having a value greater than the value of the Company’s
joint venture projects.


F-11


GULF UNITED ENERGY,
INC.


(A
Development Stage Company)





ITEM
2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION





Plan
of Operation




Our plan
of operation for the twelve months following the date of this quarterly report,
through our two joint ventures, includes the anticipated commencement of
engineering, procurement and construction of the proposed natural gas pipeline
after the end of fiscal 2009. The proposed pipeline system has two options for
natural gas provision: an interconnection with the established Mayacan system,
owned by Gaz de France, and a proposed LNG plant located on a port near Punta
Venado, Quintana Roo.  The original project plan called for the 16-inch
diameter pipeline to transport up to 183 million cubic feet of natural gas daily
from the Mayacan system within the Mexican states of Quintana Roo and Yucatan,
thus meeting some of the industrial demand for natural gas in the region, as
well as some of the demand of power generation plants located in the cities of
Valladolid, Cancun and Nizuc. We estimate that it will take approximately one
year to complete the pipeline after construction commences. Environmental
impact and environmental risk permit applications were submitted in September,
2007 and are still under review by the relevant Mexican government
authorities.  We are not aware of any significant problems with the review
and approval process, as all requested information has been submitted. 
Although the mandated time frame set by the approving authorities has been
exceeded, they have requested more time for evaluation.  We have granted an
extension of time as we wish to continue to work closely with the authorities
during this period of uncertainty in the oil and gas industry.  Due to
the current state of the world economy, the melt down of the financial markets
and low oil and gas prices, among other things, there are no assurances that
either of these projects will be constructed.





The
proposed pipeline is expected to cost about $140,000,000. Our share of these
projected costs will be approximately $16,800,000. We hope to raise these funds
through secured debt financing and through the sale of our equity; however, we
have no financing currently in place and, therefore, there is no guarantee that
we will be able to raise the necessary funding for completion of the proposed
natural gas pipeline project, the proposed LNG plant or other
projects.  If we fail to raise the funds necessary to fulfill our
obligations under the joint venture agreement, we will be in breach of the
agreement and it may terminate.  If the joint venture agreements
terminate, it would have a material adverse effect on our continued operations
and we would likely cease our operations.





Recently
Pemex, the Mexican national oil company, has increased gas re-injection in its
oil fields in an effort to increase oil production, thus decreasing the amount
of gas available for distribution through the Mayacan system.  This action
has intensified the necessity for the re-gasification plant near Punta
Venado.  The joint-venture companies are aggressively pursuing an
acceptable LNG arrangement with the major LNG supply companies around the
world.  The joint-venture companies continue to work closely with the
relevant government authorities to procure a long term LNG supply
contract.





As of
February 28, 2009, we have contributed $1,951,210 to the joint ventures made up
of $1,263,985 in cash and 935,000 shares of our restricted common stock then
valued at $687,225 to finance the projects.  In consideration for
acquiring a 24% interest in Fermaca Gas and Fermaca LNG, we have agreed to pay
12% of the costs incurred by Yaax and SIIT Energy (Yaax and SIIT Energy are the
operating companies that will build and operate the proposed pipeline and LNG
projects, respectively).





At
February 28, 2009, the Company has current assets of $13,811, current
liabilities of $2,127,862, and a working capital deficit of
$2,114,051.  Other than a stockholder loan totaling $2,022,547, which
is secured by substantially all of the Company’s assets and $26,574 in loans
payable to related parties, the Company has no other credit
facilities.  Management believes that it will be able to borrow
additional monies from this stockholder to continue to fund
short-term.


-3-


GULF
UNITED ENERGY, INC.


(A
Development Stage Company)








MANAGEMENT’S
DISCUSSION AND ANALYSIS OR PLAN OF OPERATION, Cont.





working
capital requirements. The Company has no other sources of financing and will
continue to rely on borrowings from this stockholder. However, there are no
commitments from this stockholder or assurance that this stockholder can or will
continue to fund our cash needs.  The failure to extend the
stockholder loan and to borrow additional funds there under will likely result
in the Company transferring the investment in the joint venture projects to
repay this debt or forfeiting its interests in the projects to its joint venture
partner.




Results
of Operations for Quarter Ended February 28, 2009






We have
not earned any revenues during the period from inception through February 28,
2009. The design of the proposed open access natural gas pipeline between
Valladolid, Cancun and Punta Venado and a proposed LNG storage and
regasification facility are not yet complete; accordingly, we currently do not
have any revenue generating operations.  No construction has commenced
as of February 28, 2009 or through the date of this Form 10-Q.




We
incurred operating expenses and a net loss in the amount of $101,570 for the
quarter ended February 28, 2009, as compared to a $108,360 loss for the same
quarter in fiscal 2008. The decrease in our net loss in 2009 was primarily the
result of a decrease in professional fees of $15,188 offset by an increase in
interest expense of $8,215.  The operating expenses in the quarter
ended February 28, 2009 were comprised of professional fees of $36,239, rent and
lease expense of $15,301, interest expense of $48,733, office, sundry, public
relations, utilities and depreciation totaling $1,297.




We have
not attained profitable operations and are, therefore, dependent upon obtaining
additional debt or equity financing. If we are unable to obtain additional
financing, there is substantial doubt that we will be able to continue as a
going concern.




LIQUIDITY
AND CAPITAL RESOURCES





At
February 28, 2009, the Company's current assets total $13,811.  Total
current liabilities are $2,127,862, resulting in negative working capital of
$2,114,051.  As of February 28, 2009, we had $1,343 in
cash.  For the six-month period ended February 28, 2008, our average
monthly cash flow used in operating activities was approximately
$7,141.  We will need to raise at least $16,800,000 in order to meet
our obligations under the joint venture agreement for the pipeline
project.  The Company has funded operations to date through a
combination of utilizing cash on hand, issuing common stock to settle certain
obligations and borrowing from a stockholder.  Company operations for
the six months ended February 28, 2009, was funded largely by a stockholder’s
advances of $42,000.





As of
February 28, 2009, the Company requires additional working capital to pursue its
business strategy and operations, including contributions to the two joint
ventures and general working capital purposes.  Therefore, we will
need to raise additional capital for the remainder of fiscal 2009.  We
do not have any credit facilities available with financial institutions or other
third parties and as such, we must rely upon best efforts funding from
individual accredited investors.  We will use our best efforts to
raise additional funds through increased debt or sales of equity securities to
meet future working capital requirements.  There can be no assurance
that we will be successful in raising funds from debt or equity offerings or
from any future best efforts financing efforts.  If we are unable to
either obtain financing from external sources or to generate liquidity from
anticipated future operations, we may need to cease operations.





ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK





Market
risk represents the risk of loss that may impact our financial position due to
adverse changes in financial market prices and rates. Our market risk exposure
results from fluctuations in foreign exchange rates.  The Company is
exposed to foreign exchange risk based on the Company’s investment in two joint
venture entities based in Mexico.  The Company funds the joint venture
and reports the joint venture investment in US dollars, but the financial
statements of the entities are prepared in Mexican pesos and are converted to US
dollars.  Fluctuations in the value of the United States dollar
relative to the value of the Mexican peso could affect the value of our
investment.  We don’t expect that this risk will have a material
impact on future financial statements.  The Company is not exposed to
market risks related to fluctuations in interest rates.  The interest
rate on the Company’s debt is fixed.  We do not currently own
marketable securities, use interest rate swaps, futures contracts or options on
futures or other types of derivative financial instruments. We do not hold
or issue financial instruments for trading purposes.


-4-


GULF
UNITED ENERGY, INC.


(A
Development Stage Company)






ITEM
4.  CONTROLS AND PROCEDURES




Evaluation
of Disclosure Controls




Our
Principal Executive Officer and Principal Financial Officer, after evaluating
the effectiveness of our disclosure controls and procedures (as defined in Rule
13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period
covered by this report, have concluded that, based on the evaluation of these
controls and procedures, that our disclosure controls and procedures were
effective.   We maintain disclosure controls and procedures that
are designed to ensure that information required to be disclosed by us in the
reports that we file or submit to the Securities and Exchange Commission under
the Securities Exchange Act of 1934, as amended, is recorded, processed,
summarized, and reported within the time periods specified by the Securities and
Exchange Commission's rules and forms, and that information is accumulated and
communicated to our management, including our principal executive and principal
financial officers (whom we refer to in this periodic report as our Certifying
Officers), as appropriate to allow timely decisions regarding required
disclosure. Our management, which is limited to our Certifying Officers,
evaluated the effectiveness of our disclosure controls and procedures as of
February 28, 2009, pursuant to Rule 13a-15(b) under the Securities Exchange
Act.





Based
upon that evaluation, our Certifying Officers concluded that, as of February 28,
2009, our disclosure controls and procedures were effective.  There
were no changes in our internal control over financial reporting that occurred
during our most recently completed fiscal quarter that have materially affected,
or are reasonably likely to materially affect, our internal control over
financial reporting.




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 errors 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 chief
financial 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.


-5-


GULF
UNITED ENERGY, INC.


(A
Development Stage Company)







PART
II- OTHER INFORMATION




Item
1. Legal Proceedings




None.




Item
1A.  Risk Factors




There
have been no material changes to the risk factors previously disclosed under
item 1 of the Company’s form 10-KSB filed with the United States Securities and
Exchange Commission on December 15, 2008.




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




None.




Item
3. Defaults Upon Senior Securities




None.




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




None.




Item
5. Other Information




None.




Item
6. Exhibits and Reports on Form 8-K




*10.1
                Amended
      Loan Agreement31.1
                Certifications
      pursuant to Rule 13a-14(a) under the Securities Exchange
      Act of 193432.1
                Certifications
      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 January 15, 2000.
 -6-
 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
WILSON


___________________________


Don
Wilson, President and C.E.O.


(Principal
Executive Officer)





DATED:  April
14, 2009








/S/ DAVID
POMERANTZ


___________________________


David
Pomerantz, CFO


Principal
Financial Officer and


Principal
Accounting Officer





DATED:  April
14, 2009


-7-