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 1934
|--- | ---------------------------------------------------------------------------------------
|   
|    | For the quarterly period ended February 29, 2008                                       
|   

|[ ] | Transition Report pursuant to 13 or 15(d) of the Securities Exchange
|--- | --------------------------------------------------------------------
|    | Act of 1934                                                         
|   
|    | For the transition period                                           
|    |                                                                     
|   
|    | Commission File Number                                              
|    |                                                                     

Gulf United Energy, Inc. 
------------------------------------------------------------------------
(Exact name of small Business Issuer as specified in its charter)

|Nevada                                          | 20-5893642                       
|----------------------------------------------- | ---------------------------------
|---------------------------------               | -------------------------------  
|(State or other jurisdiction of                 | (IRS Employer Identification No.)
|incorporation or organization)                  |                                  
|                                               
|3555 Timmons Lane, Suite 1510                   |                                  
|Houston, Texas                                  | 77027                            
|----------------------------------------        | -------------------------------  
|(Address of principal executive offices)        | (Postal or Zip Code)             
|                                               
|                                               
|Issuer's telephone number, including area code: | (713) 893-3543                   
|                                                |                                  

N/A 
------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days [ X ] Yes [ ] No

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

State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 26,350,000 shares of $0.001 par value common stock outstanding as of April 14, 2008.

1

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GULF UNITED ENERGY, INC.(A Development Stage Company)TABLE OF CONTENTSPart I. Financial InformationItem 1
     Financial StatementsBalance Sheets at February 29, 2008 and August 31, 2007
     4Statements of Operations - For the Three Months and Six Months Ended
     5February 29, 2008 and February 28, 2007 and the Period From Inception(September 19, 2003) to February 29, 2008Statements of Cash Flows - For the Six Months Ended Feburary 29, 2008
     6and February 28, 2007 and the Period from Inception (September 19, 2003)through February 29, 2008Statement of Changes in Stockholders' Equity (Deficiency) from Inception
     7(September 19, 2003) to February 29, 2008Notes to the Financial Statements
     8Item 2
     Management's Discussion and Analysis or Plan of Operation
     14Item 3
     Controls and Procedures
     14Part II. Other InformationItem 1
     Legal Proceedings
     16Item 2
     Unregistered Sales of Equity Securities and Use of Proceeds
     16Item 3
     Defaults Upon Senior Securities
     16Item 4
     Submission of Matters to a Vote of Security Holders
     16Item 5
     Other Information
     16Item 6
     Exhibits
     17Signatures
     18








2

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|        | PART I  FINANCIAL INFORMATION
|------- | ------------------------------
|       
|        | GULF UNITED ENERGY, INC.      
|        | (A Development Stage Company) 
|       
|ITEM 1. | SECOND QUARTER                
|        | FINANCIAL STATEMENTS          
|       
|       
|        | February 29, 2008             
|        | (Unaudited)                   



























3

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GULF UNITED ENERGY, INC.(A Development Stage Company)BALANCE SHEETSFebruary 29, 2008
     
     
     August 31, 2007(Unaudited)
     
     
     (Audited)ASSETSCurrent AssetsCash
     $
     601
     
     $
     2,326Pre-paid expenses
     
     4,968
     
     
     9,953Deposits
     
     22,500
     
     
     22,500Total Current Assets
     
     28,069
     
     
     34,779Fixed Assets
     
     3,300
     
     
     3,000Less: Accumulated Depreciation
     
     (550
     )
     
     -Net Fixed Assets
     
     2,750
     
     
     3,000Interest in joint venture projects (Note 3)
     
     1,951,210
     
     
     1,951,210Total Assets
     $
     1,982,029
     
     $
     1,988,989LIABILITIESCurrentAccounts payable and accrued liabilities
     $
     79,671
     
     $
     18,079Loans payable to stockholders (Note 6)
     
     26,574
     
     
     26,574Shareholder loan payable and accrued interest (Note 6)
     
     1,683,793
     
     
     1,552,900Total Liabilities
     
     1,790,038
     
     
     1,597,553STOCKHOLDERS' EQUITYCommon StockAuthorized:200,000,000 shares with a par value of $0.001Issued and Outstanding:26,350,000 shares as of August 31, 2007 andFebruary 29, 2008
     
     26,350
     
     
     26,350Additional paid-in capital
     
     686,925
     
     
     686,925Deficit Accumulated During The Development Stage
     
     (521,284
     )
     
     (321,839
     )191,991
     
     
     391,436Total Liabilities and Stockholders' Equity
     $
     1,982,029
     
     $
     1,988,989










4

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GULF UNITED ENERGY, INC.(A Development Stage Company)STATEMENTS OF OPERATIONS(Unaudited)Period FromThree Months Ended
     
     Six Months Ended
     
     
     InceptionFebruary 29
     
     February 28
     
     February 29
     
     
     February 28
     
     
     (September 19, 20032008
     
     2007
     
     2008
     
     
     2007
     
     
     to February 29, 2008)Revenue
     $
     
     -
     
     $
     -
     
     $
     -
     
     $
     -
     
     $
     -Expenses:Office and sundry
     
     
     71
     
     
     3,422
     
     
     328
     
     
     4,319
     
     
     15,145Depreciation Expense
     
     
     275
     
     
     -
     
     
     550
     
     
     -
     
     
     550Professional fees
     
     51,517
     
     
     23,869
     
     
     86,030
     
     
     43,630
     
     
     189,227Consulting
     
     
     -
     
     
     -
     
     
     -
     
     
     -
     
     
     10,455Rent and lease expense
     
     15,220
     
     
     -
     
     
     30,574
     
     
     -
     
     
     48,595Public relations
     
     
     -
     
     
     -
     
     
     -
     
     
     -
     
     
     945Travel
     
     
     -
     
     
     -
     
     
     -
     
     
     -
     
     
     14,213Utilities
     
     
     759
     
     
     -
     
     
     2,071
     
     
     -
     
     
     5,802Shareholder loan and other interest
     
     40,518
     
     
     30,438
     
     
     79,892
     
     
     69,299
     
     
     224,178Total expenses
     
     108,360
     
     
     57,729
     
     
     199,445
     
     
     117,248
     
     
     509,110Operating Loss
     
     (108,360
     )
     
     (57,729
     )
     
     (199,445
     )
     
     (117,248
     )
     
     (509,110
     )Other Income and ExpenseGain on settlement of debt
     
     
     -
     
     
     -
     
     
     -
     
     
     -
     
     
     (3,333
     )Loss from continuing operations
     
     (108,360
     )
     
     (57,729
     )
     
     (199,445
     )
     
     (117,248
     )
     
     (505,777
     )Loss from discontinued operations
     
     
     -
     
     
     -
     
     
     -
     
     
     -
     
     
     15,507Net Loss
     $
     (108,360
     )
     $
     (57,729
     )
     $
     (199,445
     )
     $
     (117,248
     )
     $
     (521,284
     )Basic And Diluted Loss per sharefrom continuing operations
     $
     
     (0.00
     )
     $
     (0.00
     )
     $
     (0.01
     )
     $
     (0.00
     )
     $
     (0.02
     )Basic And Diluted Loss per sharefrom discontinued operations
     
     
     N/A
     
     
     N/A
     
     
     N/A
     
     
     N/A
     
     $
     (0.00
     )Basic And Diluted Net Loss per share
     $
     
     (0.00
     )
     $
     (0.00
     )
     $
     (0.01
     )
     $
     (0.00
     )
     $
     (0.02
     )Weighted Average Shares Outstanding
     
     26,350,000
     
     
     25,476,668
     
     26,350,000
     
     
     25,445,663
     
     
     24,474,593










5

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GULF UNITED ENERGY, INC.(A Development Stage Company)STATEMENTS OF CASH FLOWS(Unaudited)Six Months Ended
     
     
     Period FromFebruary 29,
     
     February 28,
     
     
     Inception Through2008
     
     2007
     
     
     February 29, 2008Cash Flows From Operating ActivitiesNet loss for the period
     $
     (199,445
     )
     $
     (117,248
     )
     $
     (521,284
     )Pre-paid expenses
     
     4,985
     
     
     -
     
     
     (4,968
     )Depreciation Expense
     
     550
     
     
     -
     
     
     550Accrued interest added to shareholder loans
     
     79,893
     
     
     69,110
     
     
     223,808Non-cash portion of interest expense
     
     
     
     
     -
     
     
     3,333Gain on settlement of debt
     
     -
     
     
     -
     
     
     (3,333
     )Adjustments to reconcile net loss to net cash used by operatingactivities:Increase in deposits
     
     -
     
     
     -
     
     
     (22,500
     )Accounts payable and accrued liabilities
     
     61,592
     
     
     13,854
     
     
     79,671Net Cash Used By Operating Activities
     
     (52,425
     )
     
     (34,284
     )
     
     (244,723
     )Cash Flows From Investing ActivitiesCapital Expenditures
     
     (300
     )
     
     -
     
     
     (3,300
     )Advances and investment in joint venture projects
     
     -
     
     
     (50,000
     )
     
     (250,000
     )Net cash used by investing activities
     
     (300
     )
     
     (50,000
     )
     
     (253,300
     )Cash Flows From Financing ActivitiesCapital stock issued
     
     -
     
     
     -
     
     
     26,050(Decrease)/increase in loans payable to related parties
     
     -
     
     
     (2,828
     )
     
     226,574Proceeds from shareholder loans payable
     
     51,000
     
     
     175,000
     
     
     246,000Net cash provided by financing activities
     
     51,000
     
     
     172,172
     
     
     498,624Increase/(Decrease) In Cash During The Period
     
     (1,725
     )
     
     87,888
     
     
     601Cash, Beginning Of Period
     
     2,326
     
     
     2,869
     
     
     -Cash, End Of Period
     $
     601
     
     $
     90,757
     
     $
     601Non-Cash Investing and Financing Activities:Investment advances paid from shareholder loans
     $
     -
     
     $
     1,213,985
     
     $
     1,263,985Capital stock issued for investment acquisition
     $
     -
     
     $
     194,250
     
     $
     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
     $
     -
     
     $
     -
     
     $
     -


6

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

STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIENCY)

PERIOD FROM INCEPTION (SEPTEMBER 19, 2003) TO FEBRUARY 29, 2008 (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 period
     -
     
     -
     
     
     -
     
     
     (199,445
     )
     
     (199,445
     )Balance, February 29, 2007
     26,350,000
     $
     26,350
     $
     
     686,925
     
     $
     (521,284
     )
     $
     191,991








7

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GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSFebruary 29, 2008(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 10QSB 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, 2007. 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, 2007 have been omitted. The results of operations for the three and six months ended February 29, 2008 are not necessarily indicative of results for the entire year ending August 31, 2008.

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 and is seeking new projects. The Company is a development stage company as defined by Statement of Financial Accounting Standards (SFAS) No. 7. The Company has acquired joint venture interests with a private Mexican company in a natural gas pipeline project and a liquefied natural gas 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 $521,284 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.







8

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GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSFebruary 29, 2008(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 EquivalentsCash and cash equivalents include cash and all highly liquid financial instruments with purchased maturities of three months or less.As of February 29, 2008 and August 31, 2007, the Company had no cash equivalents.LeasesThe Company recognizes operating lease expense monthly over the minimum lease term on a straight-line basis.Fair Value of Financial InstrumentsThe 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. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates.





9

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GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSFEBRUARY 29, 2008(Unaudited)

Basic Loss Per ShareThe 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 29, 2008, and February 28, 2007, there were no potentially dilutive securities issued so diluted net loss per common share equals basic net loss per share.Fixed AssetsAdditions to property, plant and equipment are recorded at cost. Depreciation of property, plant and equipment 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 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 liquefied natural gas storage and regasification facility. The Company borrowed $200,000 from a shareholder 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 shareholder 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 shareholder, (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. The investment in the joint ventures is recorded at cost.





10

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GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSFEBRUARY 29, 2008(Unaudited)

The Company has entered into a loan agreement with a shareholder 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 and is due in full on June 15, 2008. The Company may, at any time, satisfy the loan in its entirety by transferring its interest in the letter of intent to the lending shareholder. In connection with the loan agreement, 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 ventures.

Condensed balance sheets for the joint venture entities as of August 31, 2007 are included below:

Fermaca Gas de
     
     Fermaca LNG deCancun, S.A. de
     
     Cancun, S.A. deC.V.
     
     C.V.Receivables
     $
     6,753
     
     $
     6,753Projects in process
     
     5,246,613
     
     
     3,115,109Total Assets
     $
     5,253,366
     
     $
     3,121,862Minority interest
     $
     2,625,601
     
     $
     1,559,881Shareholder's equity
     
     2,627,765
     
     
     1,561,981Total Liabilities andShareholders' Equity
     $
     5,253,366
     
     $
     3,121,862


The joint venture balance sheets reflected above are consolidated with 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 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 liquefied natural gas storage and regasification plant. The Company owns a 24% interest in the joint venture companies and a 12% net interest in the projects in process shown in the above condensed balance sheets.

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 cent ($.001) per share.

As of February 29, 2008, the Company had 26,350,000 shares of its $.001 par value common stock issued and outstanding.

11

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GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSFEBRUARY 29, 2008(Unaudited)

During the twelve months ended August 31, 2007, the Company issued 935,000 shares of common stock for payments required under the letter on intent valued at $687,225. The Company valued the shares at the closing market price on the date of issuance of such shares less a discount of 30% for marketability because the shares are restricted and thus are not immediately tradable.

During the period from September 19, 2003 (inception) to February 29, 2008, the Company issued 26,350,000 common shares (post stock split) for total cash proceeds of $26,350.

At February 29, 2008, there were no outstanding stock options or warrants.

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 $521,284 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 not been recognized 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 29, 2008:

Short-termUnsecured loans to shareholders
     $
     26,574Secured loan and interest payable to shareholder
     $
     1,683,793


Two shareholders 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 shareholder totaling $1,683,793 which includes total interest of $223,808 as of February 29, 2008. These funds have been used primarily to purchase our interest in the Mexican joint ventures. That total amount is comprised of $1,213,985 of advances for the joint ventures, $246,000 for operating costs and $223,808 in 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 June 15, 2008. The Company may, at any time, satisfy the loan in its entirety by transferring its interest in the joint ventures to the shareholder.

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 March 2008. We are currently negotiating an extension to this lease agreement.

12

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GULF UNITED ENERGY, INC.(A Development Stage Company)NOTES TO THE FINANCIAL STATEMENTSFEBRUARY 29, 2008(Unaudited)

Future minimum lease payments under non-cancelable leases at February 29, 2008 amounted to $4,668:

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 pipeline 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 pipeline project and during the next five years for the LNG storage and re-gasification project. As also stated herein, 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 shareholder who has provided the funding reflected in the accompanying balance sheets as of February 29, 2008 and August 31, 2007.





















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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, we anticipate commencing engineering, procurement and construction of the natural gas pipeline in our fiscal second quarter of 2009. We estimate that it will take approximately one year to complete the pipeline at a total cost of 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 natural gas pipeline project, the terminal project 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 agreement terminates, it would have a material adverse effect on our continued operations and we would likely need to curtail or cease our operations.

As of February 29, 2008, 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 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.

Results of Operations for Quarter Ended February 29, 2008

We have not earned any revenues during the period from inception through February 29, 2008. The design and construction of the open access natural gas pipeline between Valladolid, Cancun and Punta Venado and a liquefied natural gas storage and regasification facility are not yet complete; accordingly, we currently do not have any revenue generating operations.

We incurred operating expenses and a net loss in the amount of $108,360 for the quarter ended February 29, 2008, as compared to a $57,729 loss for the same quarter in fiscal 2007. The increase in our net loss in 2007 was primarily the result of an increase in professional fees of $27,648, rent and lease expense of $15,220 and interest expense of $10,080. The operating expenses in the quarter ended February 29, 2008 were comprised of professional fees of $51,517, rent and lease expense of $15,220, interest expense of $40,518 and other expenses totaling $1,105.

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.

ITEM 3. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures- 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 evaluated, with the participation of our Certifying Officers, the effectiveness of our disclosure controls and procedures as of February 29, 2008, pursuant to Rule 13a-15(b) under the Securities Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of February 29, 2008, 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.

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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.





















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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.

Item 3.     Defaults Upon Senior Securities

None.

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

None.

Item 5.     Other Information

Changes in and disagreements with accountants on accounting and financial disclosure

On March 27, 2007, Morgan and Company, Chartered Accountants (Morgan) resigned as our independent accountants. Morgans audit report on our financial statements for the period from our inception on September 13, 2003 to August 31, 2004, and for the fiscal years ended August 31, 2005 and August 31, 2006 did not contain an adverse opinion or disclaimer or opinion, nor was it modified as to audit scope, or accounting principles. The Report of Independent Registered Public Accounting Firm that Morgan issued on the financial statements for the periods from our inception on September 13, 2003 to August 31, 2006 was modified as to uncertainty and did express an opinion that there was substantial doubt as to our ability to continue as a going concern. Furthermore, there were no disagreements between us and Morgan relating to the fiscal periods audited or any subsequent interim period through to the date that the firm resigned.

There were no disagreements with Morgan on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which if not resolved to its satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its report and its review of our interim financial statements for the period ended November 30, 2006 through the date of its resignation on March 27, 2007.

We engaged Harper & Pearson Company, P.C., Certified Public Accountants, (Harper) as our new independent accountant on March 27, 2007. We did not consult Harper prior to the date of engagement regarding the application of accounting principles, the type of audit opinion that might be rendered by it or any other matter.

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ITEM 6.     EXHIBITS.

The following documents are included herein:

|Exhibit No. | Document Description                                                                                                                                                                         
|----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |                                                                                                                                                                                              
|31.1        | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.
|           
|32.1        | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer).                
|           





















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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities as president and chief executive officer on this 14th day of April, 2008 at Houston, Texas.

GULF UNITED ENERGY, INC. 
(Registrant)

BY:  DON WILSON 
        Don WilsonPresident and Principal Executive Officer

























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