United Energy Corp (UNRG)

[RockyMountains11]

Common Stock Issued Pursuant to Collateral Loan Agreement
On July 25, 2022, the Company entered into a collateral loan agreement with Gateway Resources USA (“Gateway”), Inc. Pursuant to the agreement, the Company agrees to make current and future loans to Gateway as needed for operating and administrative purposes.
In exchange for this arrangement, Gateway pledges to the Company all of its assets, leases, wells, pipelines, equipment and machinery as collateral. The Company has the option but not obligation to acquire the assets of Gateway in lieu of foreclosure at a date of its
choosing. The Company issued 8,600,000 shares of common stock to the ownership of Gateway’s previous lender, Blaine Exploration, Ltd. to assume it’s position as Senior Creditor. The fair value of the common stock was $1,049,200, based on the closing traded price
of the common stock on the date of grant. To date, the Company has advanced $850,000 to Gateway for operational and administrative purposes including repayment of loans to Blaine Exploration, Ltd.

Huh?? LMAO