Replies to post #138 on Gulf United Energy (fka GLFE)

[BCNstocks]

Nice Blue! Very good GLFE DD! Added to the stickies!

[TheFinalCD]

Is this why GLFE has been falling out of the sky?= ITEM 8.01 Other Events


Effective as of December 28, 2012, Gulf United Energy, Inc. (the “Company”) was in default under the Block CPO-4 joint operating agreement with respect to $1,330,000 owed to SK Innovation Ltd. (“SK”), the operator on block CPO-4, for past costs incurred. The Company also received notice from SK that it will be in default, effective as of January 2, 2013, under the terms of the joint operating agreement relating to Block Z-46 with respect to $3,311,624 owed to SK for past costs incurred. The Company has until January 4, 2013 to cure the default under the CPO-4 joint operating agreement, and until January 23, 2013 to cure the default under the Z-46 joint operating agreement.

In the event such defaults are not cured, the working interest partners on the respective blocks would have the right to exercise any and all remedies under the applicable joint operating agreements, including, but not limited to, redemption of the interests. The Company is currently in discussions with SK regarding the handling of these interests

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http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8991802

Note 9 – Subsequent Events


Debt Financing


As further described in its Form 8-K filed with the SEC on November 2, 2012, on October 29, 2012, the Company consummated a private offering pursuant to which it sold to accredited investors an aggregate of $2,875,000 of secured convertible promissory notes (the “Notes”) and warrants to purchase up to approximately 38.3 million shares of its common stock, exercisable until October 29, 2013 at an exercise price of $0.001 per share (the “Warrants”).




Two stockholders and former directors of the Company provided $26,574 to the Company. The loans are non-interest bearing, unsecured and payable upon demand. As of September 30, 2012, no demand for payment on these loans has been made by the related parties

Note 7 - Commitments and Contractual Obligations


Oil and Gas Investment Commitments


Colombia Block SSJN-5


As of September 30, 2012, we have accrued $8.39 million in past and ongoing costs incurred under applicable farmout and joint operating agreements. These agreements have been terminated as described under Note 9, “Subsequent Events” in the footnotes to our financial statements.


Colombia Block VIM-2


As of September 30, 2012, we have accrued $704,225 for past and ongoing costs incurred under applicable farmout and joint operating agreements. These agreements have been terminated as described under Note 9, “Subsequent Events” in the footnotes to our financial statements.


Colombia Block CPO-4


As of September 30, 2012, our estimated commitment for remainder of 2012 is approximately $3.4 million.


Peru Block Z-46


As of September 30, 2012, our estimated commitment for remainder of 2012 is approximately $3.3 million.


Peru Block XXIV and TEA


As of September 30, 2012, we have accrued $114,804 for ongoing costs related to our joint venture agreement which should represent our total obligation for 2012.


Employment Agreements


Four Company executives are employed under one year employment agreements which expire at the end of July 2012. The Company’s CEO is employed under a three-year employment agreement which runs through the end of 2014.


Note 8 - Related Party Transactions


During the nine months ended September 30, 2012, James Askew, a consultant engaged by the Company and the holder of in excess of 5% of the Company’s outstanding common stock, was paid $95,000 under his agreement and was reimbursed $51,645 of his travel and entertainment expenses.


Rodeo, an affiliate of Jim Ford, our executive vice president of development, was paid $21,852 in general and administrative expenses during the nine months ended September 30, 2012.


In April 2012, Rodeo loaned the Company a total of $200,000 which was then paid to SK Innovation for amounts due under existing agreements. In April 2012, the Company repaid the loan plus $20,000 in cash interest expense. On June 4, 2012, the board of directors authorized the issuance of 2,500,000 shares of the Company’s restricted common stock valued at $200,000 to Rodeo in consideration for making the loan. The Company recognized this as additional interest expense. The effective annual interest rate for the loan was 600% for the cash interest and 6,600% for the total interest expense.

[TheFinalCD]

Liquidity and Capital Resources


At September 30, 2012, the Company has current assets of $262,281, current liabilities of $11,833,681, and a resulting working capital deficit of $11,571,400. We currently have no sources of revenue. In October 2012, the Company consummated a private offering under Section 4(2) of the Securities Act pursuant to which it sold to accredited investors an aggregate of $2,875,000 of secured convertible promissory notes and warrants to purchase up to approximately 34 million shares of its common stock, exercisable until October 29, 2013 at an exercise price of $0.001 per share, resulting in net proceeds of approximately $2,677,000.


At September 30, 2012, we estimated that we would need approximately $16.4 million to fund our contractual commitments for the remaining portion of 2012 (excluding funds required for general working capital purposes).


Revenue -0

Gross Profit -0

Cash $ 100,586


Net loss for the period $ (12,867,509 )



http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8926231

[willmakeitrain]

GLFE~~ $25 Million Equity Financing, 30 CENTS PER SHARE

GLFE is pleased to announce the closing of a $25 million private placement, consisting of the sale of approximately 83 million shares of common stock to seven institutional investors at a purchase price of $0.30 per share. Pritchard Capital Partners, LLC acted as the exclusive placement agent in connection with the private placement.
The Company intends to use the proceeds from the financing to fund its exploration activities in Colombia and Peru and for general working capital purposes.
John B. Connally III, Gulf United’s Chairman and Chief Executive Officer, commented, “The closing of this funding represents a big step forward for Gulf United Energy, and provides us with the operational and financial flexibility to drive Gulf United Energy through its next phase of drilling and corporate development.”

http://gulfunitedenergy.com/news/gulf-united-energy-announces-closing-of-25-million-equity-financing/