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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