Gulf United Energy, Inc.

CIK:0001312165|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended		108 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Income Statement [Abstract]
Revenues
Cost of Sales
Gross Profit
General and administrative expenses	688,990	1,741,543	3,149,277	4,598,454	9,922,388
General and administrative expenses - related parties	65,408	67,000	168,497	67,000	9,350,348
Operating Loss	(754,398)	(1,808,543)	(3,317,774)	(4,665,454)	(19,272,736)
Other (Income) and Expense
Gain on settlement of debt					(3,333)
Interest expense		33,762		782,972	2,027,906
Interest expense - related parties			220,000	114,423	912,826
Impairment of oil and gas properties			9,331,605		9,331,605
Interest Income	(256)	(7,702)	(1,870)	(16,786)	(21,527)
Loss from continuing operations	(754,142)	(1,834,603)	(12,867,509)	(5,546,063)	(31,520,213)
Gain (Loss) from discontinued operations				150,000	(1,616,717)
Net Loss	(754,142)	(1,834,603)	(12,867,509)	(5,396,063)	(33,136,930)
Basic And Diluted Loss per share from continuing operations			$ (0.03)	$ (0.01)	$ (0.24)
Basic And Diluted Loss per share from discontinued operations					$ (0.01)
Basic And Diluted Net Loss per share			$ (0.03)	$ (0.01)	$ (0.25)
Weighted Average Shares Outstanding	551,517,726	455,942,726	514,058,784	437,764,143	133,846,034
Comprehensive Income (Loss)
Net Loss	(754,142)	(1,834,603)	(12,867,509)	(5,396,063)	(33,136,930)
Currency exchange gain (loss)	(251)		662		(539)
Net Comprehensive Loss	$ (754,393)	$ (1,834,603)	$ (12,866,847)	$ (5,396,063)	$ (33,137,469)

Supplemental Disclosures - Consolidated Statements of Cash Flows

9 Months Ended

Sep. 30, 2012

Note 10 – Supplemental Disclosures – Consolidated Statements of Cash Flows

Supplemental Disclosure of Non-Cash, Investing and Financing Activities:

Investment advances paid from shareholder loans	$	-	$	-	$	1,263,985
Common stock issued for investment in joint venture projects	$	-	$	-	$	687,225
Common stock issued or subscribed for expenses/services	$	219,500	$	1,631,959	$	10,260,500
Common stock issued for prepaid expenses/services	$	36,667	$	-	$	36,667
Common stock issued for oil and gas properties	$	-	$	90,000	$	3,646,000
Common stock issued or subscribed in connection with short-term notes	$	-	$	-	$	1,809,023
Interest forgiven on shareholder loan payable	$	-	$	-	$	631,444
Common stock issued in conversion of shareholder loan	$	-	$	-	$	400,000
Capital expenditures acquired with accounts payable	$	-	$	-	$	31,282

Settlement of loan payable by assignment of investment:
Loan payable	$	-	$	-	$	(200,000	)
Investment	$	-	$	-	$	200,000
Warrants issued for non-employee compensation	$	-	$	538,411	$	538,411
Supplemental Disclosure of Cash Flow Information:
Cash paid for:
Interest	$	20,000	$	328,970	$	527,714
Income taxes	$	-	$	-	$	-

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Statement of Financial Position [Abstract]
Cash	$ 100,586	$ 2,202,699
Prepaid expenses	161,695	48,750
Total Current Assets	262,281	2,251,449
Computer Equipment	25,391	25,391
Software License	62,563	62,563
Less: Accumulated Depreciation	(65,171)	(44,007)
Net Fixed Assets	22,783	43,947
Investment in oil and gas properties (Note 3 and 8)	29,756,406	22,768,465
Total Other Assets	29,756,406	22,768,465
Total Assets	30,041,470	25,063,861
Accounts payable and accrued liabilities	260,078	371,868
Accounts payable to operators of working interests	11,497,029	1,011,084
Loans payable related parties (Note 6)	76,574	26,574
Total Current Liabilities	11,833,681	1,409,526
Total Liabilities	11,833,681	1,409,526
Preferred stock, 50,000,000 shares authorized, none issued or outstanding
Common Stock Authorized: 700,000,000 shares with a par value of $0.001 Issued and Outstanding: 551,517,726 as of September 30, 2012 and 460,267,726 as of December 31, 2011	551,518	460,268
Additional paid-in capital	50,793,740	43,464,689
Accumulated other comprehensive income	(539)	(1,201)
Deficit Accumulated During The Development Stage	(33,136,930)	(20,269,421)
Total Stockholders' Equity	18,207,789	23,654,335
Total Liabilities and Stockholders' Equity	$ 30,041,470	$ 25,063,861