Gulf United Energy, Inc. reported earnings results for the third quarter ended May 31, 2009. For the quarter, the company has posted a net loss of $1.08 million, down from $87,904 for the same quarter the previous year.

On October 24, 2007, Gulf United Energy Inc. amended and restated that certain Loan Agreement, dated November 16, 2006, by and between the company and James Askew, for the original amount of $1,038,985, by amending the maturity date from April 15, 2009 until June 1, 2009. The outstanding principal and accrued interest on the amended and restated note agreement as of February 28, 2009 is $2,022,547.

Gulf United Energy, Inc. said that the company requires additional working capital in order to execute its business strategy and operations, including contributions to the two joint ventures and general working capital purposes. The company said: “As of February 28, 2009, the Company requires additional working capital to pursue its business strategy and operations, including contributions to the two joint ventures and general working capital purposes. Therefore, we will need to raise additional capital for the remainder of fiscal 2009. We do not have any credit facilities available with financial institutions or other third parties and as such, we must rely upon best efforts funding from individual accredited investors. We will use our best efforts to raise additional funds through increased debt or sales of equity securities to meet future working capital requirements.”