Gulf United Energy Acquires Interest in Peruvian Blocks

Gulf United Energy has entered into a participation agreement with Upland Oil and Gas, LLC Sucursal del Peru. Pursuant to the terms of the Participation Agreement, Gulf United, through its wholly owned subsidiary Gulf United Energy del Peru, acquired from Upland rights to a 35% working interest in Block XXIV Peru, an approximately 280,000 acre onshore and offshore property, and a 35% working interest in the Peru TEA, consisting of four contiguous blocks totaling approximately 40,000,000 acres. Upland will serve as operator on both Block XXIV and the Peru TEA. The Company has filed a Form 8-K today disclosing this transaction.

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