Gulf United Energy reports issue of permits for Environmental Risk and Environmental Impact

Mon. September 01, 2008; Posted: 11:36 AM

Sep 01, 2008 (M2 EQUITYBITES via COMTEX) -- GLFE | Quote | Chart | News | PowerRating -- Gulf United Energy (OTCBB:GLFE.OB), which develops and participates in upstream and downstream oil and gas projects, reported on 29 August that for the previously announced natural gas pipeline project on the Yucatan Peninsula, the company has been advised that the Environmental Risk and Environmental Impact Permits have been issued. The company moves closer to constructing and operating the gas distribution pipeline with the granting of the Environmental Permits and strengthens the position of Cia Mexicana de Gas Natural SA de CV (MGN). The pipeline project was a transaction with MGN establishing the joint venture companies for the Pipeline as well as the previously announced LNG Re-Gasification Facility Project. The proposed pipeline will have the capacity to transport about 183m cubic ft per day of gas and efforts are being made to increase the diameter to accommodate up to 500m cubic ft per day, if necessary.

Once completed, gas may be transported to the cities of Valladolid, Cancun, Nizuc and Merida, besides being a net provider of gas back into the Mayacan pipeline.

MGN estimated the cost to complete the Pipeline project at USD140m and that the approximate cost to complete the LNG project at USD500m. A portion of the financing has been secured and additional funds will come from equity and project based debt financing.

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