DGAP-News: United Energy Group plc: United Energy Group Gulf of Mexico Asset Acquisition Program started

United Energy Group Plc. / Strategic Company Decision

07.05.2008 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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London, UK - May 07th, 2008

In line with our recently announced strategy, United Energy Group (UEG) is
pleased to announce that it is pursuing the acquisition of producing and
undeveloped hydrocarbon assets in the deep and shallow waters of the Gulf
of Mexico. These acquisitions will enable long term steady state production
as well as organic growth through development and re-development programs
currently in the planning stages.

UEG has retained the services of a London based investment bank to advise
on and assist with the raising of funds in the order of magnitude of $200
mio in the international capital markets to finance the acquisition and
development of the oil fields in the Gulf of Mexico.

Upon completion of these acquisitions the US based subsidiary of UEG is
expected to produce in excess of 10,000 barrels of oil per day from
existing wells. A six months fast track development program of the
undeveloped assets will be initiated with the aim to significantly increase
production levels.





About UEG: UEG is an independent, exchange listed energy production and
service company. The core areas of business are Energy Production, Energy
Consulting and Energy Investments. The basic principles of UEG are geared
to the targeted continuous value enhancement of the company by integrating
all relevant groups of interest, supported by an active and transparent
communication. For its partners UEG will remain to be a reliable supplier
of high-quality services at competitive prices. In selected markets UEG
wants to build up a strong position and keep it in the long term. This
quality standard is made possible by dedicated employees and partners. The
strategy for the next months and years is based on a dynamic growth policy.

Forward-Looking Statement: This news release may contain certain
forward-looking statements, including declarations regarding United Energy
Group and its subsidiaries' expectations, intentions, strategies and
beliefs regarding the future. All statements contained herein are based
upon information available to UEG management as of the date hereof, and
actual results may vary based upon future events, both within and without
the control of UEG management, including risks and uncertainties that could
cause actual results to differ materially including, among other things,
the impact that acquisitions may have on the company and its capital
structure, exploration results, market conditions, oil and gas price
volatility, uncertainties inherent in oil and gas production operations and
estimating reserves, unexpected future capital expenditure requirements,
competition, governmental regulations and other factors.

United Energy Group plc 
45 Doughty Street
London WC1N 2LR
United Kingdom

Registered in England and Wales 
Registered number 05792859 

Web: www.unitedenergy.com
E-Mail: info@unitedenergy.com
DGAP 07.05.2008 
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