DGAP-News: United Energy Group plc: Strategic Transaction Turns United Energy Group Profitable

United Energy Group Plc. / Contract/Strategic Company Decision

25.01.2008 

Release of a Corporate-announcement, 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  - January 25th, 2008
The Board of Directors of United Energy Group plc ('UEG') announces today,
the 25th of January 2008, that the company has entered into an agreement
with Global Oil and Gas AG ('GOG'), which is acquiring a number of the oil
and gas leases as well as some equipment held by UEG in Oklahoma and Texas.
Along with this sale the transfer of some of the UEG personnel in Oklahoma
to GOG is supposed to be realized.

The consideration for the acquisition is a significant package of shares
and a seven digit cash component to be delivered by GOG to UEG. The final
closing of the deal is expected within the next months, GOG will have to
increase their share capital and UEG has made the execution subject to
shareholder approval. Both the board of directors of UEG and the management
and supervisory board of GOG are supporting the transaction. The closing of
the deal is subject to a number of contractual conditions.

GOG experts have in the last weeks been looking into the assets and found a
very attractive reserve and production potential.

The transaction has been commented upon by Holger Friedrich, the Chairman
of UEG: 'We are delighted to announce this agreement which is the result of
intensive discussions and negotiations over the last 8 weeks, and we feel
that the deal will increase the value of our company!'

Friedrich said: 'My management team sees this deal as big step forward for
UEG. The careful selection of assets has proven to attract strategic
investors. Assuming that this transaction has a successful closing, we will
be one of the major shareholders of GOG and benefit from their success. The
cash component of the deal will help us to significantly speed up the
development of our other properties. We are furthermore in negotiations to
acquire more assets that will by far offset the sold reserves. We will
report shortly about the progress of those developments.

The overall value of the announced deal should from the today’s perspective
create a double digit million profit for UEG for the ongoing business
year.'




About UEG United Energy Group plc is a listed oil & gas company. The
business model is based on the exploration and reactivation of disused oil
fields, predominantly in the U.S. mainland. The produced crude oil
subsequently finds his purchasers in the surrounding refineries. Currently
the company has access to more than 500 oil wells. Altogether, United
Energy Group possesses proved reserves of 30 million barrel of crude oil.
With specific investments in the oil field development the company wants to
achieve a higher operative efficiency as well as a steadily rising
production capacity. The strategy for the next months and years is based on
a dynamic expansion 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 25.01.2008 
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