Shareholders,

The company’s growth strategy launched in July of 2021 can be categorized in three simple stages. Those are Stage 1: Funding, Stage 2: Acquisition, and Stage 3: Development.

In 2021, the Company raised approximately $2 million through an A Round of financing. Two of the company’s 2021 acquisitions, Entransco Energy, LLC and Cotton Valley Oil and Gas, LLC were entity purchases. The private oil and gas companies had financials that were not public-ready nor GAAP compliant. Our accounting firm, Weaver and Tidwell, L.L.P. and CPAs have had to verify and convert the historical financials of those companies so that they can migrate into United Energy’s financials as wholly owned subsidiaries. This process is laborious and time consuming. As a result, the Company needed to file an extension to file its 10K due on March 31, 2022. The extension grants United Energy an additional 15 days, and it plans to file its 2021 annual report on or before April 15, 2022.

In addition, and in parallel to aggregating the various books and records, UNRG is building the reserve reports of those assets and a separate team of reserve engineers at Lee Keeling & Associates is accomplishing that task.

The Company’s 4th and 5th acquisitions, Gateway Resources USA, Inc., and the Wagoner County Pipeline are still pending the final due diligence items review.

UNRG’s auditing firm M&K & Associates has completed its 2020 audit and is ready to complete its 2021 audit pending the migration of the financial data of the acquisitions listed above. Unfortunately, this is a necessary and time-consuming step but NOT a revenue generating activity. Once complete, the Company will file to become a fully-reporting SEC company and apply to up-list to the OTCQB market.

UNRG is now raising a B Round of financing through a credit or hybrid equity facility and expects to announce a lending partner soon. The Company will use this capital to scale and develop the acreage acquired in 2021 (activate leases, turn wells on, and drill new wells). Activation of some leases has occurred and is happening now. Production reports will become a regularly scheduled announcement in the near future.

I fully expect oil prices to maintain these levels for an extended period of time. We have a great story to tell but exposure of the company is still thin. The fundamental organizational and accounting pieces have to be in place for sustained growth. As the steps I’ve outlined above are finalized, I will update accordingly and more often with production and revenue gains. I look forward to that time in the very near future and appreciate your patience through these steps.

I truly appreciate your partnership as a shareholder!