Edgar Filing: SILVER JACK

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

SILVER JACK

2. Issuer Name and Ticker or Trading Symbol
UNITED ENERGY CORP /NV/ [UNRG.OB]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

80 COLUMBUS CIRCLE, PH76A

3. Date of Earliest Transaction (Month/Day/Year)
01/21/2011

(Street)

NEW YORK, NY 10023

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrant

$ 0.11

01/21/2011

1,111,111

⁽¹⁾

01/21/2016

Common Stock

1,111,111

⁽²⁾

1,111,111

See Footnote ⁽³⁾

Warrant

$ 0.11

01/21/2011

3,959,894

⁽¹⁾

01/21/2016

Common Stock

3,959,894

$ 0

3,959,894

See Footnote ⁽³⁾

Secured Convertible Promissory Note

$ 0.09

01/21/2011

1,111,111

⁽¹⁾

12/20/2011

Common Stock

1,111,111

⁽²⁾

1,111,111

See Footnote ⁽³⁾

Option to purchase Notes and Warrants

⁽⁴⁾

01/21/2011

0 ⁽⁴⁾

⁽¹⁾

06/30/2011

Common Stock

0 ⁽⁴⁾

⁽⁴⁾

0 ⁽⁴⁾

See Footnote ⁽³⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SILVER JACK 80 COLUMBUS CIRCLE, PH76A NEW YORK, NY 10023	X	X

Signatures

/s/ Jack Silver		01/24/2011
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Immediately.
(2)	The Warrant and the Secured Convertible Promissory Note were purchased for an aggregate amount of $100,000.00
(3)	Held by Hilltop Holding Company LP, a limited partnership of which Mr. Silver is a general partner.
(4)	Pursuant to an Agreement with United Energy Corp., dated January 21, 2011, Hilltop Holding Company L.P. may purchase at its option: (a) additional Secured Convertible Notes in the principal amount of up to $100,000.00 (the "Additional New Notes"), and (b) for each $10,000.00 of Additional New Notes purchased, additional Warrants to purchase 111,111 shares of the Company's Common Stock at an initial exercise price of $0.11 per share, for an aggregate purchase price equal to the principal amount of the Additional New Notes purchased. The Additional New Notes will be convertible at $0.09 per share.

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