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Below are some recent press releases. Please check back often to read about the latest news developments of Gateway Energy Corporation. November 14, 2005 August 23, 2005 June 16, 2005 Gateway Energy Corporation
Posts Net Income for the Third Quarter 2005 • Third Quarter Operating Margin Increases
88% Over Prior Year Period HOUSTON, TEXAS, November 14, 2005. Gateway Energy Corporation (OTC Pink Sheets: GNRG.PK) (the “Company”) today announced financial results for the third quarter of 2005. The Company posted net income of $1,453,910, or $0.09 per share, for the third quarter of 2005 compared to a net loss of $151,065, or $(0.01) per share, for the third quarter of 2004. For the nine months ended September 30, 2005, the Company posted net income of $1,574,499, or $0.09 per share, compared to a net loss of $510,398, or $(0.03) per share, for the same period of 2004. Operating revenues from continuing operations for the quarter ended September 30, 2005 were $2,671,624 as compared to $1,806,861 for the same period in the prior year. Operating margin for the three months ended September 30, 2005, defined as revenues less cost of purchased gas and operating and maintenance expenses, increased 88% over the third quarter of 2004 due to increased throughput on the Company’s offshore segment. During the third quarter, the Company recognized one-time charges due to the settlement of the arbitration proceedings with Michael Fadden, relating to his employment agreement with the Company, and Advanced Extraction Technologies, Inc., related to our license of nitrogen rejection technology, as well as associated legal fees, totaling approximately $246,000. The Company also recognized a one-time gain on the sale of certain Madisonville assets in the amount of $1,705,257. Offshore revenues were impacted by downtime associated with scheduled operational maintenance as well as the effects of Hurricane Rita, due to the producer’s wells being shut-in for the storm. For the nine months ended September 30, 2005, operating revenues from continuing operations were $6,847,994 compared to $5,163,096 for the same period in the prior year. Operating margin for the nine months ended September 30, 2005 increased by 78% over the same period in the prior year due to increased throughput on the Company’s offshore segment. Robert Panico, President and Chief Executive Officer of Gateway, stated, "The Company continued to make significant progress in the third quarter. With the sale of a portion of our pipeline facilities at the Madisonville treatment plant and the new natural gas transportation arrangement, we were able to reduce our debt by approximately $1.7 million and continue to be a long term participant in the project. At the same time, we continued to leverage our existing offshore pipeline assets, which was a key contributor to the Company's third quarter increase in operating margins by 88% over the same period of the prior year." The Company also announced that the Annual Meeting of Shareholders will be held on May 24, 2006 at 10:00 A.M. in Houston, Texas. Gateway Energy Corporation owns and operates natural
gas gathering, transportation and distribution systems and related facilities
in Texas and Oklahoma and offshore Texas and in the federal waters of
the Gulf of Mexico. The Company also holds a license for a state-of-the-art,
patented process for the rejection of nitrogen from natural gas streams. Gateway Energy Corporation
Posts Net Income For the Second Quarter 2005 Gateway Energy Corporation (OTC Pink Sheets: GNRG.PK) (the "Company") today announced financial results for the second quarter of 2005. The Company posted net income of $99,399, or $0.01 per share, for the second quarter of 2005 compared to a net loss of $323,088, or $(0.02) per share, for the second quarter of 2004. For the six months ended June 30, 2005, the Company posted a net income of $120,589, or $0.01 per share, compared to a net loss of $359,133, or $(0.02) per share, for the same period of 2004. Operating revenues for the quarter ended June 30, 2005 were $6,129,040 as compared to $5,989,591 for the same period in the prior year. Operating margin for the three months ended June 30, 2005, defined as revenues less cost of purchased gas and operating and maintenance expenses, increased 66% over the second quarter of 2004. For the six months ended June 30, 2005, operating revenues were $12,276,807 compared to $11,162,811 for the same period in the prior year. Operating margin for the six months ended June 30, 2005 increased by 39% over the same period in the prior year. Robert Panico, President and Chief Executive Officer
of Gateway, stated "we are excited to report that this is the Company's
second profitable quarter in a row. We are also pleased our efforts
to reduce expenses and increase our operating margins are paying off.
During the latter half of the second quarter another new offshore well
was connected to our Pirates Beach Gathering system further enhancing
transportation revenues." Gateway Energy Corporation
Announces Profitable First Quarter 2005 And Appointment Of Two New Board
Members Gateway Energy Corporation (OTC BB: GNRG.PK) (the "Company") today announced financial results for the first quarter of 2005. The Company posted a net income of $21,000 for the first quarter of 2005 compared to a net loss of $36,000 for the first quarter of 2004. This is the first quarterly profit that the Company has made since the third quarter of 2001. Operating revenues for the quarter ended March 31, 2005 were $6,100,000 as compared to $5,200,000 for the same period in the prior year. Operating margin, defined as revenues less cost of purchased gas and operating and maintenance expenses, increased 18% over the first quarter of 2004. This increase is attributable to additional transportation revenues on the Company's Offshore segment. Effective July 20, 2005, Steven W. Cattron was appointed by the Board of Directors of the Company to fill a vacancy on the Board and will also serve as Chairman of the Audit Committee. Mr. Cattron is currently the owner of Cattron Enterprises, Inc., a professional consulting practice focused on improving profitability of small to medium sized companies. Prior to that, he was the President and Chief Operating Officer of Missouri Gas Energy, a natural gas distribution company serving western Missouri as well as Vice President of Sales and Marketing and Regulatory Affairs for Kansas City Power and Light, an electric company serving western Missouri and eastern Kansas. Mr. Cattron holds a Bachelor's Degree in Business Administration from the University of Missouri-Kansas City as well as a Master's Degree in Business Administration from Rockhurst College. Mr. Cattron is also a Certified Public Accountant. Effective August 8, 2005, J. Darby Seré
was appointed by the Board of Directors of the Company to fill a vacancy
on the Board. Mr. Seré is currently the Chief Executive Officer
and President of GeoMet, Inc., a coalbed methane exploration and development
company. Prior to that, he was the President and Chief Executive Officer
of Bellwether Exploration Company, a publicly traded natural gas and
oil production company. Mr. Seré has also served as President
and Chief Executive Officer of Bayou Resources, Inc. as well as Executive
Vice President and Chief Operating Officer of Howell Petroleum Corporation. Gateway Energy Corporation
Announces Sale Of Portion Of Madisonville Assets Gateway Energy Corporation (OTC BB: GNRG.PK) announced today that it has sold a portion of its pipeline facilities at the Madisonville treatment plant for a purchase price of $2,725,000 and entered into a new natural gas transportation agreement with Madisonville Gas Processing, LP. Pursuant to this sale, Gateway sold all of its upstream gathering and injection pipelines at the plant and entered into a new transportation agreement to transport all gas treated at the plant. Robert Panico, President and Chief Executive Officer of Gateway, stated "Gateway's prior relationship with the plant and its producer was a short-term agreement that would expire in five years. By entering into a new arrangement with Redwood Energy Production, L.P., the current producer of the natural gas, Gateway has received a long-term 'life of lease' dedication to the transportation agreement for all of Redwood's production in a defined area serviced by the plant." He further stated "This transaction positions
us for future growth in the Madisonville area on a long term basis,
significantly improves our working capital, permits us to reduce our
debt and provides us with the ability to pursue new opportunities." Gateway Energy Corporation
Announces Election Of Chief Financial Officer Gateway Energy Corporation (OTC BB: GNRGE.OB) announced today that the Board of Directors elected Christopher Rasmussen as the Company's Chief Financial Officer. Gateway Energy has had a vacancy in the Chief Financial Officer position since November 2004. Gateway Energy Corporation owns and operates natural
gas gathering, transportation and distribution systems and related facilities
in Texas and Oklahoma and offshore in Texas and federal waters of the
Gulf of Mexico. The Company also holds a license for a state-of-the-art,
patented process for the rejection of nitrogen from natural gas streams. Gateway Energy Corporation
Announces Election Of President And Chief Executive Officer Gateway Energy Corporation (OTC BB: GNRGE.OB) announced today that the Board of Directors elected Robert Panico as the Company's President and Chief Executive Officer. Mr. Panico replaces John A. Raasch, a member of the Board of Directors, who has been acting as interim President and Chief Executive Officer of the Company. "Mr. Raasch's service to the Company as President and Chief Executive Officer during this period of transition is greatly appreciated," said Philip A. Wilson, Chairman of the Board. Mr. Panico has been a Vice President of the Company
since 1997. Mr. Panico immediately assumed the duties of President and
Chief Executive Officer of the Company. |
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