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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 13, 2007 November 13, 2007 November 6, 2007 October 30, 2007 September 6, 2007 August 23, 2007 August 14, 2007 August 7, 2007 May 31, 2007 May 14, 2007 April 25, 2007 April 19, 2007 April 16, 2007 March 27 , 2007 Gateway Energy Corporation to Present at Houston Energy Financial Forum HOUSTON, TEXAS, November 13, 2007. Gateway Energy Corporation (OTC BB: GNRG) today announced that it will be presenting at the Houston Energy Financial Forum being held in Houston from November 13 through 15, 2007. Sponsored by PennWell and the Oil and Gas Financial Journal, this conference will allow energy executives to discuss their operations with analyst as well as retail and institutional investors. Robert Panico, President and Chief Executive Officer is scheduled to present at 8:00 a.m. CST on November 15, 2007. For additional information on the conference, or to access a live webcast of the presentation, go to www.accessanalyst.net Materials presented at this conference will be posted on our website on November 15, 2007.
Gateway Energy Corporation Reports Positive Third Quarter 2007 Financial Results HOUSTON, TEXAS, November 13, 2007. Gateway Energy Corporation (OTC BB: GNRG) today announced financial results for the third quarter of 2007. The Company reported net income of $137,776, or $0.01 per basic and diluted share on revenues of $2.95 million compared to a net loss of $(16,859) on revenues of $1.97 million in the third quarter of 2006. For the nine months ended September 30, 2007, the Company posted net income of $1,971,303, or $0.11 per share, compared to net income of $60,286, or $0.00 per share, for the same period of 2006. Net income for the nine months ended September 30, 2007 included a gain of $1.2 million generated from the sale of Fort Cobb Fuel Authority, L.L.C. Income from continuing operations in the third quarter of 2007 was $152,988 versus $135,538 in the same quarter of 2006. The increase in operating income was largely due to the acquisition of the Gulfshore Midstream pipeline assets, which contributed $190,000 for two months during the quarter. This increase was offset by increased consulting fees for Sarbanes-Oxley compliance and employee recruitment, and increased investor relations expenses. Income from continuing operations for the nine months ended September 30, 2007 was $627,501 compared to $537,690 during the same period in 2006. The increase in income was largely due to the above mentioned Gulfshore Midstream pipeline acquisition, offset by increased investor relations and legal fees. In 2006, legal fees were reduced by $144,000 due to a negotiated reduction in accrued legal fees recorded as expense in prior periods. Robert Panico, President and Chief Executive Officer commented, “During the third quarter of 2007, Gateway capitalized upon the success of its recent acquisition of Gulfshore Midstream Pipelines. Pipeline revenues from these assets have increased each month since the acquisition. With this development, together with the recently announced increase in volume flowing through our Madisonville pipeline system, we believe we will enter 2008 in a much stronger position.” Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect," "plan," "believe," "anticipate," "project," "estimate," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. About Gateway Energy Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts.
Gateway Energy Corporation Announces Increased Revenues from Expanded Madisonville Project HOUSTON, November 6, 2007 --Gateway Energy Corporation (OTC Bulletin Board: GNRG; “Gateway”) today announced that is has been advised by representatives of Madisonville Gas Processing, LP (“MGP”) that the expansion of its natural gas treatment plant at the Madisonville Project located in East Texas is now operational. As previously announced, the additional facilities are designed to be capable of treating 50,000 Mcf/d, which combined with the capacity of the current in-service treating facilities will represent a total designed treating capacity of 68,000 Mcf/d for the Madisonville plant. Gateway operates a 10-inch pipeline system that delivers processed gas from the plant to the sales points. There are currently six wells drilled in the area near the Madisonville Project, of which four wells are completed and connected to the MGP treatment plant. In the near future, the other two wells are expected to be completed and connected to the plant and additional drilling is anticipated in the Madisonville area. Robert Panico, President and Chief Executive Officer of Gateway, stated “The initial production from the expanded MGP treatment plant associated with the four existing wells is expected to more than double revenue generated from our Madisonville pipeline system. Gateway’s existing pipeline system has available capacity to accommodate the total treating capacity of 68,000 Mcf/d, at no additional capital expenditure or operating cost. Our current management team began developing Gateway’s business plan in 2005, which included the following key objectives: (1) change the direction of the company to a midstream focus, (2) optimize existing assets, and (3) implement a midstream energy growth strategy. The Madisonville Project, which we renegotiated in 2005, represents an example of our successful efforts to optimize the value of our existing assets.” Gateway Energy Corporation is a growth-oriented midstream energy company with natural gas gathering, transmission and processing facilities in Texas, Galveston Bay and the Gulf of Mexico. Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are “forward-looking” statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words “expect”, “plan”, “believe”, “anticipate”, “project”, “estimate”, and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Gateway Energy Corporation Announces Meeting with Shareholders to be Held in Kansas City Robert Panico, President and Chief Executive Officer of Gateway, stated “Although we are headquartered in Houston, a large number of our loyal investors live in the Kansas City area. We are concerned that many of these investors cannot attend our annual meeting of shareholders typically held in Houston. This meeting will give us the opportunity to have an open dialog with our shareholders about Gateway’s recent successes and future plans.” Gateway Energy Corporation is a growth-oriented midstream energy company with natural gas gathering, transmission and processing facilities in Texas, Galveston Bay and the Gulf of Mexico.
Gateway Energy Corporation Acquires All of Gulfshore Midstream's Offshore Systems HOUSTON, September 6, 2007 -- Gateway Energy Corporation (OTC Bulletin Board: GNRG; "Gateway") today announced the acquisition of significant offshore pipeline assets from Gulfshore Midstream Pipelines, Ltd. The acquired pipeline assets extend from the western and central Gulf of Mexico in water depths ranging from 50 to 650 feet, and currently gather approximately 60,000 MCF per day of natural gas from 56 producing wells. These pipeline assets range from 6” to 16” diameter pipelines. Gateway acquired the assets for consideration consisting of $3.1 million in cash, 1,550,000 shares of Gateway common stock and the assumption of certain liabilities related to the assets estimated to be approximately $300,000. Regarding the acquisition, Robert Panico, President and Chief Executive Officer of Gateway, stated “This acquisition nearly doubles our offshore pipeline network and expands our footprint from Galveston, Texas to New Orleans, Louisiana, making us a major gatherer in the Gulf of Mexico. These pipeline systems are located in prolific areas of the Gulf with proven production operated by major producers. There have been numerous leases acquired around these assets which we anticipate will lead to continued drilling activity. We are also very pleased to add Gulfshore Midstream, a sophisticated player in the energy industry, as one of our largest stockholders.” Speaking of the strategic implications of this acquisition, Mr. Panico stated “This acquisition demonstrates the company’s successful implementation of its business plan by redeploying assets to the company’s core business segments in the midstream energy industry. Our ability to acquire Gulfshore’s offshore pipeline systems was made possible by the completion of the following steps of our business plan:
The funds provided by these transactions position us to pursue opportunities in the midstream sector and improve our ability to raise capital from third parties on favorable terms.” Paul VanderLinden, President of Gulfshore Midstream, stated “We considered many alternatives in connection with the ultimate sale of our pipeline systems, and we determined that a transaction with Gateway, in which we would receive a significant equity position, was in our best interest and would provide us with the ability to capitalize on Gateway’s strong management team and the implementation of its business plan.” Speaking of the financial aspects of the acquisition, Chris Rasmussen, Gateway’s Chief Financial Officer, stated “The Gulfshore assets are expected to be immediately accretive to Gateway’s earnings per share and EBITDA. In the year ended December 31, 2006 and the six months ended June 30, 2007, these assets generated revenues of approximately $1.4 million and $750,000, respectively. These pipeline systems have very low operating expenses, and will further benefit from the synergies that our existing offshore pipeline business will provide.” Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts. Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Gateway Energy Corporation Announces New Credit Facility HOUSTON, TEXAS, August 23, 2007. Gateway Energy Corporation (OTCBB: GNRG) (“Gateway”) today announced that it has entered into a new $20 million secured revolving credit facility, with an original borrowing base of $2.5 million, with Western National Bank. Pursuant to the credit facility, Gateway’s borrowing base may be increased from time to time by the lender, up to a maximum of $20 million. Gateway intends to use the credit facility to fund acquisitions and new projects in the midstream energy sector and for normal working capital requirements. Robert Panico, Chief Executive Officer and President of Gateway, said “This exciting development constitutes another big step in Gateway’s plan to grow through acquisitions and new projects in the midstream sector of the energy industry. Gateway has taken calculated steps to improve its creditworthiness and position itself for growth. As we continue to improve our balance sheet and strengthen cash flows, we expect to work with Western National Bank to increase our borrowing base, which will increase the level of capital available for acquisitions and broaden the scope of opportunities we may pursue.” Terry Owen McCarter, Managing Director of Western National Bank, stated “We are excited about management’s vision for growth and the role that Western National Bank can play to support that growth.” Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas and offshore Texas and in federal waters of the Gulf of Mexico. Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Gateway Energy Reports Positive Second Quarter 2007 Financial Results HOUSTON, TEXAS, August 14, 2007. Gateway Energy Corporation (OTC BB: GNRG) today announced financial results for the second quarter of 2007. The Company reported net income of $1,223,497, or $0.07 per basic and diluted share on revenues of $2.9 million versus net income of $50,060 on revenues of $2.2 million in the second quarter of 2006. For the six months ended June 30, 2007, the Company posted net income of $1,833,527, or $0.11 per share, compared to net income of $77,145, or $0.00 per share, for the same period of 2006. During the quarter, the Company recognized a one-time gain on the previously announced sale of the Fort Cobb Fuel Authority, LLC in the amount of $1,256,934. Operating income from continuing operations in the second quarter of 2007 was $221,775 versus $292,959 in the same quarter of 2006. The decrease in operating income was largely due the write-off of $101,000 in accrued legal fees in the second quarter of 2006 of which there was no such write-off during the same period in 2007. Profitability of the Company’s Offshore segment also increased largely due to increased throughput volumes on the Company’s Bolivar pipeline system. Operating income from continuing operations for the six months ended June 30, 2007 was $181,472 compared to $441,850 during the same period in 2006. The decrease in operating income was largely due to increased insurance expense and legal fees. In 2006, legal fees were reduced by $144,000 due to a negotiated reduction in accrued legal fees recorded as expense in prior periods. Robert Panico, President and Chief Executive Officer commented, “The second quarter of 2007 represented another significant milestone in our continuing focus to grow the Company through the midstream sector of the energy industry. On May 31, 2007 we completed the sale of our Ft. Cobb distribution unit. This not only brought approximately $2.5 million in cash to the Company, it also allows us to invest our capital and management time in the pursuit of higher growth midstream opportunities. Operationally, we expect the newly expanded Madisonville treatment plant to come on-line by the end of this month, and preliminary indications point to strong performance coming from that unit. And finally we made two important personnel additions to our staff during the quarter, adding depth and experience to our management team. We feel we are well positioned to take advantage of the growth opportunities we see ahead of us.” Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect," "plan," "believe," "anticipate," "project," "estimate," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Gateway Energy Corporation Strengthens Management Team with New Appointments HOUSTON, August 7, 2007 -- Gateway Energy Corporation (OTC Bulletin Board: GNRG; "Gateway") today announced the appointment of two new senior managers, adding depth to operations management and business development. Mark Brandon, P.E. has been named Manager of Engineering and Operations and Craig Ramsey, MBA has been named Director of Business Development. Speaking of the new hires, Robert Panico stated “These appointments will significantly strengthen our operations management and business development initiatives. As we continue to grow our mid-stream energy business, we will need high-quality, experienced professionals, such as Mark Brandon and Craig Ramsey, to manage and optimize our expanding asset base and analyze our acquisition and capital raising opportunities.” Mark Brandon is a professional engineer with over 25 years of experience in the oil and gas industry. Since 2004 to the present, Mr. Brandon has been employed by AGIS Technology in Houston, Texas, serving most recently as General Manager in charge of the Engineering and Technical Services business of AGIS. Prior to AGIS, Mr. Brandon was President of Brandon Professional Engineering, offering engineering services in the oil and gas industry. He also has held management positions with Jordan Technologies, The Evergreen Group, Phase Environmental and Conoco Inc. Craig Ramsey has more than 20 years of experience in business development, mergers and acquisitions, and project evaluation and analysis. Since 1998, Mr. Ramsey has been employed by Williams Companies in Houston, Texas, having most recently served Williams affiliate Transcontinental Gas Pipe Line Corp. as a Production Area Customer Consultant with commercial responsibilities in both onshore and offshore pipeline systems in East Louisiana, Mississippi, and Alabama. Prior to 1998, Mr. Ramsey held financial and business development positions with Houston Industries, Mobil Gas Liquids and Energy Development Corp. Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas and offshore Texas and in federal waters of the Gulf of Mexico. Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Gateway Energy Corporation Announces Closing of Sale of Fort Cobb Fuel Authority HOUSTON, TEXAS, May 31, 2007. Gateway Energy Corporation (OTCBB: GNRG) (“Gateway”) today announced that it has closed the previously announced sale of Fort Cobb Fuel Authority (“Fort Cobb”), its wholly-owned subsidiary, and related pipeline assets, to Navitas Assets, LLC, having received approval from the Oklahoma Corporation Commission. The purchase price for Fort Cobb consisted of $2,585,000, plus the net working capital of Fort Cobb, together with the release of Gateway’s guarantee of approximately $200,000 of bank debt owed by Fort Cobb. Fort Cobb is a local distribution company serving approximately 1,800 agricultural and residential customers in Caddo and Washita counties in Oklahoma. Fort Cobb owns and operates approximately 619 miles of pipeline and related facilities normally associated with distribution systems. Robert Panico, Chief Executive Officer of Gateway, stated “This is a major step towards Gateway’s goal of redefining our business. Our focus going forward will be to pursue growth opportunities in the mid-stream sector, such as pipeline, storage and gathering facilities.” Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas and offshore Texas and in federal waters of the Gulf of Mexico.
Gateway Energy Reports Strong First Quarter 2007 Financial Results HOUSTON, TEXAS, May 14, 2007. Gateway Energy Corporation (OTC BB: GNRG) today announced financial results for the three months ended March 31, 2007. The Company reported net income of $610,028, or $0.04 per basic and diluted share on revenues of $3.1 million versus net income of $27,085 on revenues of $2.7 million in the first quarter of 2006. Net income in the first quarter of 2007 was impacted by a $286,579 one-time gain from the previously disclosed sale of the license for the rights to the Company’s nitrogen rejection unit technology. Excluding this gain, net income for the first quarter increased $296,364 to $323,449 from the $27,085 reported in the prior year period. Operating income increased to $343,741 in the first quarter of 2007 versus $43,871 in the same quarter of 2006. The increase in operating income was largely due to revenue and profitability increases at the Company’s Fort Cobb operating segment, which benefited from the recent rate increase and colder than average temperatures during the quarter. Profitability of the Company’s Onshore and Offshore segments also increased largely due to increased throughput volumes. Robert Panico, President and Chief Executive Officer commented, “During the first quarter of 2007, Gateway Energy experienced solid performance from all three of its operating segments, underscoring the results of our strategy to maximize the performance of our core assets. Looking forward, we should significantly benefit from the expansion of the Madisonville treatment plant which is expected to be completed in the second quarter of 2007. The plant’s total treating capacity is expected to be increased by 50,000 Mcf per day, for a total combined capacity of 68,000 Mcf per day, all of which is dedicated to our transportation system under existing contracts.” Mr. Panico continued, “The sale of our NRU license and the anticipated sale of Ft. Cobb will complete a significant step in our strategic plan to focus efforts on our core mid-stream pipeline operations. These two sales will provide us with more than $3 million of cash, with which we intend to target strategic acquisitions to accelerate our growth.” Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect," "plan," "believe," "anticipate," "project," "estimate," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. About Gateway Energy 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 federal waters of the Gulf of Mexico. Contacts: At Cameron Associates
Gateway Energy Corporation Retains Cameron Associates as Investor Relations Advisor HOUSTON, TEXAS, April 25, 2007. Gateway Energy Corporation (OTC BB: GNRG) today announced that it has retained Cameron Associates, Inc. a full service investor relations firm, to advise on investor relations and public relations. Cameron will assist Gateway in broadening its financial market presence and in establishing new relationships with the investment community. Robert Panico, President and Chief Executive Officer commented, “Gateway Energy has made a number of strategic moves over the last two years which has and we believe will continue to enhance our profitability. As such, we feel the time is right for us to take the first steps in raising the awareness of the investment community in Gateway Energy. We will work with Cameron Associates to put in place a focused financial communications program in order to accomplish that goal.” Founded in 1976, Cameron Associates, Inc. is a New York City-based, full-service investor relations firm providing strategic counsel to a select group of public companies. The firm is particularly focused on assisting emerging companies in the U.S. who need guidance in achieving key business goals, such as improved visibility and reputation in the equity markets, proper positioning of complex financial transactions, and communicating critical corporate issues. Additional information about Cameron Associates can be found on the company’s web site at www.cameronassoc.com. Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. About Gateway Energy
Gateway Energy Corporation to Present at Starlight - New York Private Equity Energy Confernce HOUSTON, TEXAS, April 18, 2007. Gateway Energy Corporation (OTC BB: GNRG) today announced that it will be presenting at the Starlight – New York Private Equity (NYPE) Energy Conference April 23, 2007 in New York. About Gateway Energy About Starlight Capital Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Gateway Energy Corporation Announces Sale of Fort Cobb Fuel Authority HOUSTON, TEXAS, April 16, 2007. Gateway Energy Corporation (OTCBB: GNRG) (“Gateway”) today announced that it has entered into an agreement to sell Fort Cobb Fuel Authority (“Fort Cobb”), its wholly-owned subsidiary, and related pipeline assets, to Navitas Assets, LLC, for a purchase price of consisting of $2,585,000, plus the net working capital of Fort Cobb. In addition, Gateway will be released from its guarantee of approximately $200,000 of bank debt owed by Fort Cobb. The sale is subject to regulatory approval by the Oklahoma Corporation Commission and closing is expected to occur during the second quarter of 2007. Fort Cobb is a local distribution company serving approximately 1,800 agricultural and residential customers in Caddo and Washita counties in Oklahoma. Fort Cobb owns and operates approximately 619 miles of pipeline and related facilities normally associated with distribution systems. Robert Panico, Chief Executive Officer of Gateway, stated “The sale of Fort Cobb Fuel Authority is consistent with our stated business objective of focusing on the mid-stream sector of the energy industry. While Fort Cobb has recently recognized stronger performance, its operations are in the distribution sector and we have determined that Fort Cobb was not consistent with Gateway’s long-term business strategy. The funds provided by the sale will be used to pursue opportunities in the mid-stream sector and improve our ability to raise capital from third parties on favorable terms.” 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 federal waters of the Gulf of Mexico.
Gateway Energy Corporation Posts Financial Results for the Year Ended December 31, 2006
HOUSTON, TEXAS, March 27, 2007. Gateway Energy Corporation (OTCBB: GNRG) (the “Company”) today announced financial results for the year ended December 31, 2006. The Company posted net income of $305,191, or $0.02 per share, for the year ended December 31, 2006 compared to net income of $1,755,384 or $0.10 per share, for the year ended December 31, 2005. Net income for the year ended December 31, 2005 included $1,705,257 from the gain on the disposal of discontinued assets during the year. Operating income from continuing operations for the year ended December 31, 2006 was $305,191, or $0.02 per share, versus a loss of $219,567, or $(0.02) per share, in the prior year period. Operating margin for the year ended December 31, 2006, defined as revenues less cost of purchased gas and operating and maintenance expenses, increased 11.7% to $2,514,599. The improvement in operating margin during the year was due in large part to an increase in throughput volumes on the Company’s Madisonville pipeline and Fort Cobb Fuel Authority, L.L.C. subsidiary. Operating revenues for the year were $10,174,236 as compared to $10,510,283 for the prior year. Operating results:
Robert Panico, President and Chief Executive Officer of Gateway, stated “We are pleased with the overall improvement in operating results and operating margins, which reflect our efforts to optimize our existing assets. The restructuring of 2005 allowed us to enter 2006 with a stronger balance sheet and a clear focus on a growth strategy that better reflects our core competencies. As we enter 2007, we are well positioned to derive continued benefits from our existing assets and with our improved financial strength to aggressively pursue growth opportunities as they present themselves.” 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 federal waters of the Gulf of Mexico. Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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