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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. December 23, 2008 November 17, 2008 October 1, 2008 September 22, 2008 September 2, 2008 August 14, 2008 July 7, 2008 May 14, 2008 April 3, 2008 March 18, 2008 February 7, 2008 January 11, 2008 Gateway Energy Acquires Net Profits Interest in Madisonville Gas Field Houston – (PR Newswire) – December 23, 2008 – Gateway Energy Corporation (OTCBB:GNRG) announced today that it has acquired a 9.1% net profits interest (“NPI”) in certain leases and wells in the Madisonville, Texas gas field for $762,450. The effective date of the acquisition is September 1, 2008. The NPI covers production from certain identified leases and wells owned by operated by Redwood Energy Production, L.P. (“Redwood”) in the Madisonville Field insofar as they cover the Rodessa/Sligo interval, together with all interests acquired by Redwood in any additional oil and gas leases or rights to acquire oil and gas leases within a specified area of mutual interest (“AMI”) and any interests acquired by Redwood in sands, zones, formations, horizons or in and to the depths acquired by Redwood in leases above or below the Rodessa/Sligo interval. Redwood is a subsidiary of GeoPetro Resources Company. There are currently four wells drilled in the AMI by Redwood to the Rodessa zone at approximately 12,000 feet. About the Madisonville Field Redwood has stated its belief that there are as many as six prospective zones below the Rodessa zone, including the Sligo, Travis Peak, Cotton Valley Sand, Bossier, Cotton Valley Lime and Smackover formations. Redwood has also announced its plan to commence the drilling of a Madisonville Field deep test well during 2009 to a depth sufficient to test the Smackover formation, at an estimated depth of approximately 18,000 feet. To date, production from the existing wells has been limited by the capacity of the project’s gas treatment facility. The gas treatment facility has been expanded with the construction of a new plant, but the expansion requires certain additional modifications to operate at expected levels. Redwood has stated that it expects the installation of system modifications required in the new plant to be completed in the first half of 2009. Management Comments Mr. Robert Panico, President and CEO of Gateway said, “I am very pleased with this acquisition as it provides us with additional revenue and cash flow with relatively low risk and no additional general and administrative cost. We are very familiar with the Madisonville Field due to our pipeline operations there and our longstanding business relationship with Redwood and the gas processing company. Mr. Panico went on to say, “The acquisition of the NPI allows us to leverage our knowledge of the Madisonville Field to more fully participate in the upside this project presents.” About Gateway Energy Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts. Gateway gathers offshore wellhead natural gas production and liquid hydrocarbons from producers, and then aggregates this production for processing and transportation to other pipelines. Gateway also transports gas through its mainline systems for non-affiliated shippers and through its affiliated distribution system and makes sales of natural gas to end users. Safe Harbor Statement 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, which speak only as of the date hereof. Gateway 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 Announces New Manager of Engineering and Operations (PR Newswire) – November 24, 2008 – Gateway Energy Corporation (OTCBB:GNRG) (“the Company”) announced today that Jeffrey (Pete) Fisher has been hired to fill the position of Manager of Engineering and Operations. Prior to joining the Company, Mr. Fisher was the owner and President of Fisher Production Consulting where he worked with ConocoPhillips supervising the construction and maintenance of oil and gas production, treatment and pipeline facilities. His primary responsibility was to ensure that all construction, operations and well intervention work conformed to both OSHA (Occupational Safety and Health Administration) and Texas regulatory agencies standards. In this role Mr. Fisher supervised the construction of 26 production facilities and 32 pipeline systems. Mr. Fisher’s experience also includes four years with Paloma Energy Consultants where he worked primarily in the Gulf of Mexico supervising the installation of compressor packages, pipelines, production facilities and production platforms. In total, Mr. Fisher brings 23 years of pipeline construction and maintenance to the Company. Mr. Fisher is a veteran of the U.S. Navy where he served as a Corpsman, has an Associates of Science in Oil and Gas Technology from Summit University, is a member of the Society of Petroleum Engineers (SPE), the Brazos Valley American Petroleum Institute and both the VFW and American Legion. Mr. Fisher fills a recently vacated but previously existing position on the Company’s management team.
Gateway Energy to Present at IPAA Oil & Gas Investment Symposium (PR Newswire) – October 1, 2008 – Gateway Energy Corporation (OTCBB:GNRG) today announced that Chris Rasmussen, Chief Financial Officer, will present at the Independent Petroleum Association of America’s (IPAA) Oil & Gas Investment Symposium West on Wednesday, October 8, 2008 at 3:55 PM PDT. The presentation will be web cast live and can be accessed on the Company’s web site, www.gatewayenergy.com. A copy of the presentation will also be available on the website. The Independent Petroleum Association of America Oil and Gas Investment Symposium is an outlet for publicly traded U.S. independent producers and service and supply companies to present their corporate profiles to the investment community. About Gateway Energy Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts. Gateway gathers offshore wellhead natural gas production and liquid hydrocarbons from producers, and then aggregates this production for processing and transportation to other pipelines. Gateway also transports gas through its mainline systems for non-affiliated shippers and through its affiliated distribution system and makes sales of natural gas to end users. Safe Harbor Statement 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, which speak only as of the date hereof. Gateway 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 Provides Update of Effects of Hurricane Ike (PR Newswire) – September 22, 2008 – Gateway Energy Corporation (OTCBB:GNRG) provided today an update of the condition of its assets in light of the effects of Hurricane Ike, which made landfall near Galveston, Texas on September 12, 2008. Initial indications are that the most significant damage was incurred at the Crystal Beach facility, which has not recently provided material revenues to the Company. Gateway’s other offshore assets sustained little to no damage. Complete information regarding its offshore pipeline assets and the third party production facilities that utilize those assets is not currently available and therefore the information Gateway is providing today may be subject to change and clarification. Crystal Beach and the Shipwreck System Gateway owns pipelines, a related 140' x 70' operating platform, and an onshore terminal facility (the "Crystal Beach" facility) located in southeast Texas, east of Galveston. The Crystal Beach facility is connected to the Company's Shipwreck system, which provides separation of gas and liquid hydrocarbon services, dehydrates the gas for a fee, delivers pipeline quality gas to market and provides storage and truck loading services for the liquid hydrocarbons. The Crystal Beach facility was affected by Hurricane Ike and damage was sustained. Currently, land-based access to the Crystal Beach facility has been restricted by government officials. Gateway conducted a brief aerial survey which indicated damage to the facility’s control room and water storage tanks, with the remainder of the facility appearing undamaged. Its aerial survey of the offshore platform on the Shipwreck system indicates no visible damage. Although Gateway expected revenue to commence from the recently completed well drilled by Maritech Resources, it has not received material revenue from the Crystal Beach facility and Shipwreck system in recent quarters. Losses related to the damage to the facility should be largely recoverable pursuant to our insurance coverage. Pirate’s Beach and Bolivar Systems Gateway owns two pipeline systems in the Galveston, Texas area: the Pirate’s Beach system and the Bolivar system. Our survey of the Pirate’s Beach system indicates no damage. Based upon discussions with third party producers utilizing the system, we believe that their wells suffered no significant damage and we expect them to be back on line in the near term. Although we have not completed our assessment of the entire Bolivar system, we do not expect any significant damage. Gulfshore System Gateway owns pipeline assets which extend from the western and central Gulf of Mexico in water depths ranging from 50 to 650 feet, primarily in federal waters off the Louisiana coast (the “Gulfshore” system). The Gulfshore system consists of approximately 257 miles of four-inch to 21-inch diameter pipelines and related equipment. Third party producers in the area shut-in production in anticipation of Hurricane Gustav and many of these producers are expected to resume production in the near future. A complete assessment by Gateway of the Gulfshore system, and by the producers of their offshore assets, has not been completed, but we expect little or no damage. Other Assets The onshore assets of the Company have not been affected by Hurricane Ike and continue operating uninterrupted. Management Comments Mr. Robert Panico, President and CEO of Gateway said, “We are completing the survey of our assets and proceeding to restore them to full capacity. In this regard, we expect to see most our offshore pipeline business resume nearly complete operation soon, but it is impossible at this time to predict precisely when that will be.” About Gateway Energy Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts. Gateway gathers offshore wellhead natural gas production and liquid hydrocarbons from producers, and then aggregates this production for processing and transportation to other pipelines. Gateway also transports gas through its mainline systems for non-affiliated shippers and through its affiliated distribution system and makes sales of natural gas to end users. Safe Harbor Statement 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, which speak only as of the date hereof. Gateway 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 Enters Into New Transportation and Terminal Services Agreements (PR Newswire) – September 2, 2008 – Gateway Energy Corporation (OTCBB:GNRG) announced that its wholly-owned subsidiary, Gateway Offshore Pipeline Company (“Gateway”) has entered into agreements with Maritech Resources, Inc. (“Maritech”), an exploration and production company and wholly-owned subsidiary of TETRA Technologies, Inc. (NYSE:TTI), to transport all of the crude oil and natural gas produced from its High Island Block 98-L lease, offshore Texas. Gateway will also provide separation, dehydration and oil handling and storage services for Maritech at its terminal facility located near Crystal Beach, Texas. The High Island Block 98-L lease is expected to initially produce between 400 and 600 barrels of crude oil per day and associated natural gas production between 500 and 1,000 Mcf (thousand cubic feet) per day. The companies previously entered into a Facilities Interconnect Agreement and Maritech has recently completed the pipeline connecting the High Island Block 98-L lease to Gateway’s offshore system. The lease is expected to initiate production as soon as final permits are received, which is expected in the next few weeks. Management Comments Mr. Robert Panico, President and CEO of Gateway said, “We have made a commitment to our shareholders to diligently maximize the efficiency of our current assets and we are dedicated to growing Gateway organically while we explore potential acquisition opportunities. This agreement with Maritech demonstrates our ability to grow organically, resulting in a substantial increase in revenue from an existing asset without the need to incur significant capital expenditures or increased operating expenses.” About Gateway Energy Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts. Gateway gathers offshore wellhead natural gas production and liquid hydrocarbons from producers, and then aggregates this production for processing and transportation to other pipelines. Gateway also transports gas through its mainline systems for non-affiliated shippers and through its affiliated distribution system and makes sales of natural gas to end users. Safe Harbor Statement 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, which speak only as of the date hereof. Gateway 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 Acquires Additional Interest in Madisonville Pipeline Houston – (PR Newswire) – July 7, 2008 – Gateway Energy Corporation (OTCBB:GNRG) today announced that it has acquired from Allen Drilling Acquisition Company an additional one-third interest in Gateway-ADAC Pipeline, LLC, representing all of the interest in the Madisonville pipeline not previously owned by Gateway, for $539,166.67 in cash and 100,000 shares of Gateway common stock. The cash portion of the transaction will be funded out of Gateway’s line of credit. As a result of this acquisition, Gateway now owns 100% of the Madisonville pipeline connecting the Madisonville gas treatment plant to two major pipelines. The Madisonville gas plant operator is obligated to transport all gas treated at the plant through our pipeline under a fully dedicated transportation agreement. Mr. Robert Panico, President and CEO of Gateway said, “I am very pleased with this acquisition as it gives us complete control over the pipeline.” Mr. Panico continued, “Due to continuing delays, we are unable at this time to project when the recently expanded plant capacity will come on-line. However, Gateway remains very optimistic about the potential for the expanded plant and this pipeline to have a significant impact on Gateway’s revenues. Even without taking into account the additional capacity of the expanded plant, we expect the acquisition of the remaining interest in this pipeline to be accretive to shareholders. Gateway will now capture 100% of the transportation revenue from the Madisonville field, which we believe has long-term upside potential as the currently shut-in and uncompleted wells in the field come on-line and the producers explore the deep gas zones in the Madisonville field.” About Gateway Energy Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts. Gateway gathers offshore wellhead natural gas production and liquid hydrocarbons from producers, and then aggregates this production for processing and transportation to other pipelines. Gateway also transports gas through its mainline systems for non-affiliated shippers and through its affiliated distribution system and makes sales of natural gas to industrial end users. Safe Harbor Statement 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, which speak only as of the date hereof. Gateway 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 to Host Breakfast Table at Oil & Gas Investment Symposium Houston – (PR Newswire) – April 3, 2008 – Gateway Energy Corporation (OTCBB:GNRG) today announced they will host a breakfast table on Tuesday April 8 and Wednesday April 9, 2008 at the Oil & Gas Investment Symposium hosted by the Independent Petroleum Association of America. The conference will be held at the Sheraton New York Hotel and Towers in New York City April 7-10, 2008. The Oil & Gas Investment Symposium is the premier outlet for publicly traded independent exploration and production, pipeline and service and supply companies to present their company profiles to the investment community. About Gateway Energy Gateway Energy Corporation is a growth-oriented midstream energy company providing natural gas gathering, transmission, processing and oil handling and storage services in Texas, Galveston Bay and the Gulf of Mexico.
Gateway Energy Corporation to Present at the IPAA Oil & Gas Investment Symposium HOUSTON, TEXAS, February 7, 2007. Gateway Energy Corporation (OTCBB: GNRG) (“Gateway”) today announced that Robert Panico, President and Chief Executive Officer, and Chris Rasmussen, Chief Financial Officer, will present at the Independent Petroleum Association of America’s (IPAA) Small Cap Oil & Gas Investment Symposium (OGIS) in Hollywood, Florida on Tuesday, February 12, 2008 at 2:45 PM EST. A link to the live presentation and the accompanying slides will be available on the Company’s website at www.gatewayenergy.com. OGIS Small Cap is an outlet for publicly traded oil and gas companies with market caps of up to $1 billion to present their corporate profiles to the investment community. OGIS Small Cap is patterned after IPAA's highly successful OGIS New York and OGIS San Francisco conferences, which attracted close to 2,000 attendees last year. Gateway Energy Corporation is a growth-oriented midstream energy company providing natural gas gathering, transmission, processing and oil handling and storage services 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 Provides Operational Update
HOUSTON, TEXAS, January 11, 2008. Gateway Energy Corporation (OTC Bulletin Board: GNRG) (www.gatewayenergy.com) (“Gateway”) announced today that its wholly-owned subsidiary, Gateway Offshore Pipeline Company (“Gateway Offshore”), has entered into two new gas transportation agreements with producers to transport all of their natural gas produced from the applicable leases through Gateway’s Bolivar and recently acquired Gulfshore pipeline systems for the life of each lease. Production tied into the Bolivar system commenced today. Production tied into the Gulfshore system commenced in the fourth quarter of 2007. Madisonville Gas Processing LP ("MGP") has informed Gateway that it has temporarily suspended the operations of the expanded portion of the plant (the "new plant"), for modifications to more effectively deal with the presence of diamondoids in the gas stream produced from the Rodessa Formation. A diamondoid is a rare, naturally occurring compound that can segregate out of the gas stream upon a decrease in temperature and pressure and as such, could cause operational problems for the nitrogen rejection portion of the new plant. MGP has completed detailed analysis of the composition of the diamondoids and is in the process of evaluating modifications to the operating system. The implementation of these system modifications is expected to be completed by MGP as soon as possible. The new plant is expected to resume operations later in the first quarter of 2008. In the meantime, the old plant continues to treat approximately 15 million cubic feet per day of inlet gas. Robert Panico, President and Chief Executive Officer of Gateway, stated “We continue to see exploration and development interest near our offshore pipeline systems. During the fourth quarter of 2007, two new wells were tied into our Gulfshore system pursuant to the new transportation agreement and an existing agreement. This resulted in revenue for the Gulfshore system increasing over 20% from the effective date of its acquisition in August 2007.” Mr. Panico continued, “Although we are disappointed with the delays at the new Madisonville plant, we remain very optimistic about the growth opportunities of the area serviced by the plant and our Madisonville pipeline system.” Gateway Energy Corporation is a growth-oriented midstream energy company providing natural gas gathering, transmission, processing and oil handling and storage services 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.
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