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http://www.eia.doe.gov/oil_gas/natural_gas/info_glance/natural_gas.html
Gateway Energy Reports First Quarter 2008 Results
Wednesday May 14, 4:47 pm ET
The Company reported a net loss of $90,549, or $0.00 per basic and diluted share, compared to net income of $610,028, or $0.04 per basic and diluted share in the first quarter 2007. The first quarter of 2007 was positively impacted by a $286,579 one-time gain from the sale of the license for the rights to the Company's nitrogen rejection unit technology. Excluding this gain, net income for the first quarter 2007 would have been $323,449, or $0.02 per basic and diluted share.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29561166
2007 year over year results.
March 18, 2008 - 6:37 PM EDT
Gateway Energy Reports Year End 2007 Results
HOUSTON, March 18 /PRNewswire-FirstCall/ -- Gateway Energy Corporation (OTC Bulletin Board: GNRG) today announced full year 2007 financial results. For the year, the company posted income from continuing operations of $2.4 million, or $0.13 per diluted share, compared to $399,000, or $0.02 per diluted share, posted at year end 2006. Net income increased to $3.6 million, or $0.20 per diluted share for 2007, compared to $305,000, or $0.02 per diluted share, for 2006. Net income was favorably impacted by a $1.2 million one-time after tax gain on the sale of Fort Cobb Fuel Authority and a $1.7 million reversal of the allowance for deferred tax assets resulting in an income tax benefit.
http://biz.yahoo.com/prnews/080318/latu087.html?.v=101
500 Dallas Street
Suite 2615
Houston, TX 77002
United States - Map
Phone: 713-336-0844
Fax: 713-336-0855
Web Site: http://www.gatewayenergy.com
DETAILS
Index Membership: N/A
Sector: Basic Materials
Industry: Oil & Gas Pipelines
Full Time Employees: 14
BUSINESS SUMMARY
Gateway Energy Corporation, through its subsidiaries, engages in the ownership and operation of 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. These systems comprise approximately 778 miles of pipeline through which the company gathers natural gas and liquid hydrocarbons from producing properties owned by others, transports gas and liquid hydrocarbons, and distributes natural gas to various markets. It also owns pipelines and an onshore terminal facility primarily in Texas offshore waters and Galveston Bay. In addition, the company, through its local natural gas distribution subsidiary, Fort Cobb Fuel Authority, L.L.C., supplies natural gas to approximately 1,800 customers, principally for irrigation and crop drying fuel for farming cooperatives, and residential fuel in Oklahoma. The company was founded in 1960 and is based in Houston, Texas.
Management Team
Robert Panico, President & CEO
Mr. Panico was elected as the Company’s President and Chief Executive Officer in May 2005. Mr. Panico served as a Vice-President of the Company from 1997 to 2005. Mr. Panico has over 28 years of oil and gas industry experience. He was previously employed by Duke Energy, Williams, American Oil and Gas, Tenneco and United Energy Resources. In addition to his role as President & CEO, Mr. Panico has served on the Board of Directors since July 2005.
Chris Rasmussen, Chief Financial Officer
Mr. Rasmussen has served as Chief Financial Officer, Secretary and Treasurer of the Company since June 2005. Before his appointment to these positions, Mr. Rasmussen worked as Senior Financial Accountant for the Company since 1999. Mr. Rasmussen has also worked in various positions for Miller Energy, Inc., Novistar Advisors and Apache Corporation.
Mark Brandon, Manager of Engineering and Operations
Mr. Brandon is a professional engineer with over 25 years of experience in the oil and gas industry. Prior to joining Gateway, Mr. Brandon was employed by AGIS Technology in Houston, Texas, serving 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, Director of Business Development
Mr. Ramsey has more than 20 years of experience in business development, mergers and acquisitions, and project evaluation and analysis. Prior to joining Gateway, Mr. Ramsey was 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 Subsidiaries
ONSHORE
Gateway Pipeline Company
Gateway Pipeline Company ("GPC") owns a natural gas distribution system which serves major industrial customers near Waxahachie, Texas. The system provides natural gas to the customers under back-to-back purchase and sales agreements or transports for a fee. Gateway Pipeline Company owns a majority interest and operates the Gateway - ADAC Pipeline, LLC pipeline system in Madison County, Texas.
Gateway – ADAC Pipeline, LLC
Gateway Pipeline Company owns a majority interest in the Gateway-ADAC Pipeline, LLC (“GAP”). This limited liability company owns the 10”, 10 mile pipeline located near Madisonville, Madison County,Texas which transports natural gas from the Madisonville treating facility to two major pipelines. Gateway Pipeline Company operates the Madisonville pipeline system.
Gateway Processing Company
Gateway Processing revenues are primarily expected to come from Gateway's right to participate in pipeline projects available to HNNG Development, LLC pursuant to that certain Asset Purchase Agreement dated December 22, 2006, related to HNNG's future nitrogen rejection projects in the U.S. Gateway will also have the right, pursuant to the Asset Purchase Agreement to pursue two potential nitrogen rejection projects in 2007.
Gateway Energy Marketing Company
Gateway Energy Marketing Company serves as liaison between the natural gas producer/supplier and the market by structuring "back-to-back" purchase and sales agreements designed to minimize commodity risk and maximize gas supply management. Gateway Energy Marketing uses company-owned facilities to transport gas.
OFFSHORE
http://www.gatewayenergy.com/GOPCSystemMap.0506.pdf
http://www.gatewayenergy.com/pipeline_locations.htm
Gateway Offshore Pipeline Company owns and operates over 270 miles of 4-inch to 20-inch pipelines in Texas state waters, and in the federal waters of the Gulf of Mexico off the Texas and Louisiana coasts. Gateway also owns and operates the Crystal Beach terminal facility connected to the company’s Shipwreck system which provides separation (gas and liquid hydrocarbons), dehydration (gas), and storage (liquid hydrocarbons). The Crystal Beach terminal has a storage capacity of 35,000 Bbls and throughput capacity of 5,000 Bbls of liquid hydrocarbons per day.
Gateway recently acquired all of the offshore assets of Gulfshore Midstream Pipelines, Ltd. (September 2007) located in the federal waters off the Louisiana coast. With the addition of the Gulfshore assets, Gateway’s footprint offshore extends from Galveston, Texas to New Orleans, Louisiana.
As of November 2, 2007, the Issuer had 19,016,665 shares of its common stock outstanding.
Float
17.0 mil
