HOUSTON, Sept. 28, 2011 /PRNewswire/ -- Gateway Energy Corporation (OTCBB: GNRG) is pleased to announce that it has closed the acquisition to acquire a natural gas pipeline from American Midstream Partners, L.P. ("American Midstream") for an undisclosed purchase price. The acquisition closed on September 23, 2011.
The pipeline delivers natural gas into a plant owned by Owens Corning in Delmar, New York. In connection with the acquisition, Gateway entered into a new long-term contract with Owens Corning to transport natural gas at a fixed monthly rate.
Mr. Pevow commented, "We are excited about expanding our relationship with Owens Corning at a new location. The acquisition is consistent with our strategy to increase our ownership of pipelines which serve end users of natural gas pursuant to long-term, fixed price contracts."
About Gateway Energy
Gateway Energy Corporation owns and operates natural gas distribution, transportation, and gathering systems onshore in the continental United States and in federal and state waters of the Gulf of Mexico.
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 (including, without limitation, the timing of the closing, the entry into a long-term contract with Owens Corning, future revenue from the assets acquired, our ability to manage the new assets without a material increase in general and administrative expense and Gateway's financing plans), 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. 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.
SOURCE Gateway Energy Corporation