Gateway Energy & Resource Holdings Reports Quarterly Results and Declares Distribution
WASHINGTON, Nov. 22, 2011 /PRNewswire/ -- Gateway Energy & Resource Holdings, LLC, a company focused on investments in global energy, resources and related infrastructure, announced its operating results and earnings for the quarterly period from July 1, 2011 to September 30, 2011.
At September 30, 2011, Gateway had total net asset value of $202.2 million, or $17.13 per common unit, an increase of $2.85 from its net asset value on December 19, 2007 (inception), if adjusted for the $5.35 per common unit of distributions paid since inception and a decrease of $0.09 per common unit from its post distribution net asset value at June 30, 2011.
Gateway generated net investment income of $8.8 million, or $0.75 per common unit for the third quarter and $18.1 million, or $1.53 per common unit for the year-to-date period ending September 30, 2011. Gateway also generated realized gains of $0.5 million (after tax), or $0.05 per common unit for the year-to-date, resulting in net realized earnings for the quarter and year-to-date of $8.8 million, or $0.75 per common unit and $18.6 million, or $1.58 per common unit, respectively. Gateway also incurred unrealized losses (after tax) of $9.8 million, or $0.84 per common unit for the third quarter and $22.8 million, or $1.93 per common unit for the year-to-date. Gateway reported a net loss of $1.0 million, or $0.09 per common unit for the third quarter and $4.2 million, or $0.35 per common unit for the period from January 1, 2011 to September 30, 2011.
The Board of Directors of Gateway has declared a distribution of $0.35 per common unit or 1.75% of our equity capital for the third quarter of 2011. The distribution is payable on December 1, 2011, to unitholders of record on the close of business on November 22, 2011.
Gateway's most recently issued financial statements are available to qualified investors at www.rule144a.com.
R. Blair Thomas, Chairman and Chief Executive Officer of Gateway said: "We are pleased to report that Gateway continues to generate strong cash flows. We have approved a quarterly distribution of 35 cents per common unit for the third quarter, maintaining our uninterrupted history of quarterly distributions and taking our distributions since inception to $5.70. Gateway continues to experience robust investment activity as evidenced by the recent direct investments of $15 million to a domestic shale oil play in connection with Chesapeake Energy and $15 million to a midstream play in support of oil developments offshore Brazil with Petrobras. Current market conditions are very favorable for the Company's investment activity and we expect that to continue for the foreseeable future."
About Gateway
Gateway seeks to provide investors current income, as well as long-term capital appreciation, by participating in multiple funds and direct investments managed by EIG Global Energy Partners (EIG). Gateway is listed on GSTrUE, an electronic platform for private placements managed by Goldman Sachs.
Gateway is a permanent capital vehicle formed in 2007 to expand the universe of investors that have access to private alternative investments advised or managed by EIG.
About EIG
EIG Global Energy Partners is a leading institutional investor to the global energy sector with $9.2 billion under management as of the quarter ended September 30, 2011. EIG specializes in private investments in global energy, resources and related infrastructure and was formerly the Energy & Infrastructure Group of Trust Company of the West. During its 29-year history, EIG has invested over $13 billion in the sector through more than 260 projects or companies in 33 countries on 6 continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C., with offices in Houston, London, Sydney, and Hong Kong.
Disclaimer
This release may contain "forward-looking statements" within the meaning of the federal securities laws. Actual results could differ materially from those contemplated by these forward-looking statements due to a number of factors, including general economic conditions, market conditions and risks associated with companies and industries of the type that Gateway invests in. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
For more information, visit www.eigpartners.com
SOURCE EIG Global Energy Partners
Share this article