HOUSTON , Oct. 18 /PRNewswire-FirstCall/ — Gateway Energy Corporation (OTC Bulletin Board: GNRG) today announced that it has acquired natural gas pipeline assets from Laser Pipeline Company, LP (“Laser”) for $1.1 million . Gateway financed the acquisition through a combination of cash on hand and bank debt.
The assets purchased include four natural gas pipelines that deliver natural gas into poultry processing and rendering plants owned by Tyson Foods, Inc. (“Tyson”). The Tyson plants are located in Center, Texas , Seguin, Texas , Sedalia, Missouri , and Texarkana, Arkansas . In connection with the acquisition, Gateway is acquiring exclusive, long-term contracts with Tyson to transport natural gas at a fixed tariff rate into each plant.
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 .