Gateway Energy Corp. has acquired Gulfshore Midstream Pipelines Ltd.
Offshore staff
HOUSTON -- Gateway Energy Corp. has acquired Gulfshore Midstream Pipelines Ltd. Gulfshore's pipeline assets extend from the western and central Gulf of Mexico in water depths ranging from 50 to 650 ft (15 to 198 m). The pipelines currently gather 60 MMcf/d of gas from 56 producing wells.
Gateway acquired the assets for $3.1 million in cash, 1,550,000 shares of Gateway common stock, and the assumption of certain liabilities related to the assets estimated to be approximately $300,000.
"This acquisition nearly doubles our offshore pipeline network and expands our footprint from Galveston, Texas, to New Orleans, Louisiana, making us a major gatherer in the Gulf of Mexico," says Robert Panico, president and CEO of Gateway.
