Gateway Energy Corporation today announced that an increase in the regulated tariff rates of its wholly owned subsidiary, Fort Cobb Fuel Authority, L.L.C., has been approved by the Oklahoma Corporation Commission.
The Company estimates that, based on 2005 sales volumes, the increased tariff rates would have resulted in a $605,000 increase in earnings for Fort Cobb and the consolidated Company financial statements.
According to CEO Robert Panico, the increased tariff revenue is expected to return the company to profitability.
Gateway Energy Corporation owns and operates natural gas gathering, transportation and distribution systems and related facilities in Texas and Oklahoma and offshore Texas and in federal waters of the Gulf of Mexico. The Company also holds a license for a patented process for the rejection of nitrogen from natural gas streams.
Currently, the Company has 17,130,937 common shares outstanding.