Gateway Energy Corporation said Monday it has reached an agreement to sell Fort Cobb Fuel Authority, a wholly-owned subsidiary, and related pipeline assets, to Navitas Assets, LLC, for a purchase price of $2.58 million.
The sale is subject to regulatory approval by the Oklahoma Corporation Commission and closing is expected to occur during the second quarter of 2007.
Fort Cobb is a distribution company serving approximately 1,800 agricultural and residential customers in Caddo and Washita counties in Oklahoma. Fort Cobb owns and operates approximately 619 miles of pipeline and related facilities.
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.