January 12, 2010 (FinancialWire) — Gateway Energy Corp. (OTCBB: GNRG) said it has acquired the Hickory Creek Gathering System from Hickory Creek Gathering L.P. and Range Texas Production, LLC for a cash purchase price of $3.9 million, adjusted to reflect a transaction effective date of November 1, 2009.

The Hickory Creek Gathering System is located in Denton County, Texas, in the core area of the Barnett Shale and currently services two significant producers, according to Gateway. There are currently 15 producing wells connected to the system with throughput of approximately 11,000 MMBtu per day at a fixed gathering fee for each MMBtu transported.

The purchase price has been paid by the company utilizing a combination of available cash and its existing line of credit.

Based on projected 2010 production, Gateway said it expects the Hickory Creek Gathering System to increase the company’s revenue in 2010 by approximately $772,000, assuming no additional wells are placed on the system during 2010

Gateway Energy owns and operates natural gas gathering, transportation and distribution systems in Texas, Texas state waters and in federal waters of the Gulf of Mexico off the Texas and Louisiana coasts.

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