Gateway Energy Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, total revenues were $1,573,429, a decrease from $4,097,502 for the same quarter of 2008. Loss from continuing operations was $153,200 as compared to $75,924 for the same quarter of 2008. This loss is due to reduced volumes transported through the onshore systems as well as the impairment of an intangible asset in the amount of $53,000. Net loss attributable to controlling interest for the third quarter of 2009 was $141,728 or $0.01 per basic and diluted share as compared to a net loss of $54,635 for the same period in 2008. Adjusted EBITDA for the third quarter of 2009 was $3,624 compared to $117,292 for the same quarter 2008. The company also reported loss from operations before income taxes and discontinued operations of $206,822 against loss from operations before income taxes and discontinued operations of $126,209 for the same period a year ago. Operating loss was $133,853 against $91,274 last year. For the nine months, total revenues of $5,283,627, a decrease from the $11,931,092 for the same period of 2008. This decrease in total revenues reflects a decrease from onshore operations to $3,187,643 from $10,296,340 for the nine months ended September 30, 2008 and an increase from offshore operations to $2,100,984 from $1,634,752. Loss from continuing operations for the nine months ending September 30, 2009 was $270,438 as compared to a loss of $175,820 for the nine months ended September 30, 2008. This loss is due to reduced volumes transported through the onshore systems, increased insurance costs associated with the Shipwreck platform prior to its sale and consulting fees associated with Sarbanes-Oxley compliance. Net loss attributable to controlling interest for the first nine months of 2009 was $85,363 as compared to net income of $28,940 for the same period in 2008. Adjusted EBITDA for the first nine months of 2009 was $150,636 compared to $692,732 for the same period 2008. Adjusted EBITDA for 2009 excludes a $340,972 gain on sale. The company also reported loss from operations before income taxes and discontinued operations of $403,156 against loss from operations before income taxes and discontinued operations of $269,409 for the same period a year ago. Operating loss was $299,625 against $171,505 last year. Basic and diluted loss per share from continuing operations was $0.01 against $0.01 last year. Net cash provided by operating activities was $370,077 against $928,092 last year. Capital expenditures from continuing operations were $28,552 against $23,968 last year.

On August 28, 2009, Gateway Energy Corporation and Western National Bank, N.A., agreed to extend the maturity date under the credit agreement, dated August 23, 2007, as amended, to October 23, 2009.

Gateway Energy Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income attributable to controlling interest of $191,805 or $0.01 per basic and diluted share as compared to $174,125 or $0.01 per basic and diluted share for the same period in 2008. Total revenues were $1,740,743, a decrease from the $4,385,600 for the same quarter of 2008. Operating loss from continuing operations for the quarter was $92,467 as compared to income of $67,939 for the quarter ended June 30, 2008. This loss is due to reduced volumes transported through the onshore systems, increased insurance costs associated with the Shipwreck platform and one-time charges related to legal expenses. Adjusted EBITDA for the second quarter of 2009 was $134,181 compared to $477,252 for the same quarter 2008. Adjusted EBITDA for the second quarter of 2009 excludes a $324,997 gain on sale. Loss from operations before income taxes and discontinued operations was $96,851 compared to income from operations before income taxes and discontinued operations of $32,401 for the same period previous year. Loss from continuing operations was $93,937 compared to income from continuing operations of $32,006 for the same period previous year. For the six months, the company reported net income attributable to controlling interest of $56,367 as compared to $83,575 for the same period in 2008. Total revenues were $3,710,199, a decrease from the $7,833,591 for the same period of 2008. This decrease in total revenues reflects a decrease from onshore operations to $2,210,042 from $6,663,554 for the six months ended June 30, 2008 and an increase from offshore operations to $1,500,966 from $1,170,037. Operating loss from continuing operations was $165,766 as compared to a loss of $80,229 for the six months ended June 30, 2008. This loss is due to reduced volumes transported through the onshore systems, increased insurance costs associated with the Shipwreck platform and consulting fees related to recruiting. Adjusted EBITDA for the first six months of 2009 was $147,010 compared to $568,511 for the same period 2008. Adjusted EBITDA for the first quarter of 2009 excludes a $324,997 gain on sale. Loss from operations before income taxes and discontinued operations was $196,333 compared to loss from operations before income taxes and discontinued operations of $143,198 for the same period previous year. Loss from continuing operations was $117,237 compared to loss from continuing operations of $79,276 for the same period previous year. Net cash provided by operating activities was $85,765 compared to $152,348 for the same period previous year. Capital expenditures were $25,817 compared to $20,003 for the same period previous year.