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U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 15, 1996
GATEWAY ENERGY CORPORATION
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(Exact Name Of Registrant As Specified In Its Charter)
Delaware 1-4766 44-0651207
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(State Or Other Jurisdiction Of (Commission (IRS Employer
Incorporation Or Organization) File No.) Identification Number)
10842 Old Mill Road, Suite #5
Omaha, NE 68154
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(Address Of Principal Executive Offices) (Zip Code)
(402) 330-8268
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Registrant's Telephone Number, Including Area Code:
Not Applicable
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(Former Name Or Former Address, If Changed Since Last Report.)
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FORM 8-K
Item 1. Changes in Control of Registrant
Not Applicable
Item 2. Acquisition or Disposition of Assets
Castex Energy, 1995 LP ("Castex LP") is a limited partnership in which Gateway
Energy Corporation ("the Company") owns a 69 percent limited partnership
interest. The partnership is included in the Company's consolidated statements.
On July 15, 1996, Castex LP acquired interests in certain oil and gas
properties located in the South Lake Arthur Field in Cameron, Jefferson Davis
and Vermilion parishes in Louisiana. The net proved, developed and
undeveloped, reserves acquired in this transaction are approximately
5.7 billion cubic feet of natural gas equivalents. The acquisition is
effective July 1, 1996, and will be treated as a purchase for accounting
purposes. The cash purchase price of $3,415,000 was financed through an
additional loan advance from the $15 million credit facility with Bank of
America National Trust and Savings Association. The interests were acquired
from a diverse group of owners who individually own small interests in
producing wells in the South Lake Arthur Field. Therefore, there are no
separate financial statements currently available for these various
interests. The Registrant will provide pro forma financial statements on
amended Form 8-K prior to September 20, 1996. The Registrant invokes the
automatic waiver under Reg. 228.310 (Item 310) for the filing of audited
financial statements since the acquisition is less than 20% of total assets
and income and audited financial statements are not readily available due to
the number of sellers actually involved in the transaction.
Item 3. Bankruptcy or Receivership.
Not Applicable
Item 4. Changes in the Registrant's Certifying Accountant.
Not Applicable
Item 5. Other Events
Not Applicable
Item 6. Resignations of Registrant's Directors
Not Applicable
Item 7. Financial Statements and Exhibits.
None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GATEWAY ENERGY CORPORATION
/s/ Neil A.Fortkamp
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Chief Financial Officer
July 30, 1996
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(Date)
