2007-04-16 19:01:18 -
IRVINE, Calif., April 16 /PRNewswire/ -- Navitas Assets, LLC ("Navitas") has entered into an agreement to acquire Fort Cobb Fuel Authority, LLC ("Fort Cobb") from Gateway Energy Corporation (BULLETIN BOARD: GNRG) . Fort Cobb is a regulated utility providing natural gas service to Caddo and Washita Counties in Oklahoma serving residential, agricultural, and commercial customers.
Making the announcement, Richard Varner, CEO of the Navitas companies said, "Navitas is very pleased with this acquisition. We were very impressed with the long term tenure and dedication of the management team,
and feel strongly that this acquisition can become the platform for further growth. We look forward to working with General Manager Gaylord Flood and the entire group at Fort Cobb." Thomas Hartline, Navitas President added, "Fort Cobb is exemplary of a well run rural utility. Fort Cobb's experience will be invaluable going forward as their practices are transferred to other utilities either acquired or operated by Navitas."
About The Navitas Companies
The Navitas Companies, headquartered in Irvine, California, consists of two entities, Navitas Assets, LLC, (NAL) and Navitas Utility Corporation (NUC). Navitas Assets, LLC is an energy assets holding company, retaining utility franchises and the rights-to-serve customers of regulated or unregulated infrastructure.
Navitas Utility Corporation provides administrative, operational and support services to utility companies. Administration services provided include fuel marketing & transportation, human resources, development & engineering, finance & accounting, insurance & bonding, and regulatory filings & compliance. In addition, NUC provides field operations including, billing & collections, operations & maintenance, and construction management.
About Fort Cobb Fuel Authority
Fort Cobb is a local gas distribution company or LDC regulated by the Oklahoma Corporation Commission. Fort Cobb supplies and delivers natural gas to approximately 2000 meters located throughout Caddo and Washita Counties. The LDC system consists of approximately 600 miles of 1" to 4" low-pressure pipeline and related equipment. Customers are divided into two large groups, irrigation and residential. A small portion is also dedicated other agricultural demand such as cotton gins, peanut drying and swine growers. The Fort Cobb offices are located in Eakly, Oklahoma.
Source: The Navitas Companies
