Trans Energy Announces Acquisition of Wells and Acreage, Begins Work-Over Program
31 Octubre 2006 - 6:35AM
PR Newswire (US)
ST. MARYS, W.Va., Oct. 31 /PRNewswire-FirstCall/ -- Trans Energy,
Inc. (OTC:TENG) (BULLETIN BOARD: TENG) announced today that it
completed the acquisition of the J.B. Dewhurst oil and gas lease on
September 28, 2006, consisting of a 100% working interest and 87.5%
net revenue interest in seven wells located on 2,200 acres in Grant
District, Wetzel County, West Virginia. Trans Energy is scheduled
to begin a work-over program on the seven wells starting on
November 2, 2006. James K. Abcouwer, President and CEO of Trans
Energy, said the leasehold acreage acquisition reflects the
Company's commitment and focus in oil and natural gas exploration
and development in the Appalachian Basin. "The Dewhurst acquisition
fits strategically with other acreage positions that we have in the
area and it borders other Trans Energy leases. This acquisition
continues our aggressive land leasing program targeted in certain
areas where we believe exists a high degree of success for future
drilling activities. These 2,200 acres provide the Company with up
to 40 drill sites with potential deeper unexploited zones that the
Company will develop over the next several years. Additionally,
once our work-over program on the seven wells is completed this
will provide additional revenues for the Company." About Trans
Energy, Inc. Trans Energy, Inc. (OTC:TENG) (BULLETIN BOARD: TENG)
is an oil and gas exploration and development company in the
Appalachian Basin. Further information can be found on the
Company's website at http://www.transenergyinc.com/. Safe Harbor
Statement under the Private Securities Litigation Reform Act of
1995 - Forward-looking statements in this release do not constitute
guarantees of future performance. Such forward-looking statements
are subject to risks and uncertainties that could cause our actual
results to differ materially from those anticipated.
Forward-looking statements in this document include statements
regarding the Company's exploration, drilling and development
plans, the Company's expectations regarding the timing and success
of such programs. Factors that could cause or contribute to such
differences include, but are not limited to, fluctuations in the
prices of oil and gas, uncertainties inherent in estimating
quantities of oil and gas reserves and projecting future rates of
production and timing of development activities, competition,
operating risks, acquisition risks, liquidity and capital
requirements, the effects of governmental regulation, adverse
changes in the market for the Company's oil and gas production,
dependence upon third-party vendors, and other risks detailed in
the Company's periodic report filings with the Securities and
Exchange Commission. For a more detailed discussion of the risks
and uncertainties of our business, please refer to our Annual
Report on Form 10-K and our amended Annual Report on Form 10-K/A
for the fiscal year ended December 31, 2005 filed with the
Securities and Exchange Commission. We assume no obligation to
update any forward-looking information contained in this press
release or with respect to the announcements described herein.
DATASOURCE: Trans Energy, Inc. CONTACT: Linda Decker, VP-Investor
Relations, or Jeffrey Myhre, VP-Editorial, both of Porter, Levay
& Rose, Inc., +1-212-564-4700; or James K. Abcouwer, President
and CEO of Trans Energy, Inc., +1-304-422-4062 Web site:
http://www.transenergyinc.com/
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