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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