Trans Energy Begins Work-Over Program on 12,000 Acre Smithfield/Wallace Field
15 Novembre 2006 - 2:05PM
PR Newswire (US)
ST. MARYS, W.Va., Nov. 15 /PRNewswire-FirstCall/ -- Trans Energy,
Inc. (OTC:TENG) (BULLETIN BOARD: TENG) announced today that it has
begun a work-over program on its 12,000 acre Smithfield/Wallace
field in Wetzel County, West Virginia. The Smithfield/Wallace field
consists of approximately 102 existing wells. As part of its
work-over program the Company has engaged a third party service rig
on a full time basis and is looking to add a second third party
service rig. The work-over program consists of moving a service rig
on each of the existing wells, running a series of tests and
evaluating whether or not a pumping unit should be installed to
lift the fluids out of the well to increase both the natural gas
and oil production. James K. Abcouwer, President and CEO of Trans
Energy, said the work-over program reflects the Company's
commitment and focus in oil and natural gas exploration and
development in the Appalachian Basin. "The work-over program of the
Smithfield/Wallace field will provide additional revenues for the
Company and this acreage fits strategically with our future
exploration plans. The existing shallow producing wells produce
cash flow and hold the leases for us going forward. This acreage
has deeper unexploited zones of oil and natural gas we will develop
over the next several years. This work-over program will be our
main focus of capital spending over the next few months. Although
we have just started we have been pleased with our initial
results." 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: James K.
Abcouwer, President and CEO of Trans Energy, Inc., +1-304-422-4062
Web site: http://www.transenergyinc.com/
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