Trans Energy Announces 2006 Year End Results
20 Avril 2007 - 9:13PM
PR Newswire (US)
ST. MARYS, W.Va., April 20 /PRNewswire-FirstCall/ -- Trans Energy,
Inc. (OTC:TENGE) (BULLETIN BOARD: TENGE) announced today its 2006
year end results. Selected Operational and Financial Highlights for
2006 versus 2005: -- Net Loss increased 181% from $1,050,119 to
$2,948,528; -- Oil and gas revenue decreased 7% from $1,526,728 to
$1,420,802; -- Production costs decreased 40% from $893,457 to
$534,065; -- Loss from operations increased 77% from $951,813 to
$1,685,316; Selected items for 2006: -- $1,541,142 loss from the
disposal of our discontinued service division operations; --
$678,319 gain on the disposition of our Wyoming assets; --
$2,205,598 in non-cash charges; -- Proved reserves increased 281%
to 21.2 Bcfe. James K. Abcouwer, President and CEO of Trans Energy
said, "We repositioned Trans Energy during 2006 to enable it to
survive and to create the platform necessary for success in 2007
and beyond. The main elements of this repositioning were the
divestiture of our non-strategic service business and non-operated
properties, and the hiring of and provision of adequate incentives
for a new leadership team. Additionally, we launched an aggressive
acreage-leasing effort, drilled four wells to maintain leaseholds
and prove-up some reserves, and commissioned a reserve study to lay
the foundation for more aggressive development. We are operating in
an attractive energy market environment. We now can and will focus
on realizing the increasing value of Trans Energy's oil and gas
resources. Additionally, although Trans Energy recorded a net loss
of $2,948,528 there was included a $1,541,142 loss from the
discontinued operations of our service division which was partially
offset by a gain on disposition of assets of $678,319 from our
Wyoming properties but also included in our net loss was $2,205,598
in non-cash related charges." 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 for the fiscal year
ended December 31, 2006 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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