Trans Energy Announces Joint Venture
15 Mai 2007 - 9:45PM
PR Newswire (US)
ST. MARYS, W.Va., May 14 /PRNewswire-FirstCall/ -- Trans Energy,
Inc. (Pink Sheets: TENG) today announced the execution of a joint
venture agreement with an affiliate of Republic Energy, Inc., for
development of deep shale reserves in northern West Virginia. The
two companies will conduct seismic data gathering, drilling,
coring, and completion and production operations jointly in Wetzel
County, West Virginia to develop natural gas reserves from the
Marcellus, Rhinestreet and other Devonian shale members at similar
depths. Recent development by Trans Energy and other operators in
the region has shown attractive shale thickness, gas in place, and
other conditions for high levels of hydrocarbon recovery. The joint
venture applies to Wetzel County only, but can be extended to
additional areas if both parties desire. The companies will each
take 50% working interest positions in wells drilled. Republic
Energy has been an active operator in the Barnett Shale in northern
Texas over the past 13 years, and as a result, possesses a unique
set of skills and expertise in the exploitation of shale. The
company's consultant geologist, Dan Steward, was recently selected
to receive the Outstanding Explorer Award for 2007 by the American
Association of Petroleum Geologists. "We're very excited about the
development program ahead with Republic," said Trans Energy's CEO
and president, Jim Abcouwer on Monday. "There was never any
question about taking advantage of our great acreage position in
this region where the Marcellus shale is looking like another
Barnett-type success story. The only question was how we were going
to climb the technical learning curve to maximize the operation.
Republic is the answer to that issue -- as well as being an ideal
JV partner." The first well together will be spud in July in Wetzel
County. About Republic Energy, Inc. Republic Energy Inc. (Republic)
is a privately owned oil and gas company which has focused on the
acquisition and development of low to medium risk oil and gas
prospects since 1984. The company is a "full service" independent
oil and gas company with strong geological, geophysical,
engineering, operations, and administrative staffs located in its
Dallas headquarters. Its technical team has a total of 200+ years
combined experience in the oil and gas industry. Its 20-plus year
record of success has been primarily the result of a geographic
specialization in the Fort Worth Basin of North Central Texas and
the development of technical expertise in drill-site selection,
completion optimization, and production performance. Since its
formation, Republic has drilled or participated in over 500 wells
and has achieved an economic success rate of over 90% on total
invested capital in excess of $150,000,000. In the Fort Worth Basin
alone, Republic has drilled more than 350 Barnett Shale and Bend
Conglomerate wells. During the past ten years, the company has
focused on the development of the Barnett Shale, drilling over 250
wells, of which 98% were successfully completed. Republic continues
to utilize its "best of breed" technical team to acquire and
develop natural gas asset portfolios in the Barnett Shale and other
strategically selected areas throughout the United States. About
Trans Energy, Inc. Trans Energy, Inc. (Pink Sheets: TENG) is an oil
and gas exploration and development company in the Appalachian
Basin headquartered in St Mary's West Virginia, with offices also
in Parkersburg. The company, operating since 1994, restructured
itself during 2006 with a new management team, a focus on oil and
gas development, and a business plan for rapid growth. 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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