Trans Energy, Inc. Announces Common Share Buy-Back Program
29 Novembre 2007 - 5:00PM
PR Newswire (US)
ST. MARYS, W.Va., Nov. 29 /PRNewswire-FirstCall/ -- Trans Energy,
Inc. (Pink Sheets: TENG) today announced that its Board of
Directors, at its meeting earlier this month, approved a common
share buy-back program to be executed immediately by the company.
The program allows Trans Energy, Inc. to purchase its own shares
through brokers or directly from shareholders, and will begin
immediately. Although the Board allocated a maximum of $500,000 to
carry out the program, the company is not obligated to purchase any
specific number of outstanding shares, and will reevaluate the
program on an ongoing basis. Company CEO and President James
Abcouwer described the company's decision to go forward with the
program; "Management and the Board feel, first and foremost, that
the current value of the company's shares represents an opportunity
to invest capital wisely. Our business is creating value by
identifying oil and gas reserves and realizing their potential
through the leasing-exploration-development process. While we do
have much opportunity in this, our core business, as evidenced by
our current drilling program, that won't prevent us from creating
value in other ways, on a limited basis. In addition, we have many
current shareholders with a small number of shares. If the program
creates an opportunity for some of those people looking to sell
their shares, that will also be a positive thing." Abcouwer
explained that any share purchases under the program will be funded
out of the company's cash reserves, and that no additional
borrowing would be done to finance any of those purchases. He added
that, while the program is not part of any effort to take the
company private, the company's management and Board continue to
discuss the relative costs and benefits of remaining public, given
the company's small size. Abcouwer anticipates those discussions
and evaluations will continue. Trans Energy shareholders interested
in taking advantage of the share buy- back program are invited to
contact their broker or fax company rep Monica Sponsler at
304-422-4064, or email her at . Your contact message will not
obligate you to sell any shares, but you are asked to indicate your
number of shares held and indicate your preferred contact
information. Shareholders without fax or email are invited to call
Ms. Sponsler at 304-422-4062 or write her at 820 Market St., Ste.
100, Parkersburg, WV 26101. 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
Marys 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/
Copyright