Trans Energy Announces Acquisition of Acreage in Kansas and Plans 3-D Seismic Shootadmin
Trans Energy, Inc. announced today that it has acquired a 75% interest in 3,120 acres of oil and gas leases located in Trego County, Kansas.
Permitting for the 3-D seismic shoot is currently underway and completion of the physical shoot is expected to be done by end of the first quarter of 2007 followed by the analysis and interpretation in the second quarter which will determine the number of potential drilling locations.
James K. Abcouwer, President and CEO of Trans Energy, said the acquisition of the Kansas acreage is opportunistic in nature and not a shift in the Company’s commitment and focus in oil and natural gas exploration and development in the Appalachian Basin.
“The Kansas acreage presented itself to us from a long standing relationship of the Company and provided an opportunity for Trans Energy to participate in a proven oil producing area coupled with state of the art 3-D seismic useful in identifying sub surface features that cannot be identified by any other method. Once the results of the 3-D seismic are complete, we will decide whether to go forward with a developmental drilling program or divest all or part of our interest.”
About Trans Energy, Inc.
Trans Energy, Inc. (OTC Bulletin Board: TENG – News) is an oil and gas exploration and development company in the Appalachian Basin. Further information can be found on the Company’s website at 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.
Source: Trans Energy, Inc.