Trans Energy acquires wells and acreage, begins work-over programadmin
Trans Energy, Inc. completed the acquisition of the J.B. Dewhurst oil and gas lease on September 28, 2006, consisting of a 100% working interest and 87.5% net revenue interest in seven wells located on 2,200 acres in Grant District, Wetzel County, West Virginia. Trans Energy is scheduled to begin a work-over program on the seven wells starting on November 2, 2006.
James K. Abcouwer, President and CEO of Trans Energy, said the leasehold acreage acquisition reflects the Company’s commitment and focus in oil and natural gas exploration and development in the Appalachian Basin.
“The Dewhurst acquisition fits strategically with other acreage positions that we have in the area and it borders other Trans Energy leases. This acquisition continues our aggressive land leasing program targeted in certain areas where we believe exists a high degree of success for future drilling activities. These 2,200 acres provide the Company with up to 40 drill sites with potential deeper unexploited zones that the Company will develop over the next several years. Additionally, once our work-over program on the seven wells is completed this will provide additional revenues for the Company.”