Trans Energy, Inc. - Visibility Going Forward
ST. MARY'S, W.Va., Sept. 20 /PRNewswire/ -- Trans Energy, Inc. (OTC Bulletin Board: TSRG - news):
Trans Energy is taking immediate steps to enhance the company's future by intensifying its efforts through
1) Agreements that incorporate an option allowing TSRG to participate in
new wells being drilled in an ongoing basis, subject to adequate
funding.
2) Active evaluation of exploration prospects by the President and CEO,
Bob Richards, who has the necessary background, expertise, and
contacts.
3) Obtaining natural gas contracts to support Tyler Construction's
pipeline system, a subsidiary of TSRG.
Trans Energy's CEO, Bob Richards, comments, ``After several years of depressed energy prices and limited exploration and drilling activity, Trans Energy now intends to
benefit in all of its operating segments by the projected market along with forging new alliances.''
Earlier last month, Trans Energy announced that its subsidiary, Tyler Construction Company, Inc. (TCCI), entered into a new ten year (10) transportation agreement with
Texas Keystone, Inc. (TKI) of Pittsburgh, Pennsylvania. This agreement gives significant support to TSRG in its ability to move the company forward. TKI plans to begin its
drilling program in Tyler County in October 2001 where TCCI has its six-inch pipeline.
Additionally, Trans Energy has entered into an agreement with Flying J Oil & Gas, Inc. / Big West Oil & Gas, Inc., located in North Salt Lake, Utah, to sell one of TSRG's
prospects in the Powder River Basin, northeast Wyoming. This agreement allows TSRG to participate in a test well up to 30% working interest, subject to adequate funding.
Further, Trans Energy is accelerating the efforts and focus of its Vice President, Loren Bagley and Director of Operations, Bill Woodburn regarding their identification and
subsequent securing of oil and gas lease acquisitions. Trans Energy's CEO, Bob Richards explains,
"To date, numerous opportunities throughout West Virginia, as well as
other domestic locations, have recently presented themselves and we've
begun the process of availing ourselves of these opportunities.
In closing, we at Trans Energy want to sincerely thank you for your
support. I am extremely excited about our company's future in this
energy rich environment." |
