TENG 1.70 is another of a small number of microcaps that is a vertically integrated oil/gas producer, transporter....they also do workovers etc...(see below...note-reserves data dated)-they have their own pipeline and six new wells due to come on line soon...see prior posts-4.82m outstanding shares-numbers only tell part of the story-
finance.yahoo.com
biz.yahoo.com
Trans Energy, Inc. Announces Six (6) New Wells to be Added to Their Transportation System
Friday September 16, 12:44 pm ET
ST. MARYS, W.Va., Sept. 16 /PRNewswire-FirstCall/ -- Based upon the success of the last fourteen (14) wells drilled in Tyler County West Virginia and tied into Tyler Construction Company's (a wholly owned subsidiary of Trans Energy, Inc. (OTC Bulletin Board: TENG - News) transportation system, an additional six (6) wells will be drilled commencing September 26, 2005. Management estimates that if these six (6) wells are successfully drilled, completed and put on line, this will increase gas volumes by approximately twenty (20%) percent in our transportation system. Management believes these wells will go into production immediately after being successfully completed. The gas price for the month of September on inside FERC-DTI is $13.17 per MCF. Most analysts are predicting gas prices to remain high for the immediate future. Disruptions to the market have occurred as a result of Hurricane Katrina. This coupled with high demand creates a strong market for natural gas.
Trans Energy, Inc., an aggressive growth energy company (TENG), specializes in the exploration, completion, drilling and production of oil and natural gas in the Appalachian and Powder River Basins. Further, TENG is actively involved in the transmission, transportation and sales of oil and natural gas.
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Trans Energy, Inc. engages in the production, marketing, and transportation of natural gas and oil. It also engages in exploration and development activities. The company, through its subsidiaries, provides well servicing, work over, and related transportation services to independent oil and natural gas producers in the northeast region of the United States. It also provides trucking services, excavating equipment, brine and water hauling and disposal, oil hauling, and pipelines and facility construction. As of December 31, 2004, the company owned and operated 203 oil and gas wells in West Virginia, as well as had an interest in 7 oil wells in Wyoming, and an aggregate of approximately 20 miles of 4-inch and 6-inch gas transmission lines in Ritchie and Tyler counties in West Virginia. The company had proved reserves of 542,955 MMcf of natural gas and 106,649 MBbl of crude oil, as of the above date. Trans Energy was incorporated in 1964 and is based in St. Marys, West Virginia. |
