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Victor
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Monday March 30, 12:57 pm Eastern Time
Company Press Release
Trans Energy Inc. Successfully Completes Merger With Natural Gas
Technologies Inc.
DALLAS--(BUSINESS WIRE)--March 30, 1998--Trans Energy Inc. (NASDAQ:TSRG - news) Monday announced that
the merger with Natural Gas Technologies Inc. (NGTI), a privately held oil and gas company based in Dallas, was successfully
completed on March 26, 1998.
The terms of the merger provided for Trans Energy to issue NGTI 16.9 million common shares which will be registered in a
forthcoming registration statement. In addition, certain principles of Trans Energy have agreed to use proceeds from the
liquidation of personally held TSRG shares to eliminate existing debt and to enhance the recapitalization of the company. Trans
Energy's primary headquarters will be relocated from St. Mary's, W.V. to Dallas.
Mike Stewart, former vice president of NGTI, has been appointed and has agreed to serve as Trans Energy's new president
and chief operating officer. According to Loren Bagley, chairman of Trans Energy: ''After having worked closely with Mike on
several joint venture projects prior to the merger, I have come to respect his broad industry knowledge, proven management
skills and overall business experience in the oil and gas arena. I am looking forward to working as a team to take Trans Energy
to the next level. With our combined oil and gas properties either in production or under development, 1998 promises to be an
exciting year filled with rapid growth and notable achievement for Trans Energy.''
Following the merger, Trans Energy now books combined assets in excess of $16 million. The number of shares issued and
outstanding, on a fully diluted basis, totals 22.5 million shares.
Established in 1993, Natural Gas Technologies Inc. presently has working interests in various oil wells in Coleman, Coke,
Wilbarger and Runnels Counties in Texas. In addition, the company owns major gas reserves in Crockett County, Texas with
over 30 billion MCF of natural gas in projected reserves.
Trans Energy Inc. is an emerging energy company engaged in the exploration, development, production and transporting of oil
and natural gas. The company's long term business strategy is to build its reserve base through a balanced program of
exploration combined with the acquisition of under-developed, producing natural gas and oil properties.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts
contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not
limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new
oil and gas properties, regulatory approval processes, reserves estimates, the effect of global economic conditions and other
uncertainties detailed in the company's filings with the Securities and Exchange Commission.
Contact:
Trans Energy/Natural Gas Technologies Inc., Dallas
Mike Stewart, 972/713-6050
or
Continental Capital & Equity Corp., Longwood, Fla.
John Manion, 407/682-2001
More Quotes and News:
Trans Energy Inc (Nasdaq:TSRG - news)
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