PROPERTY DISPOSITION / Gulf Canada Resources Sells Wyoming Assets
Trans Energy Inc. Acquires Gulf Canada Resources Limited Assets in
Wyoming
ST. MARYS, W.Va., July 1 /PRNewswire/ -- Trans Energy Inc. (Nasdaq: TSRGD - news), an oil and gas exploration and development company, today announced that it has purchased from Gulf Canada Resources Limited (GCRL) their position in the Powder River Basin in Wyoming.
The purchase of GCRL's assets includes a total acreage position of 30,900 acres with 73 square miles of 3-D Seismic -- the cutting edge technology used to pinpoint drilling prospects. Located in Campbell County, Wyoming, the acreage contains three proven fields known as the Sandbar, Pinon and Sagebrush. Future development wells are scheduled to be drilled on these sites and additional prospects identified through the use of 3-D Seismic technology are currently being evaluated.
Several of the prospects are in the minnelusa sands that historically average 456,000 BBL per well. With further drilling opportunities expected to last several years, Trans Energy Inc. believes this field will place the company in a very advantageous position as a developer in the Powder River Basin.
Trans Energy Inc. is an emerging energy company engaged in the exploration, development, production and transportation of oil and natural gas. The company's long-term business strategy is to strengthen its reserve base through further exploration and acquisition of underdeveloped properties. |
