Trans Energy Begins Drilling Second Horizontal Well in Marcellus Shale
ST. MARYS, W.Va., Oct. 28 /PRNewswire-FirstCall/ — Trans Energy, Inc. (BULLETIN BOARD: TENG) announced today that it has begun drilling the Hart #28H well in Wetzel County, West Virginia. The Hart #28H will be drilled and completed horizontally in the Marcellus shale, a prolific new “resource play” in Appalachia, similar to the Barnett, Fayetteville and Haynesville Shales which have grown to become a significant base of hydrocarbon reserves in the United States.
The Company plans to drill the vertical portion of the Hart #28H well to a depth above the kick-off point and set casing. A second, larger rig will follow-on to drill the horizontal portion at a depth of approximately 7,000 feet. The company’s current plan calls for keeping the rigs drilling continuously through 2009.
James K. Abcouwer, President and CEO of Trans Energy, said, “We have to-date successfully drilled four vertical Marcellus wells. Beginning a horizontal program is another significant step forward for Trans Energy to properly develop its acreage position in northern West Virginia. Our plans call for a combination of verticals and horizontals to optimize the recovery. This approach, along with the construction of our gas gathering pipelines with multiple interstate pipeline connections, is the heart of our development plan.”
The company continues to expand its acreage position centered on the Wetzel, Marion, Marshall, and Doddridge Counties area, which it believes to be the heart of the most prolific Marcellus resource in Appalachia.
About Trans Energy, Inc.
Trans Energy, Inc. (BULLETIN BOARD: TENG) is an oil and gas exploration and development company in the Appalachian Basin. Further information can be found on the Company’s website at http://www.transenergyinc.com/ .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Forward-looking statements in this release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. Forward-looking statements in this document include statements regarding the Company’s exploration, drilling and development plans, the Company’s expectations regarding the timing and success of such programs. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company’s oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. For a more detailed discussion of the risks and uncertainties of our business, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2007 filed with the Securities and Exchange Commission. We assume no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Trans Energy, Inc.
CONTACT: James K. Abcouwer, CEO of Trans Energy, Inc., +1-304-422-4062
Web site: http://www.transenergyinc.com/