Trans Energy, Inc. Acquisition Update
May 16 2005 - 5:59PM
PR Newswire (US)
Trans Energy, Inc. Acquisition Update ST. MARYS, W. Va., May 16
/PRNewswire-FirstCall/ -- During the past six months, Trans Energy,
Inc. (OTC:TENG) (BULLETIN BOARD: TENG) has conducted two major
acquisitions, which have resulted in a need to review and update
its business plan. In November 2004, Trans Energy acquired Cobham
Gas Industries, a longtime operator with approximately 15,000
leased acres of oil and natural gas and 229 wells. In January 2005,
Trans Energy acquired Arvilla Oilfield Services, a well service,
workover and related transportation business operating in several
states. Public filings (Form 8K) with the Securities Exchange
Commission in connection with these acquisitions are both past due.
The main reason for the delay is the difficulty in preparing the
required "as if" historical financial statements for businesses
that were either consolidated with much larger entities, as in the
case of Arvilla Oilfield, or not previously audited, as in the case
of Cobham Gas Industries. The management of Trans Energy believes
the most important things to do now is to complete Trans Energy's
financial reporting requirements and bring them current to work on
improving its revenues by continuing to bring more oil and gas to
market from the Cobham wells and to continue and expand the good
work begun by Arvilla Oilfield Services. 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 Basin. Further, TENG is
actively involved in the transmission, transportation and sales of
oil and natural gas. This press release contains forward-looking
information that may be affected by certain risks and uncertainties
described in the company's filing with the Securities and Exchange
Commission. The company's actual results could differ materially
from such forward-looking statement. DATASOURCE: Trans Energy, Inc.
CONTACT: Loren E. Bagley of Trans Energy, Inc., +1-304-684-7053
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