ST. MARYS, W.Va., May 14 /PRNewswire-FirstCall/ -- Trans Energy, Inc. (Pink Sheets: TENG) today announced the execution of a joint venture agreement with an affiliate of Republic Energy, Inc., for development of deep shale reserves in northern West Virginia. The two companies will conduct seismic data gathering, drilling, coring, and completion and production operations jointly in Wetzel County, West Virginia to develop natural gas reserves from the Marcellus, Rhinestreet and other Devonian shale members at similar depths. Recent development by Trans Energy and other operators in the region has shown attractive shale thickness, gas in place, and other conditions for high levels of hydrocarbon recovery. The joint venture applies to Wetzel County only, but can be extended to additional areas if both parties desire. The companies will each take 50% working interest positions in wells drilled. Republic Energy has been an active operator in the Barnett Shale in northern Texas over the past 13 years, and as a result, possesses a unique set of skills and expertise in the exploitation of shale. The company's consultant geologist, Dan Steward, was recently selected to receive the Outstanding Explorer Award for 2007 by the American Association of Petroleum Geologists. "We're very excited about the development program ahead with Republic," said Trans Energy's CEO and president, Jim Abcouwer on Monday. "There was never any question about taking advantage of our great acreage position in this region where the Marcellus shale is looking like another Barnett-type success story. The only question was how we were going to climb the technical learning curve to maximize the operation. Republic is the answer to that issue -- as well as being an ideal JV partner." The first well together will be spud in July in Wetzel County. About Republic Energy, Inc. Republic Energy Inc. (Republic) is a privately owned oil and gas company which has focused on the acquisition and development of low to medium risk oil and gas prospects since 1984. The company is a "full service" independent oil and gas company with strong geological, geophysical, engineering, operations, and administrative staffs located in its Dallas headquarters. Its technical team has a total of 200+ years combined experience in the oil and gas industry. Its 20-plus year record of success has been primarily the result of a geographic specialization in the Fort Worth Basin of North Central Texas and the development of technical expertise in drill-site selection, completion optimization, and production performance. Since its formation, Republic has drilled or participated in over 500 wells and has achieved an economic success rate of over 90% on total invested capital in excess of $150,000,000. In the Fort Worth Basin alone, Republic has drilled more than 350 Barnett Shale and Bend Conglomerate wells. During the past ten years, the company has focused on the development of the Barnett Shale, drilling over 250 wells, of which 98% were successfully completed. Republic continues to utilize its "best of breed" technical team to acquire and develop natural gas asset portfolios in the Barnett Shale and other strategically selected areas throughout the United States. About Trans Energy, Inc. Trans Energy, Inc. (Pink Sheets: TENG) is an oil and gas exploration and development company in the Appalachian Basin headquartered in St Mary's West Virginia, with offices also in Parkersburg. The company, operating since 1994, restructured itself during 2006 with a new management team, a focus on oil and gas development, and a business plan for rapid growth. 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, 2006 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. DATASOURCE: Trans Energy, Inc. CONTACT: James K. Abcouwer, President and CEO of Trans Energy, Inc., +1-304-422-4062 Web site: http://www.transenergyinc.com/

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