Trans Energy Secures 45,000 Mmbtu Per Day Firm Marcellus Takeaway Capacity
ST. MARYS, W.Va., Nov. 30 /PRNewswire-FirstCall/ -- Trans Energy, Inc. (OTC Bulletin Board: TENG) announced today an agreement with Caiman Eastern Midstream, LLC (Caiman) to provide Trans Energy with 45,000 mmbtu per day of firm natural gas takeaway capacity in Trans Energy's main operating areas of Marshall, Wetzel and Marion counties in West Virginia. Caiman will design, construct and operate midstream pipelines and processing facilities and connect to interstate pipelines including Tetco's mainlines into the Northeast and New England. Additionally, Trans Energy has sold to Caiman its Wetzel County pipeline system which will be utilized by Caiman as part of its proposed 30+ mile gathering system.
James K. Abcouwer, President and CEO of Trans Energy, said, "Market access is one of the foundational elements in our business, and one of the traditional challenges in the Appalachian region. This commitment by our company and Caiman provides that element, and allows us to expand with confidence that our production will be offered in the most attractive markets. This is another significant step forward for our company."
Trans Energy continues to expand its acreage position centered on Wetzel, Marion, and Marshall Counties in West Virginia, which it believes to be the heart of the most prolific natural gas resource in Appalachia, and one of the greatest in the United States.
About Trans Energy, Inc.Trans Energy, Inc. (OTC 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 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, 2008 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. SOURCE Trans Energy, Inc.
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