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Trans Energy Forms Acquisition Subsidiary

Trans Energy Forms Acquisition Subsidiary

West Virginia-based Trans Energy Inc. is creating a wholly-owned subsidiary, Trans Energy Acquisition, to aggressively pursue acquisitions and mergers within the oil and natural gas sector, appointing industry veteran Gary Lawyer to the executive acquisition committee.

"We are in serious negotiations to acquire major oil properties and gas reserves," said Trans Energy CEO Loren Bagley. Trans Energy a little over a year ago was in no place to purchase assets. For the second quarter of 1999 the company posted a $981,000 net loss, but it has reduced that number for the second quarter of 2000 to $180,000. Bagley said the company would finance such acquisitions in the future through various avenues that were not open before to the company, including lines of credit.

Trans Energy specializes in the transportation, marketing and production of natural gas and oil, and also conducts exploration and development activities. The company owns one oil well in Wyoming with interests in seven others, and operates three oil and gas wells in West Virginia. Trans Energy also owns and operates over 100 miles of gas transmission lines, which run close to the company's well sites in West Virginia. The company purchased about 20,000 acres of oil and natural gas leases in Wyoming's Powder River Basin in 1998. The company is pursuing acquisitions in the continental United States as well as Central America while developing its acreage in the Powder River Basin in Wyoming and drilling for deep gas (Trenton-Black River) in the Appalachian Basin in West Virginia.

Alex Steis

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