West Virginia-based Trans Energy Inc. is creating a wholly-ownedsubsidiary, Trans Energy Acquisition, to aggressively pursueacquisitions and mergers within the oil and natural gas sector,appointing industry veteran Gary Lawyer to the executiveacquisition committee.

“We are in serious negotiations to acquire major oil propertiesand gas reserves,” said Trans Energy CEO Loren Bagley. Trans Energya little over a year ago was in no place to purchase assets. Forthe 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 acquisitionsin the future through various avenues that were not open before tothe company, including lines of credit.

Trans Energy specializes in the transportation, marketing andproduction of natural gas and oil, and also conducts explorationand development activities. The company owns one oil well inWyoming with interests in seven others, and operates three oil andgas wells in West Virginia. Trans Energy also owns and operatesover 100 miles of gas transmission lines, which run close to thecompany’s well sites in West Virginia. The company purchased about20,000 acres of oil and natural gas leases in Wyoming’s PowderRiver Basin in 1998. The company is pursuing acquisitions in thecontinental United States as well as Central America whiledeveloping its acreage in the Powder River Basin in Wyoming anddrilling for deep gas (Trenton-Black River) in the AppalachianBasin in West Virginia.

Alex Steis

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