Trans Energy Inc. said its merger with Natural Gas TechnologiesInc. (NGTI), a privately held oil and gas company based in Dallas,was completed March 26.
Terms provided for Trans Energy to issue NGTI 16.9 millioncommon shares, which will be registered in a forthcomingregistration statement. In addition, certain principles of TransEnergy have agreed to use proceeds from the liquidation ofpersonally held TSRG shares to eliminate existing debt and enhancethe recapitalization of the company. Trans Energy’s primaryheadquarters will be relocated from St. Mary’s, WV, to Dallas.
Mike Stewart, former vice president of NGTI, is Trans Energy’snew president. Following the merger, Trans Energy books combinedassets in excess of $16 million. The number of shares issued andoutstanding, on a fully diluted basis, totals 22.5 million shares.
Established in 1993, Natural Gas Technologies owns gas reservesin Crockett County, TX, with more than 30 billion Mcf of gas inprojected reserves.
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