Trans Energy Announces New Executive Leadership and Restructuring
09 Januar 2006 - 2:00PM
PR Newswire (US)
Goal is to Accelerate Growth by Maximizing Key Energy Development
and Transportation Opportunities ST. MARYS, W.Va., Jan. 9
/PRNewswire-FirstCall/ -- Trans Energy, Inc. (OTC:TENG) (BULLETIN
BOARD: TENG) announced today a series of steps that will allow it
to more quickly take advantage of its significant properties and
opportunities in the rapidly growing exploration and development
industry. As part of this effort, Trans Energy said that: - James
K. Abcouwer, a 25-year energy industry executive and former CEO of
Columbia Natural Resources, Inc. was elected President and Chief
Executive Officer of Trans Energy, effective January 6, 2006. As
CEO, Abcouwer replaces Clarence E. Smith, who has resigned to
pursue other interests, but intends to remain a shareholder of the
company. - Trans Energy has agreed to sell to Clarence and Rebecca
Smith its well- servicing and maintenance business, Arvilla
Oilfield Services, Inc., in exchange for Trans Energy common
shares, certain natural gas properties, and other considerations.
Jim Abcouwer, 52, was formerly President and CEO of Columbia
Natural Resources, Inc., at one time the second largest independent
natural gas producer in the Appalachian Basin and the 25th largest
in the United States. He also was President and CEO of EnergyUSA, a
unit of NiSource Inc. with more than 3,000 employees and $1 billion
in revenues. He is a 1975 graduate of the U.S. Military Academy at
West Point, and received a Masters in Business Administration
degree from Harvard Business School in 1982. Abcouwer is co- owner
of Northstar Energy Corp. of Charleston, W.Va., an independent oil
and gas development corporation. "Trans Energy has great potential
to grow and become more profitable by leveraging its oil and
natural gas properties during this period of tremendous opportunity
in our industry," Abcouwer said. "We believe that we can best
achieve that potential by focusing all of our attention on
development, production and transportation of oil and natural gas,
both independently and with carefully selected partners. I'm eager
to join with the experienced team at Trans Energy to bring maximum
value to our shareholders." The Company also announced the
promotion of William F. Woodburn to Chief Operating Officer of
Trans Energy, effective January 6, 2006, and that it has begun a
search for a Chief Financial Officer. Woodburn was
Secretary/Treasurer of the Company. He has been actively engaged in
the oil and gas business for 20 years, including several years
supervising oil and natural gas production and managing pipeline
operations of Tyler Construction Co. and Tyler Pipeline. He holds a
Bachelor of Science degree in civil engineering from West Virginia
University. Trans Energy said it has signed a definitive agreement
for the sale of Arvilla Oilfield Services, LLC, to Clarence and
Rebecca Smith. The agreement is subject to receipt of an opinion
from an independent financial advisor that the proposed transaction
is fair to all shareholders of Trans Energy. Under the terms of the
transaction, the Company will receive from the Smiths certain
natural gas properties, half of the approximately 1 million Trans
Energy common shares issued to them when Trans Energy acquired
Arvilla Oilfield Services in January 2005, and certain other
considerations. Upon the closing of the transaction, Clarence and
Rebecca Smith have agreed to resign as directors of Trans Energy,
Inc. Details of the transaction will be provided in a Form 8-K
filing with the Securities and Exchange Commission. Trans Energy,
Inc. (OTC:TENG) (BULLETIN BOARD: TENG) specializes in the
exploration, completion, drilling and production of oil and natural
gas in the Appalachian and Powder River Basins. Further, the
company is actively involved in the transmission, transportation
and sales of oil and natural gas. This press release contains
forward-looking information that may be affected by certain risks
and uncertainties, including those risks and uncertainties
described in the company's most recent Form 10-KSB filing with the
Securities and Exchange Commission. The company's actual results
could differ materially from such forward-looking statements. We
assume no duty to update these statements at any future date.
Contact: Bill Roberts or Wayne Buckhout at CTC Investor Relations,
(937) 434-2700 DATASOURCE: Trans Energy, Inc. CONTACT: Bill
Roberts, or Wayne Buckhout, +1-937-434-2700, both of CTC Investor
Relations, for Trans Energy, Inc.
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