www.QualityStocks.Net would like to highlight Trans Energy, Inc. (OTCBB: TENG). The company is an oil and gas exploration and development company in the Appalachian Basin. Further information can be found on the Company's website at http://www.transenergyinc.com.
In the company’s news Friday,
Trans Energy, Inc. announced that it has commenced the drilling of the Anderson #7H well in Wetzel County, West Virginia. The well will be drilled and completed horizontally in Marcellus Shale, a prolific “resource play” in Appalachia. According to the press release, the property is similar to the Barnett Shale which has become a significant base of hydrocarbon reserves in Texas.
Trans Energy intends to drill the vertical portion of the new well to a depth above the kick-off point and set casing. Later, a larger rig will continue drilling the horizontal portion at approximately 7,000 feet below the earth. The company anticipates that the rigs will be drilling continuously throughout next year.
James K. Abcouwer, president and CEO of Trans Energy, said, “We have to-date successfully drilled four vertical Marcellus wells. Beginning a horizontal program is another significant step forward for Trans Energy to properly develop its acreage position in northern West Virginia. Our plans call for a combination of verticals and horizontals to optimize the recovery. This approach, along with the construction of our gas gathering pipelines with multiple interstate pipeline connections, is the heart of our development plan.”
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Forward-Looking Statement:
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