Trans Energy, Inc. Announces Estimated First Quarter 2005 Results
June 21 2005 - 12:12PM
PR Newswire (US)
Trans Energy, Inc. Announces Estimated First Quarter 2005 Results
ST. MARYS, W.Va., June 21 /PRNewswire-FirstCall/ -- Trans Energy,
Inc. (OTC:TENG) (BULLETIN BOARD: TENG) today reported estimated
first quarter 2005 results. Consolidated revenues for the first
quarter of 2005 were $2,550,540, an increase of $1,970,810 over the
$579,730 reported for the same period in 2004. This increase is
attributable to several factors, including the acquisitions of
Arvilla Oilfield Services in January of 2005 and Cobham Gas
Industries in November of 2004, as well as improvement in the price
of natural gas and oil. Income from operations improved from a loss
of $511,769 in the first quarter of 2004 to a positive income of
$17,831. Trans Energy reported an overall net comprehensive loss
for the first quarter of 2005 in the amount of $66,488 ($0.02 per
share), compared with a loss of $632,913 in the first quarter of
2004 ($0.32 per share). Also on the positive side, stockholders'
equity in the Company improved from a deficit of $1,169,886 as of
December 31, 2004 to a positive $1,180,373 as of March 31, 2005.
Trans Energy Chairman, Clarence E. Smith, said he "expected
production and revenues from existing wells to continue improving
in the near term as more natural gas wells are rehabilitated and
connected to transmissions lines, and new exploration efforts are
brought online. I am pleased with the improvement in operations,
and look forward to the impact the plans on the drawing board will
have on overall operations during the remainder of the year."
Oilfield services operations were a leading contributor to the
financial results of Trans Energy in the first quarter of 2005,
even though Arvilla Oilfield Services was not acquired until
January 31, 2005. Despite its late start, revenues from well
servicing during the last two months of the period were $1,798,607
and operating income for this segment of Trans Energy operations
were $245,843. Mr. Smith credited "the hard work and dedication of
Rebecca L. Smith, Vice President-Oilfield Services Operations, as
well as the employees of Arvilla Oilfield Services, for the
performance the segment." Statements in this release relating to
future plans, projections, events, or conditions are forward
looking statements. Actual results, including production growth and
capital spending, could differ materially due to changes in market
conditions affecting the oil and natural gas industry or long-term
oil and natural gas prices; political events or disturbances;
reservoir performance; changes in OPEC quotas; completion of
development projects; changes in technical or operating conditions;
and other factors discussed in Trans Energy's 2004 10K. We assume
no duty to update these statements at any future date. DATASOURCE:
Trans Energy, Inc. CONTACT: Clarence E. Smith, Chairman of Trans
Energy, Inc., +1-304-665-2652
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