Trans Energy, Inc. Directors Approve Waiver of Accrued Salaries and Partial Forbearance of Future Salaries ST. MARYS, W.Va., June 27 /PRNewswire-FirstCall/ -- At their most recent meeting held on June 1, 2005, at the request of Chairman Clarence E. Smith, the Board of Directors of Trans Energy, Inc. (OTC:TENG) (BULLETIN BOARD: TENG) unanimously voted in favor of a resolution to waive all salaries accrued and unpaid since January 1, 2005 for all Board Members currently receiving salaries. The waiver applies to Trans Energy, Inc. and all of its wholly owned subsidiaries. Directors Robert Richards, Loren E. Bagley and William F. Woodburn each agreed individually to do so. In addition, the Board also unanimously agreed to partially forbear future salaries until such time as the financial condition of the Corporation improves sufficiently to support reasonable compensation for their services. Until the Board considers executive compensation again, executive salaries will be paid in accordance with the following table. TABLE EXECUTIVE SALARIES Board Member Employer Monthly Gross Salary Clarence Smith Trans Energy & Subsidiaries None Robert Richards Trans Energy & Subsidiaries None Loren E. Bagley Tyler Construction $2500 William F. Woodburn Arvilla Oilfield Services $2500 Rebecca Smith Trans Energy & Subsidiaries None John Corp Arvilla Oilfield Services $6250 ***John Corp receives a higher salary because he is not a major shareholder. Chairman Smith stated, "The Board will consider adjustments to salaries at a later date when the Corporation had sufficient resources to be able to pay them. In the meantime, we are considering other forms of compensation that will be based solely on the performance of the Corporation. The exact form of such a plan has not yet been decided, but it will certainly require the financial performance of the Corporation to improve before it will have any value." 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 Form 10-KSB and the first quarter 2005 10-QSB. 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, or Web site: http://www.transenergy.com/

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