Trans Energy, Inc. Directors Approve Waiver of Accrued Salaries and Partial Forbearance of Future Salaries
June 27 2005 - 5:24PM
PR Newswire (US)
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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