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TENG FINRA deleted symbol. No explanation.
https://otce.finra.org/otce/dailyList?viewType=Deletions
A hedgie I follow closely claims Price of NG has bottomed.
Looking at REXX and ECR right now.
Any new gas players that have survivable plan and prospects for what I would say of 3-4x price appreciation?
Received a proxy by snail mail
from some 1999 left over dreck.
1) Bagley, Woodburn et al looking for continued ratification to the board
2) Additional compensation
3) Approve frequency of advisory vote
4) RatifyMaloney & Novotney LLC as independent auditors for 2014
Gee, why would we not? I think I'll propose they go back to their pumping ways and I'm not talking oil.
Did you mention BNK a few days ago?
I like what I see in the presentation about 0 debt and OK assets,
If the massive Poland hits will be good..
WC how's it hanging ?
I've been poking around some of the Alberta oil sands stocks. Is there a company with some assets that may make some waves soon. The Strata board is quiet but seems to be waking up.. I noticed there is some strong ownership on Southern Pacific resource corp.
A third is Connacher..
Hmmm, I haven't checked on this one for a while.. It's in a good place for me..
Understood on grid.
I'm really hot on MPO right now, thx to you.
I don't think it priced appropriately.
Will load it as funds become available. This thing should rise past 9.00 in next 6mos IMO.
Also riding the Camac train for a short term trade. Having some CAK.
I still like this little baby.. No Rick, I'm not at all.
WC,
How at are things?
You guys still following GRID?
I haven't heard much out of them, the company, price is awfully low..
Sitting and waiting. I don't mind.
I have to much invested not to be pumped! LOL! Energy is where it's at! :oP
I'm started to figure out why you guys are so pumped!
Most comprehensive report on the shale gas boom. From KKR.
http://www.kkr.com/_files/pdf/KKR_report-20121113-Historic_Opportunities_from_the_Shale_Gas_Revolution.pdf
Very much appreciated.
Rexx income statement the last three years looks tremendous. The revenue growth yoy and income is sweet. I haven't owned it yet but will as soon as Funds become available.
GST seems to be on Wall Streets radar with some large institutional players getting some.
TENG is just the opposite, low following, very quiet, which may be the kind of situation the speculators are more than cool with in accumulation phase.
Thanks again.
This is a loaded question right?? LOL! I will try to be specific.
The most upside potential is between TENG / GST
The best run company is Range Resources.
The company with a lot of room to run,agressive plans and a good balance sheet, is my baby REXX.
A upcoming IPO is Eclipse Resources from State College, Pa.
I feel all of these offer great long term promise. I like TENG after many years of stress and strife, they should be positioned to finally move forward.
I like to speculate, so I look for poorly managed company's with a great asset base, good industry partners and new faces in management. Most times over the long haul your returns will be very good following this model.
SE where've you been.
I wanted to check in and see what your favorite small to medium sized Marcellus Play might be.
I know it isn't Global from that Matt Damon movie..lol
A lot of pumping by some new names, but I suspect old time posters. One was a company man. Love to believe it. In deeper than most. Company in my home state. Saw several legit small gas companies become successful. This one failed at every attempt, I hope someone can prove me wrong. Too many reverse splits to take serious.
Doesn't take much to move this baby with such a low float.
Went very well, thanks. Was very impressed. I will fill you in later.
She is quiet as a mouse. I like what is happening here.
I like it. This should be a good deal. I like the position they are putting themselves in.
lost a lot on this one years ago. it needs more than a pulse to get my attention. i would have to go look to see haw many shares i still have after the reverse splits.
Trans Energy, Inc. Divests Shallow Well Assets
Print
Alert
Trans Energy, Inc. (QB) (USOTC:TENG)
Intraday Stock Chart
Today : Wednesday 30 January 2013
ST. MARYS, W.Va., Jan. 30, 2013 /PRNewswire/ -- Trans Energy, Inc. (OTCQB: TENG), a pure play Marcellus Shale exploration and production company, announced today that it sold wells and farmed out drilling rights related to its shallow well assets to an undisclosed buyer, in a transaction that closed on Thursday, January 24, 2013.
Trans Energy sold its working interest in all of its existing shallow wells, but retained an overriding royalty interest of approximately 2.5% on most of the wells. The purchaser assumed the role of operator with respect to approximately 300 wellbores, and intends to commence a workover program with respect to a number of the existing wells. The wells produced at a rate of approximately 800 mcfe per day as of December 31, 2012, which was the effective date for the transaction. As of the December 31, 2011 reserve report, these wells had proven reserves of 2.5 Bcfe.
Additionally, Trans Energy granted the purchaser (the "shallow operator") the right to drill wells in or above conventional shallow Devonian formations, for leases where Trans Energy currently holds rights to such depths. Trans Energy did not farm out any of its rights to drill in deeper formations such as the Rhinestreet, Marcellus or Utica. Trans Energy retained up to a 5% overriding royalty interest on any such wells drilled, depending on the net revenue interest.
John G. Corp, President of Trans Energy, said, "The sale of these shallow wells and the farmout of our shallow drilling rights serve important goals for Trans Energy. This transaction should enable us to enhance our focus on our Marcellus drilling operations. It is also designed to incentivize the new operator to convert our Marcellus leasehold to HBP status, with no operational or capital obligations on the part of Trans Energy, while still maintaining our ability to step in with our own capital to drill or return wells to production if we need to do so to maintain a lease. The buyer is an operator with a significant local presence, and it has a history of success with drilling and operating shallow Appalachian assets. We look forward to working with them as we determine the locations for future wells over the next few weeks."
Trans Energy retained rights to ensure that production either commences or continues, if necessary to maintain its existing leasehold. Additionally, Trans Energy has the right to participate in up to 20% of any well drilled by the shallow operator, unless the shallow operator fails to fulfill its development commitments, in which case Trans Energy can participate in up to 50% of each well. This participation right can be invoked on any well, and the failure to participate in any well will not impact Trans Energy's future participation rights.
In order for the buyer to earn acreage on leases that are not currently HBP, the buyer is required to commit to drilling such acreage on a semiannual basis as part of a development program. Trans Energy can choose the drilling locations for these development programs, and the company intends to ensure that the buyer drills shallow wells on certain leases that are not currently HBP and in which Trans Energy's subsidiary, American Shale Development, retains its rights to drill in deeper prospective formations, including the Marcellus. Both parties have prioritized a list of leases that they intend to convert to HBP status in this manner. These leases represent more than 3,500 acres net to the interest of American Shale Development, which could potentially be converted to HBP status by drilling shallow wells.
In addition to the overriding royalty interests, the shallow well participation rights, and the right to initiate or maintain production to keep leases from expiring, Trans Energy received gross proceeds of $2.75 million, subject to adjustments, in connection with the transaction. The company has discretion over its use of this cash, and its immediate plan is to use the cash to enhance its overall liquidity.
Additional information regarding Trans Energy, including maps, investor presentations, news releases and videos can be found at the Company's new website www.transenergyinc.com. Trans Energy will regularly update information on the website to provide investors with the most up to date information on the Company and its operations.
About Trans Energy, Inc.
Trans Energy, Inc. (OTCQB: TENG) is a pure play Marcellus Shale oil and gas exploration and development company, headquartered in the Appalachian Basin. Further information can be found on the Company's website at www.transenergyinc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Forward-looking statements in this release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. Forward-looking statements in this document include statements regarding the Company's exploration, drilling and development plans, the Company's expectations regarding the timing and success of such programs. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. For a more detailed discussion of the risks and uncertainties of our business, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2011 filed with the Securities and Exchange Commission. We assume no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Company contact:
John G. Corp
304-684-7053
www.transenergyinc.com
SOURCE Trans Energy, Inc.
futr
LOL! Yes, I did detect a pulse. Ya know, I really like Steve and the asset base is great here. This is a bit of a work in progress,but that is what I tend to go for.
Is there a pulse.
What if I'm ready to let go of a few, do I ring the dinner triangle?
Might be time to add a little more here.
Rest in peace old friend,
we had some great times together inspite of Candle, lol.
No, it wasn't. That was SE, LOL! You can always tell when he is buying something. He has no patience. LOL! He says , if you want it and it's a good time, go get it. I do have some of this and really do like this little company and the people involved. He has been buying SI*R like a mad man as well.
Was that you putting in a market orders yesterday and today?
Lol.
Nice price appreciation for a four day holding period.
TGIF
I thought so. That is good to know!
Nope, same company! This is a great JV partner for this little company to have. Lots of expertise is drilling and fracking shale.
You know the guys at Republic Energy as well, or am I confused with another company? Weren't these guys down in the Barnett?
Yup, I know how much you like liquids rich plays. Well, wet gas usually is at least 1.00 per mcf above dry gas. That is enough to be a big game changer. I like the Utica as well. Big upside could be realized here.
Yes, I would have to agree somewhat. As you know I like exposure to producers with liquids and wet gas. The metrics are much better.
Yes SE, I started checking out this company right after you told me about it.. Seems similar in some ways to Rexx years ago. There is very good potential here.
Very undervalued with a very small OS share count.
Great location in the Marcellus Shale, but what excites me the most is the potential of the Utica Shale.
Over 3 Trillion cubic feet of gross upside potential with 2/3 of the 65,000 gross acres held by production.
400 drilling locations, 178 of them are drill ready today.
Holy Cow Wildcat! I just told you about this company an hour ago! LOL! There is a lot here that I like.
Over looked and undervalued.. I like it.
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