Trans Energy has turned the Keaton #1H horizontal Marcellus well into a sales line on Monday, April 4.
The Company also announced that it completed the 15 stage hydraulic fracture stimulation on the Groves #1H horizontal Marcellus well in Marshall County, WV, and is currently drilling out the frac plugs and will then run production tubing in the well. The Company expects the Groves #1H to be turned into a sales line by April 22.
The Company also announced that, on March 31, 2011, it completed the sale of 2,950 net acres in its operating areas to its joint development partner, Republic Energy Ventures LLC, for $14,012,500. The Company used $5,000,000 to pay down its existing senior bank indebtedness and the balance for working capital. As part of this transaction, the Company has reached an agreement with its senior secured lender, CIT Capital USA, Inc. ("CIT") for an extension of its existing bank loan until March 31, 2012.
John G. Corp, President of Trans Energy, said, "With the success of our drilling activities in the Marcellus shale we are pleased to have this working capital to complete the funding of our recent drilling activities and to have reached an agreement with CIT for an extension of our senior credit facility. We continue to develop our acreage position in the Marcellus shale and look forward to starting our 2011 drilling program."
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