As part of its work-over program the company has engaged a third party service rig on a full time basis and is looking to add a second third party service rig. The work-over program consists of moving a service rig on each of the existing wells, running a series of tests and evaluating whether or not a pumping unit should be installed to lift the fluids out of the well to increase both the natural gas and oil production.
James K. Abcouwer, President and CEO of Trans Energy, said the work-over program reflects the company's commitment and focus in oil and natural gas exploration and development in the Appalachian Basin.
"The work-over program of the Smithfield/Wallace field will provide additional revenues for the company and this acreage fits strategically with our future exploration plans. The existing shallow producing wells produce cash flow and hold the leases for us going forward. This acreage has deeper unexploited zones of oil and natural gas we will develop over the next several years. This work-over program will be our main focus of capital spending over the next few months. Although we have just started we have been pleased with our initial results."
Trans Energy, Inc. is an oil and gas exploration and development company in the Appalachian Basin.
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