Trans Energy, Inc. (TENG.OB) Announces the Drilling of Their First Horizontal Well in Marcellus Shale
Source: http://Blog.QualityStocks.net/?p=12742Posted on Friday, October 3rd, 2008 | In Small & Micro Cap
Trans Energy, Inc. today announced that it has commenced the drilling of the Anderson #7H well in Wetzel County, West Virginia. The well will be drilled and completed horizontally in Marcellus Shale, a prolific “resource play” in Appalachia. According to the press release, the property is similar to the Barnett Shale which has become a significant base of hydrocarbon reserves in Texas.
Trans Energy intends to drill the vertical portion of the new well to a depth above the kick-off point and set casing. Later, a larger rig will continue drilling the horizontal portion at approximately 7,000 feet below the earth. The company anticipates that the rigs will be drilling continuously throughout next year.
James K. Abcouwer, president and CEO of Trans Energy, said, “We have to-date successfully drilled four vertical Marcellus wells. Beginning a horizontal program is another significant step forward for Trans Energy to properly develop its acreage position in northern West Virginia. Our plans call for a combination of verticals and horizontals to optimize the recovery. This approach, along with the construction of our gas gathering pipelines with multiple interstate pipeline connections, is the heart of our development plan.”
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acreage position, gas gathering pipelines, James K. Abcouwer, Small & Micro Cap, Texas, Trans Energy Inc., West Virginia, Wetzel County
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