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ST. MARYS, W.Va., Nov. 21 /PRNewswire-FirstCall/ -- Trans Energy, Inc. (OTC:TENG) (BULLETIN BOARD: TENG) announced today third quarter and nine month operating results for 2006. Net loss for the third quarter of 2006 was $1,742,810 compared to $434,902 for the same period in 2005. Net loss for the nine months of 2006 was $2,592,562 compared to $1,027,247 for the first nine months of 2005.
Selected Operational and Financial Highlights for Three Months 2006 versus Three Months 2005:
- Oil and gas revenue decreased 16% from $1,100,355 to $921,062;
- Cost of oil and gas decreased 28% from $918,826 to $660,170 reflecting
the decrease in third party natural gas purchased;
- Loss from operations (excluding shares issued for services) decreased
38% from $195,262 to $121,138.
Selected Operational and Financial Highlights for Nine Months 2006 versus Nine Months 2005:
- Oil and gas revenue increased 27% from $2,714,043 to $3,445,587;
- Loss from operations (excluding shares issued for services) decreased
42% from $664,446 to $384,485;
- Expenditures for property and equipment increased 340% from $556,155 to
$2,446,590;
- Net profit (loss) before discontinued operations (excluding shares
issued for services) went from a loss of $782,041 to a profit of
$269,953.
James K. Abcouwer, President and CEO of Trans Energy said, "2006 is a year in which Trans Energy is reshaping and repositioning itself to provide a foundation for future success. Our acreage acquisitions, divestiture of non- strategic businesses, limited drilling to maintain leaseholds and prove-up some of our reserves, as well as the key hires we made and the incentive programs put in place are elements of this preparation. We're now starting to see this repositioning reflected in the fundamentals of the Company, and will see more and more as we perform in the year ahead."
TRANS ENERGY, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
ASSETS
September 30, December 31,
2006 2005
(Unaudited)
CURRENT ASSETS
Cash $386,346 $439,258
Accounts receivable, net of allowance
for doubtful accounts of $15,621 377,264 396,696
Accounts receivable - related parties 418,000 1,000,000
Prepaid expenses 6,794 9,617
Total Current Assets 1,188,404 1,845,571
Oil and gas properties, using successful
efforts accounting, and property and
equipment, net of accumulated depletion
and depreciation of $1,576,765 and
$4,101,429 5,636,913 2,160,256
OTHER ASSETS
Assets of discontinued operations - 6,672,688
Loan fees, net of accumulated
amortization of $106, 7,433 -
Deposits 2,873 4,914
Investments 627,628 175,000
Life insurance, cash surrender value 75,995 75,995
Total Other Assets 713,929 6,928,597
TOTAL ASSETS $7,539,246 $10,934,424
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
2006 2005
(Unaudited)
CURRENT LIABILITIES
Accounts payable - trade $1,132,030 $2,355,429
Accounts payable - related parties 211,404 -
Accrued expenses 546,758 860,368
Judgments payable 116,102 77,767
Debentures payable 50,000 50,000
Short term debt - related parties 552,431 855,502
Notes payable - current portion 712,377 659,205
Total Current Liabilities 3,321,101 4,858,271
LONG-TERM LIABILITIES
Notes payable 1,835,616 6,872
Liabilities of discontinued operations - 4,772,812
Asset retirement obligation 1,677,888 799,393
Total Long-Term Liabilities 3,513,504 5,579,077
Total Liabilities 6,834,606 10,437,348
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock; 10,000,000 shares
authorized at $0.001 par value;
0 shares issued and outstanding - -
Common stock; 500,000,000 shares
authorized at $0.001 par value;
9,433,565 and 4,952,148 shares issued
and 9,433,565 and 4,707,515 shares
outstanding, respectively 9,433 4,952
Capital in excess of par value 33,365,976 30,856,798
Treasury stock - (286,467)
Accumulated deficit (32,670,769) (30,078,207)
Total Stockholders' Equity 704,640 497,076
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $7,539,246 $10,934,424
TRANS ENERGY, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
For the For the
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
REVENUES $921,062 $1,100,355 $3,445,587 $2,714,043
COSTS AND EXPENSES
Cost of oil and gas 660,170 918,826 2,780,681 2,322,168
Depreciation, depletion
and amortization 50,426 99,839 244,444 315,525
Selling, general and
administrative 1,885,604 276,952 2,476,947 740,796
Total Costs and
Expenses 2,596,200 1,295,617 5,502,072 3,378,489
LOSS FROM OPERATIONS (1,675,138) (195,262) (2,056,485) (664,446)
OTHER INCOME (EXPENSE)
Gain on extinguishment
of debt 11,864 5,000 17,072 7,306
Net gain (loss) on sale
of assets 14,900 (38,725) 719,016 (46,590)
Other income (expense) (21,027) 1,264 63,949 6,845
Interest expense (73,409) (31,884) (145,599) (85,156)
Total Other Income
(Expense) (67,672) (64,345) 654,438 (117,595)
NET LOSS BEFORE
DISCONTINUED OPERATIONS (1,742,810) (259,607) (1,402,047) (782,041)
GAIN (LOSS) FROM
DISCONTINUED OPERATIONS - (175,295) 183,775 (245,206)
GAIN (LOSS) ON DISPOSAL
OF DISCONTINUED
OPERATIONS - - (1,374,290) -
NET LOSS $(1,742,810) $(434,902) $(2,592,562) $(1,027,247)
BASIC AND DILUTED NET
LOSS PER SHARE
Continuing Operations (0.25) (0.07) (0.26) (0.17)
Discontinued Operations 0.00 (0.04) (0.22) (0.05)
$(0.25) $(0.11) $(0.48) $(0.22)
BASIC AND DILUTED
WEIGHTED AVERAGE
SHARES OUTSTANDING 6,938,208 4,815,098 5,405,293 4,692,358
About Trans Energy, Inc.
Trans Energy, Inc. (OTC:TENG) (BULLETIN BOARD: TENG) is an oil and gas exploration and development company in the Appalachian Basin. Further information can be found on the Company's website at http://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 and our amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2005 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.
DATASOURCE: Trans Energy, Inc.
CONTACT: James K. Abcouwer, President and CEO of Trans Energy, Inc.,
+1-304-422-4062
Web site: http://www.transenergyinc.com/