Trans Energy Reports Positive Third Quarter 2008 Results

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Direxion Daily 5g Communications Bull 2x Shares	AMEX:TENG	AMEX	Exchange Traded Fund

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- Revenues increase 525% ST. MARYS, W.Va., Nov. 12 /PRNewswire-FirstCall/ -- Trans Energy, Inc. (OTC:TENG) (BULLETIN BOARD: TENG) announced today results for the third quarter of 2008. Trans Energy reported a 525% increase in third quarter 2008 total revenue to $2,188,071 compared to $416,837 in the comparable quarter of 2007. The Company reported net income of $446,697, or $0.04 per share in the third quarter of 2008 compared to a net loss of $678,501 or ($0.07) in the same period of the prior year. Discretionary cash flow was $877,607 or $0.09 per share in the third quarter of 2008 compared to ($550,851) or ($0.06) in the comparable quarter of 2007. James K. Abcouwer, President and CEO of Trans Energy commented, "I'm excited by the execution of our business plan including for the first time reaching profitability on an operating basis. Our Marcellus shale project is now accelerating from a vertical exploratory program to a horizontal development program as we continue to lease aggressively in our core operating areas. While we've seen many operators retrenching during this period of commodity price softening, we view such shorter-term market moves as opportunities. Trans Energy is well positioned with acreage, pipeline infrastructure, and now also positive cash flow to continue executing our growth plans." 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 and 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, 2007 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, CEO of Trans Energy, Inc., +1-304-422-4062 Web site: http://www.transenergyinc.com/

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TENG Direxion Daily 5g Communications Bull 2x Shares