Trans Energy Inc to sell of Marcellus acres in Tyler County WV - Beckley, Bluefield & Lewisburg News, Weather, Sports

Trans Energy Inc to sell of Marcellus acres in Tyler County WV

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Greenbrier Resort celebrates 100th anniversary of Old White TPC

    Greenbrier Resort celebrates 100th anniversary of Old White TPC

    Greenbrier Resort celebrates 100th anniversary of Old White TPC

    Saturday, April 19 2014 7:45 PM EDT2014-04-19 23:45:07 GMT
    America's resort is celebrating an important birthday.The Greenbrier Resort's famous golf course, the Old White TPC turned 100 years old today.To commemorate the event Jim Justice, Owner of The Greenbrier, and Jeff Kmiec, the resort's President along with several other representatives of the resort gathered Saturday to remember the course's long history.Guests were in attendance to watch as Justice hit the ceremonial first ball from the first tee.Even recent Masters winner Bubba Watson made a...
    America's resort is celebrating an important birthday.The Greenbrier Resort's famous golf course, the Old White TPC turned 100 years old today.To commemorate the event Jim Justice, Owner of The Greenbrier, and Jeff Kmiec, the resort's President along with several other representatives of the resort gathered Saturday to remember the course's long history.Guests were in attendance to watch as Justice hit the ceremonial first ball from the first tee.Even recent Masters winner Bubba Watson made a...
  • One man shot early Saturday morning in Beckley

    One man shot early Saturday morning in Beckley

    One man shot early Saturday morning in Beckley

    Saturday, April 19 2014 7:39 PM EDT2014-04-19 23:39:31 GMT
    911 Dispatchers said a man was shot in the leg early Saturday morning on Harper Road in Beckley outside of the Holiday Inn.
    911 Dispatchers said a man was shot in the leg early Saturday morning on Harper Road in Beckley outside of the Holiday Inn.
  • After chemical Spill, officials give $1.2 Million to WV tourism

    After chemical Spill, officials give $1.2 Million to WV tourism

    Friday, April 18 2014 8:35 PM EDT2014-04-19 00:35:20 GMT
    There's a new push to help West Virginia's tourism industry after the chemical spill that caused a major water crisis in January. On Thursday, the state announced a $1.2 million cash contribution that
    There's a new push to help West Virginia's tourism industry after the chemical spill that caused a major water crisis in January.

Trans Energy Inc. announced Oct. 2 an agreement had been signed to divest its Marcellus Shale assets in Tyler County for about $11.2 million.

The sale consists of 1,163 net acres, two pad sites and one uncompleted horizontal Marcellus Shale well. The acres represent about 6 percent of Trans Energy's total net acreage targeting Marcellus Shale.

The company indicated it no longer plans to complete either of its two previously announced wells before closing the transaction.

"Today's announcement supports our belief that Marcellus Shale acreage in northwest West Virginia is highly valuable," Trans Energy President John Corp said in a news release. "While we believe Tyler County is located in an attractive part of the Marcellus Shale, we determined that our acreage position in the county was not large enough to warrant spending additional resources.

Corp said the company believes allocating the sale proceeds toward developing its core acreage positions in Marshall, Wetzel and Marion Counties can enhance its value in those counties and also increase shareholder value.

The sale is expected to close before the end of the year, and after the sale, Trans Energy will continue to own about 17,500 net acres in Marshall, Wetzel and Marion Counties.