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

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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.