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Corporate Governance
Trans Energy believes strong corporate governance practices are critical to successfully building shareholder value. Senior management, led by the Chief Executive Officer, is responsible for running the operations of the Company and informing the board of directors of the status of such operations. The board of directors is elected by the shareholders to monitor management's performance. The primary function of the board of directors is therefore oversight - defining and enforcing standards of accountability that enable the CEO and senior management to execute their responsibilities fully and in the interests of the Company's shareholders. Effective corporate governance requires that the board of directors, the CEO and senior management each exercise their respective roles in assuring the business success of the Company.
Outside Directors
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Mr. Robert L. Richards, 66, has served as a director of the Company since 2001. Mr. Richards served as a geologist with Exxon, exploration geologist with Union Texas Petroleum, and regional exploration manager for Carbonit Exploration, Inc. Mr. Richards is President of Nikken International, Inc. a $300 million direct selling company. Mr. Richards is a 1969 graduate of
Brigham Young University with a Bachelor of Science degree in geology.
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Richard L. Starkey, 59, has over 33 years of professional legal experience with an emphasis on oil and gas law. A native of southeastern Ohio, he earned a B.A. degree from Ohio University in 1974 and a J.D. degree from the University of Cincinnati School of Law in 1978. Mr. Starkey was Assistant Prosecuting Attorney for Wetzel County, West Virginia from 1979-1981 and was a practicing attorney in Parkersburg, West Virginia from 1981-1985. Mr. Starkey then joined Wiser Oil Company, a New York Stock Exchange listed company headquartered in Dallas, Texas in 1985 as staff attorney, then as assistant secretary in 1986 and then Corporate Secretary and General Counsel from 1987-1994. In 1994, Mr. Starkey returned to Parkersburg, West Virginia and has been active in the practice of law with an emphasis in the practices of oil and gas, real estate and corporate transactions. Mr. Starkey is a member of both the West Virginia and Ohio Bar associations.
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Dr. Benjamin H. Thomas, 57, has over 33 years of professional oil and gas experience. A native of Parkersburg, West Virginia, he earned a Bachelor of Business Administration degree from Kent State University in 1975, a Bachelor of Science in Petroleum Engineering degree from Marietta College in 1981, a Master of Business Administration from Ashland University in 1987, a Master of Science in Petroleum and Natural Gas Engineering from West Virginia University in 1997 and a Doctor of Philosophy in Petroleum and Natural Gas Engineering in 2002. Dr. Thomas worked for Quaker State Oil Refining Corporation from 1979 through 1984 serving in various engineering positions. Dr. Thomas began work in 1984 with MB Operating Company eventually serving as President from 1996 through 1999. MB Operating consisted of approximately 1,800 producing properties and 200,000 net acres. In 1996 Dr. Thomas participated in the formation of Marbel Energy Corporation, a fully integrated natural gas company. Companies owned by Marbel Energy included MB Operating. In addition to being President of MB Operating, Dr. Thomas served as Chief Operating Officer and later President of Marbel Energy Corporation. In 1999 Dr. Thomas participated in the formation of Great Lakes Energy Partners, LLC and served as the Senior Vice President – Production. The company had in excess of 7,500 wells and operated in five states. In 2000 Dr. Thomas returned to academia to complete his doctorate degree. Since 2000 Dr. Thomas has provided consulting services to the oil & gas industry. Commencing in 2004 he has been President of Thomas Consulting, LLC which provides consulting services in the areas of reservoir engineering, drilling and production, operations management, reserve reporting, property acquisitions and divestures and expert testimony. Since 2001 Dr. Thomas has been a faculty member in the Department of Petroleum Engineering & Geology at Marietta College located in Marietta, Ohio where he currently serves as an Associate Professor.
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Loren E. Bagley, 70, has served this company in various capacities since 1993, and is currently Director of the company. He began his energy career in the 1970’s as a lease agent for both private and commercial companies. In 1979 he started his own company, and has been active in the drilling, development, and production of wells in the Appalachian Basin. His over 30 years of experience in the oil and gas industry includes raising capital for investment in oil and gas wells, over seeing the drilling and operation of wells in the Appalachian Basin, has planned, built, and operated several pipeline systems transporting natural gas to both private industry and other buyers in the interstate pipeline system and has negotiated major long-term natural gas contracts with private industry and commercial gas purchasers. Mr. Bagley is a 1964 graduate of
Salem
College
with a Bachelor of Science Degree.
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Mr. William F. Woodburn, 70, has served the Company in various capacities since 1993 and is currently Director of the Company. Mr. Woodburn has over 30 years experience in the oil and gas industry and since 1976 has owned a company that has a fleet of heavy equipment that services the oil and gas industry and has built and managed several natural gas gathering and transportation pipeline systems. Prior to Mr. Woodburn’s involvement in the oil and gas industry he was employed by the United States Army Corps of Engineers and was Resident Engineer on over 400 million dollars worth of construction projects. Mr. Woodburn is a Registered Professional Engineer in
West Virginia
and
Ohio
and is a Registered Land Surveyor in
West Virginia
and
Ohio
and is a1964 graduate of
West Virginia
University
with a Bachelor of Science degree in Civil Engineering. |
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