ST. MARYS, W.Va., Nov. 21 /PRNewswire-FirstCall/ -- Trans Energy, Inc. (OTC Bulletin Board: TENG - News) 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."