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Going Concern
12 Months Ended
Dec. 31, 2015
Text Block [Abstract]  
Going Concern

NOTE 2 - GOING CONCERN

Trans Energy’s audited consolidated financial statements are prepared using account principles generally accepted in the United State of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.

We have incurred net losses for the years ended December 31, 2015 and 2014 of $(19,629,467) and $(12,540,261), respectively. Although our current and prior year-to-date revenues were not sufficient to cover our operating costs and interest expense, we are focusing on completing Marcellus Shale wells which have been drilled in order to increase our cash flow. If our cash flows from operations are not sufficient to meet liquidity requirements, we may need to sell assets, obtain additional financing or issue equity.

Our net losses and cash flows used in operating and investing activities during the year ended December 31, 2015 were primarily due to reductions in the sales price of our production, an increase in accounts payable, and accrued expenses which were funded by the monetization of certain hedges. Our net losses and cash flows used in operating and investing activities during the year ended December 31, 2014 were funded using net proceeds from notes payable to Chambers and Morgan Stanley (see Note 10), in addition to proceeds from the sale of certain oil and gas properties (see Note 7).