----

----

| o | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

|   | Commission File Number 0-23530 |
|--------|--------------------------------|

|   | TRANS ENERGY, INC. |
|--------|--------------------|

|   | (Exact name of registrant as specified in its charter) |
|--------|--------------------------------------------------------|

|  Nevada                          |  93-0997412          |
|---------------------------------------|---------------------------|
|  (State or other jurisdiction of |  (I.R.S. Employer    |
|  incorporation or organization)  |  Identification No.) |

|   | 210 Second Street, P.O. Box 393, St. Marys, West Virginia  26170 |
|--------|----------------------------------------------------------------------------|

|   | (Address of principal executive offices) |
|--------|------------------------------------------|

|   | Registrant’s telephone no., including area code:  (304) 684-7053 |
|--------|----------------------------------------------------------------------------------|

|  Large accelerated filer                     |  o |  Accelerated Filer         |  o |
|---------------------------------------------------|---------|---------------------------------|---------|
|  Non-accelerated filer                       |  o |  Smaller reporting company |  x |
|  (Do not check if smaller reporting company) |    |                            |    |

|  Class                          |   |   |  Outstanding as of June 13, 2011 |
|--------------------------------------|--------|--------|---------------------------------------|
|  Common Stock, $0.001 par value |   |   |  12,737,328                      |

----

|  TABLE OF CONTENTS                                                 |
|-------------------------------------------------------------------------|
| PART I.        FINANCIAL INFORMATION |
|                                                                    |   |   |   |
|                                                                    |  Heading |   |  Page |
|                                                                    |   |   |   |
|  Item 1.                                                           |  Financial Statements |   |  3 |
|                                                                    |   |   |   |
|                                                                    |  Consolidated Balance Sheets – March 31, 2011 (Unaudited) and December 31, 2010 (Audited) |   |  3 |
|                                                                    |   |   |   |
|                                                                    |  Consolidated Statements of Operations – Three Months Ended March 31, 2011 and 2010 (Unaudited) |   |  5 |
|                                                                    |   |   |   |
|                                                                    | Consolidated Statement of Stockholders’ Equity – Three Months Ended March 31, 2011 (Unaudited) |   |  6 |
|                                                                    |   |   |   |
|                                                                    |  Consolidated Statements of Cash Flows – Three Months Ended March 31, 2011 and 2010 (Unaudited) |   |  7 |
|                                                                    |   |   |   |
|                                                                    |  Notes to Consolidated Financial Statements (Unaudited) |   |  8 |
|                                                                    |   |   |   |
|  Item 2.                                                           |  Management's Discussion And Analysis of Financial Condition and Results of Operations |   |  17 |
|                                                                    |   |   |   |
|  Item 4.                                                           |  Controls and Procedures |   |  20 |
|                                                                    |   |   |   |
| PART II.      OTHER INFORMATION                |   |   |
|                                                                    |   |   |   |
|  Item 1.                                                           |  Legal Proceedings |   |  21 |
|                                                                    |   |   |   |
|  Item 2.                                                           |  Unregistered Sales of Equity Securities and Use of Proceeds |   | 21 |
|                                                                    |   |   |   |
|  Item 3.                                                           |  Defaults Upon Senior Securities |   |  21 |
|                                                                    |   |   |   |
|  Item 4.                                                           |  (Removed and Reserved) |   |  21 |
|                                                                    |   |   |   |
|  Item 5.                                                           |  Other Information |   |  21 |
|                                                                    |   |   |   |
|  Item 6.                                                           |  Exhibits |   |  21 |
|                                                                    |   |   |   |
|                                                                    |  Signatures |   |  21 |

----

|  TRANS ENERGY, INC. AND SUBSIDIARIES                           |   |
|---------------------------------------------------------------------|--------|
| Consolidated Balance Sheets                                         |   |
|                                                                |   |   |   |   |   |   |
|                                                                |   | March 31, |   |   | December 31, |   |
|                                                                |   | 2011 |   |   | 2010 |   |
|                                                                |   | Unaudited |   |   | Audited |   |
|                                                                |   |
| ASSETS                                                              |   |
|                                                                |   |
| CURRENT ASSETS                                                      |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |
| Cash                                                                |   | $ | 305,955 |   |   | $ | 1,037,941 |   |
|    Accounts receivable – trade                      |   |   | 15,346,107 |   |   |   | 1,195,259 |   |
| Accounts receivable – related parties                         |   |   | 18,500 |   |   |   | 18,500 |   |
| Advance royalties                                                   |   |   | 114,098 |   |   |   | 99,381 |   |
| Prepaid expenses                                                    |   |   | 18,750 |   |   |   | 825,646 |   |
| Accounts receivable due from non-operator, net                      |   |   | 1,739,098 |   |   |   | 82,964 |   |
| Note receivable                                                     |   |   | - |   |   |   | 27,295 |   |
| Derivative assets                                                   |   |   | 126,981 |   |   |   | 187,590 |   |
|                                                                |   |   |   |   |   |   |   |   |
| Total Current Assets                                                |   |   | 17,669,489 |   |   |   | 3,474,576 |   |
|                                                                |   |   |   |   |   |   |   |   |
| PROPERTY AND EQUIPMENT, net of accumulated depreciation             |   |   |   |   |   |   |   |   |
|      of $635,839 and $612,047 respectively |   |   | 1,101,147 |   |   |   | 1,148,500 |   |
|                                                                |   |   |   |   |   |   |   |   |
| OIL AND GAS PROPERTIES, USING SUCCESSFUL EFFORTS ACCOUNTING         |   |   |   |   |   |   |   |   |
| Proved properties                                                   |   |   | 42,827,204 |   |   |   | 36,579,636 |   |
| Unproved properties                                                 |   |   | 5,942,619 |   |   |   | 6,156,188 |   |
| Pipelines                                                           |   |   | 1,387,439 |   |   |   | 1,387,440 |   |
| Accumulated depreciation, depletion and amortization                |   |   | (8,405,406 | ) |   |   | (7,909,714 | ) |
|                                                                |   |   |   |   |   |   |   |   |
| Oil and gas properties, net                                         |   |   | 41,751,856 |   |   |   | 36,213,550 |   |
|                                                                |   |   |   |   |   |   |   |   |
| OTHER ASSETS                                                        |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |
| Other assets                                                        |   |   | 50,952 |   |   |   | 50,952 |   |
|                                                                |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                        |   | $ | 60,573,444 |   |   | $ | 40,887,578 |   |
|                                                                |   |   |   |   |   |   |   |   |
|                                                                |   |

----

|   TRANS ENERGY, INC. AND SUBSIDIARIES                                                                                               |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Balance Sheets (continued)                                                                                                       |   |
|                                                                                                                                          |   |   |   |   |   |   |
|                                                                                                                                          |   | March 31, |   |   | December 31, |   |
|                                                                                                                                          |   | 2011 |   |   | 2010 |   |
|                                                                                                                                          |   | Unaudited |   |   | Audited |   |
|                                                                                                                                          |   |
|                                                                                                                                          |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                          |   |
|                                                                                                                                          |   |
| CURRENT LIABILITIES                                                                                                                           |   |   |   |   |   |   |
|                                                                                                                                          |   |   |   |   |   |   |
| Accounts payable - trade                                                                                                                      |   | $ | 10,967,203 |   |   | $ | 3,850,278 |   |
| Accounts and  notes payable,  related party                                                                               |   |   | 2,150 |   |   |   | 2,150 |   |
| Accrued expenses                                                                                                                              |   |   | 1,195,594 |   |   |   | 1,494,493 |   |
| Income tax payable                                                                                                                            |   |   | 720,000 |   |   |   | 450,000 |   |
| Notes payable - current                                                                                                                       |   |   | 18,092,176 |   |   |   | 17,377,479 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Total Current Liabilities                                                                                                                     |   |   | 30,977,123 |   |   |   | 23,174,400 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES                                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Notes payable                                                                                                                                 |   |   | 14,979 |   |   |   | 20,818 |   |
| Asset retirement obligations                                                                                                                  |   |   | 232,524 |   |   |   | 219,478 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Total  Long-Term Liabilities                                                                                                        |   |   | 247,503 |   |   |   | 240,296 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Total Liabilities                                                                                                                             |   |   | 31,224,626 |   |   |   | 23,414,696 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                 |   |   | - |   |   |   | - |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Preferred stock                                                                                                                               |   |   |   |   |   |   |   |   |
| 10,000,000 shares authorized at $0.001 par value; -0- shares issued and outstanding                                                           |   |   | - |   |   |   | - |   |
| Common stock                                                                                                                                  |   |   |   |   |   |   |   |   |
|  500,000,000 shares authorized at $0.001 par value; 12,737,328 shares issued,  and 12,737,328 shares outstanding, respectively |   |   | 12,737 |   |   |   | 12,737 |   |
| Additional paid-in capital                                                                                                                    |   |   | 38,353,782 |   |   |   | 38,256,340 |   |
| Treasury stock, at cost, 2,000 shares                                                                                                         |   |   | (1,950 | ) |   |   | (1,950 | ) |
| Accumulated deficit                                                                                                                           |   |   | (9,015,751 | ) |   |   | (20,794,245 | ) |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Total Stockholders' Equity                                                                                                                    |   |   | 29,348,818 |   |   |   | 17,472,882 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                    |   | $ | 60,573,444 |   |   | $ | 40,887,578 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                                          |   |

----

| TRANS ENERGY, INC. AND SUBSIDIARIES   |
|---------------------------------------|
| Consolidated Statements of Operations |
| (Unaudited)                           |
|                                  |

|                                                      |   | For the Three Months Ended |       |
|-----------------------------------------------------------|--------|----------------------------|------------|
|                                                      |   | March 31,                  |       |
|                                                      |   | 2011                       |       |   | 2010 |   |
|                                                      |   |                       |       |   |   |   |
|  REVENUES                                            |   | $                          | 1,630,099  |   |   | $ | 1,107,359 |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  COSTS AND EXPENSES                                  |   |                       |       |   |   |   |   |   |   |   |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  Production costs                                    |   |                       | 426,087    |   |   |   | 636,715 |   |
|  Depreciation, depletion, amortization and accretion |   |                       | 553,742    |   |   |   | 549,775 |   |
|  Selling, general and administrative                 |   |                       | 1,061,778  |   |   |   | 632,176 |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  Total Costs and Expenses                            |   |                       | 2,041,607  |   |   |   | 1,818,666 |   |
|  Gain(Loss) on sale of assets                        |   |                       | 12,869,584 |   |   |   | (184 | ) |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  INCOME (LOSS)  FROM OPERATIONS            |   |                       | 12,458,076 |   |   |   | (711,491 | ) |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  OTHER INCOME (EXPENSES)                             |   |                       |       |   |   |   |   |   |   |   |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  Interest income                                     |   |                       | 247        |   |   |   | 5,608 |   |
|  Interest expense                                    |   |                       | (407,194   | ) |   |   | (551,015 | ) |
|  Gain(loss) on derivative contracts                  |   |                       | (2,635     | ) |   |   | 50,691 |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  Total Other Income (Expenses)                       |   |                       | (409,582   | ) |   |   | (494,716 | ) |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  NET INCOME(LOSS) BEFORE INCOME TAXES                |   |                       | 12,048,494 |   |   |   | (1,206,207 | ) |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  INCOME TAXES (CURRENT)                              |   |                       | 270,000    |   |   |   | - |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
|  NET INCOME (LOSS)                                   |   | $                          | 11,778,494 |   |   | $ | (1,206,207 | ) |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |
| NET INCOME(LOSS) PER SHARE – BASIC                  |   | $                          | 0.92       |   |   | $ | (0.10  | ) |   |   |   |   |
| NET INCOME(LOSS) PER SHARE – DILUTED                |   | $                          | 0.83       |   |   | $  | (0.10  | )  |   |   |   |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |   |
|                                                      |   |                       |       |   |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC    |   |                       | 12,737,328 |   |   |   | 12,084,282 |   |
| WEIGHTED AVERAGE SHARES OUTSTANDING – DILUTED  |   |                       | 14,266,803 |   |   |   | 12,084,282 |   |

----

| TRANS ENERGY, INC. AND SUBSIDIARIES            |   |
|------------------------------------------------|--------|
| Consolidated Statement of Stockholders' Equity |   |
| For the Three Months Ended March 31, 2011      |   |
| (Unaudited)                                    |   |
|                                           |   |
|                                           |   | Common Stock |   |   | Additional |   |   |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   | Paid in |   |   | Treasury |   |   | Accumulated |   |   |   |   |
|                                           |   | Shares |   |   | Amount |   |   | Capital |   |   | Stock |   |   | Deficit |   |   | Total |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance, December 31, 2010               |   |   | 12,737,328 |   |   | $ | 12,737 |   |   | $ | 38,256,340 |   |   | $ | (1,950 | ) |   | $ | (20,704,245 | ) |   | $ | 17,472,882 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Stock-based compensation expense         |   |   | - |   |   |   | - |   |   |   | 97,442 |   |   |   | - |   |   |   | - |   |   |   | 97,442 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net Income                               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,778,494 |   |   |   | 11,778,494 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance, March 31, 2011                  |   |   | 12,737,328 |   |   |   | #  12,737 |   |   | $ | 38,353,782 |   |   | $ | (1,950 | ) |   | $ | 9,015,751 |   |   | $ | 29,348,818 |   |

----

| TRANS ENERGY, INC. AND SUBSIDIARIES                             |   |
|-----------------------------------------------------------------|--------|
| Consolidated Statements of Cash Flows                           |   |
| (Unaudited)                                                     |   |
|                                                            |   | For the Three Months Ended |   |
|                                                            |   | March 31, |   |
|                                                            |   | 2011 |   |   | 2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                           |   |   |   |   |   |   |
| Net income (loss)                                               |   | $ | 11,778,494 |   |   | $ | (1,206,207 | ) |
| Adjustments to reconcile net income (loss)                      |   |   |   |   |   |   |   |   |
| to net cash  provided (used) by operating activities: |   |   |   |   |   |   |   |   |
| Depreciation, depletion, amortization and accretion             |   |   | 553,742 |   |   |   | 549,775 |   |
| Amortization of financing cost and debt discount                |   |   | - |   |   |   | 134,726 |   |
| Share-based compensation                                        |   |   | 97,442 |   |   |   | 94,314 |   |
| (Gain) loss on sale of assets                                   |   |   | (12,869,584 | ) |   |   | 184 |   |
|  (Gain) loss on derivative contract                        |   |   | 60,609 |   |   |   | (50,691 | ) |
| Changes in operating assets and liabilities:                    |   |   |   |   |   |   |   |   |
| Accounts receivable - trade                                     |   |   | (138,348 | ) |   |   | 258,494 |   |
| Accounts receivable due from non-operator, net                  |   |   | (1,656,134 | ) |   |   | (1,047,306 | ) |
| Prepaid expenses and other current assets                       |   |   | 792,179 |   |   |   | - |   |
| Accounts payable and accrued expenses                           |   |   | 3,997,017 |   |   |   | (192,675 | ) |
| Net cash provided (used) by operating activities                |   |   | 2,615,417 |   |   |   | (1,459,386 | ) |
|                                                            |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                           |   |   |   |   |   |   |   |   |
| Collections on note receivable                                  |   |   | 27,295 |   |   |   | 77,163 |   |
| Proceeds from sale of assets                                    |   |   | 15,000 |   |   |   | 1,500 |   |
| Expenditures for oil and gas properties                         |   |   | (3,372,117 | ) |   |   | (2,031,938 | ) |
| Expenditures for property and equipment                         |   |   | (1,439 | ) |   |   | (27,063 | ) |
| Net cash used by investing activities                           |   |   | (3,331,261 | ) |   |   | (1,980,338 | ) |
|                                                            |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                           |   |   |   |   |   |   |   |   |
| Proceeds from derivative contracts                              |   |   | - |   |   |   | 75,167 |   |
| Proceeds from notes payable                                     |   |   | - |   |   |   | 24,412 |   |
| Payments on notes payable                                       |   |   | (16,142 | ) |   |   | (26,110 | ) |
| Net cash (used) provided by financing activities                |   |   | (16,142 | ) |   |   | 73,469 |   |
|                                                            |   |   |   |   |   |   |   |   |
| NET CHANGE IN CASH                                              |   |   | (731,986 | ) |   |   | (3,366,255 | ) |
|                                                            |   |   |   |   |   |   |   |   |
| CASH, BEGINNING OF PERIOD                                       |   |   | 1,037,941 |   |   |   | 4,602,170 |   |
|                                                            |   |   |   |   |   |   |   |   |
| CASH, END OF PERIOD                                             |   | $ | 305,955 |   |   | $ | 1,235,915 |   |

| SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION: |   |   |       |   |   |   |
|-----------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Cash paid for interest                              |   | $      | 407,194    |   |   | $      | 424,654 |   |
| Cash paid for income taxes                          |   |   | -          |   |   |   | - |   |
|                                                |   |   |       |   |   |   |   |   |
| Non-cash investing and financing activities:        |   |   |       |   |   |   |   |   |
| Accrued expenditures for oil and gas properties     |   | $      | 3,816,009  |   |   | $      | - |   |
| Increase in asset retirement obligation             |   |   | 3,788      |   |   |   | - |   |
| Conversion of related party debt to common stock    |   |   |       |   |   |   | 578,858 |   |
| Increase in accounts receivable for sale of acreage |   |   | 14,012,500 |   |   |   | - |   |
| Reclass from accrued expenses to notes payable      |   |   | 725,000    |   |   |   | - |   |

----

----

| Asset retirement obligations at beginning of period  |   | $      | 219,478 |   |
|-----------------------------------------------------------|--------|--------|---------|--------|
| Liabilities incurred during the period                    |   |   | 3,788   |   |
| Accretion expense                                    |   |   | 9,528   |   |
| Asset retirement obligations at end of period        |   | $      | 232,524 |   |

----

| Level 1 |   | Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.                                                                                                                                                                                                                                                             |
|--------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |   |                                                                                                                                                                                                                                                                                                                                                                         |
| Level 2 |   | Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
|         |   |                                                                                                                                                                                                                                                                                                                                                                         |
| Level 3 |   | Unobservable inputs reflecting Trans Energy's own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.                                                                                                                          |

----

|                          |   |                                            As of March 31, 2011 |    |
|-------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                          |   |                                                                                                                                                                                                                                                                                             |    |   |   |   |   | Fair Value Measurements Using: |   |
|                          |   | CarryingAmount                                                                                                                                                                                                                                                                                   |    |   | TotalFair Value |   |   | Quoted Pricesin Active Markets(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservable Inputs(Level 3) |   |
| Financial Assets:             |   |                                                                                                                                                                                                                                                                                             |    |   |   |   |   |   |   |   |   |   |   |   |   |
|   Derivative assets |   | $                                                                                                                                                                                                                                                                                                | 126,981 |   |   | $ | 126,981 |   |   | $ | - |   |   | $ | 126,981 |   |   | $ | - |   |

|                          |   |                                            As of December 31, 2010 |
|-------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |   |                                                                                                                                                                                                                                                                                                |   |   |   |   |   | Fair Value Measurements Using: |
|                          |   | CarryingAmount                                                                                                                                                                                                                                                                                      |   |   | TotalFair Value |   |   | Quoted Pricesin Active Markets(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservable Inputs(Level 3) |
| Financial Assets:             |   |                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|   Derivative assets |   | $                                                                                                                                                                                                                                                                                                   | 187,590 |   |   | $ | 187,590 |   |   | $ | - |   |   | $ | 187,590 |   |   | $ | - |

----

|           |           |        | Average |
|----------------|----------------|-------------|---------|
| Start          | End            | Volume      | Floor   |
| Month          | Month          | MMBTU/Month | $/MMBTU |
| Apr. ‘11 | Dec. ‘11 | 5,244       | $ 7.350 |

----

| Start          | End            | Volume    | Floor | Ceiling |
|----------------|----------------|-----------|-------|---------|
| Month          | Month          | BBL/Month | $/BBL | $/BBL   |
| Apr. ‘11 | Dec. ‘11 | 449       | $100  | $172    |

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|                                                                                                         |   |   |   |       |       |                                                                                                                                              |       | For the Three Months Ended |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------|------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------|
|                                                                                                         |   |   |   |       |       |                                                                                                                                              |       | March 31,                  |
|                                                                                                         |   |   |   |       |       |                                                                                                                                              |       | 2011                       |   | 2010 |
| Weighted average number of common shares outstanding                                                         |   |   |   |       |       |                                                                                                                                              |
| Used in the basic earnings per common share calculations                                                     |   |   |   |       | 12,737,328 |                                                                                                                                              | 12,084,282 |
|                                                                                                         |   |   |   |       |       |                                                                                                                                              |       |
| Dilutive effect of stock options                                                                             |   |   |   | 1,529,475  |       |                         0 |
|                                                                                                         |   |   |   |       |       |                                                                                                                                              |       |                       |
| Weighted average number of common shares outstanding adjusted for effective of dilutive options and warrants |   |   |   | 14,266,803 |       | 12,084,282                                                                                                                                        |

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|                       | For the Three Months Ended March    31, |   | Oil and Gas Sales |       |   | Pipeline Transmission |   |    | Corporate |   |   | Total      |   |
|----------------------------|--------------------------------------------------------|--------|------------------------|------------|--------|-----------------------|--------|---------|-----------|--------|--------|------------|--------|
|                       |                                                   |   |                   |       |   |                  |   |    |      |   |   |       |   |
| Revenue                    | 2011                                                   |   | $                      | 1,454,625  |   |                  | $      | 159,556 |      |   | $      | 15,918     |   |   | $ | 1,630,099 |   |
|                       | 2010                                                   |   |                   | 978,556    |   |                  |   | 101,311 |      |   |   | 27,492     |   |   |   | 1,107,359 |   |
|                       |                                                   |   |                   |       |   |                  |   |    |      |   |   |       |   |   |   |   |   |
| Income (loss) from         | 2011                                                   |   |                   | 13,346,897 |   |                  |   | 157,040 |      |   |   | (1,045,861 | )      |   |   | 12,458,076 |   |
| operations                 | 2010                                                   |   |                   | (29,471    | )      |                  |   | (77,335 | )         |   |   | (604,685   | )      |   |   | (711,491 | ) |
|                       |                                                   |   |                   |       |   |                  |   |    |      |   |   |       |   |   |   |   |   |
| Interest expense           | 2011                                                   |   |                   | 407,194    |   |                  |   | --      |      |   |   | --         |   |   |   | 407,194 |   |
|                       | 2010                                                   |   |                   | 551,015    |   |                  |   | --      |      |   |   | --         |   |   |   | 551,015 |   |
|                       |                                                   |   |                   |       |   |                  |   |    |      |   |   |       |   |   |   |   |   |
| Depreciation, depletion,   | 2011                                                   |   |                   | 551,226    |   |                  |   | 2,516   |      |   |   | --         |   |   |   | 553,742 |   |
| amortization and accretion | 2010                                                   |   |                   | 547,066    |   |                  |   | 2,709   |      |   |   | --         |   |   |   | 549,775 |   |
|                       |                                                   |   |                   |       |   |                  |   |    |      |   |   |       |   |   |   |   |   |
| Property and equipment     | 2011                                                   |   |                   | 7,189,565  |   |                  |   | --      |      |   |   | --         |   |   |   | 7,189,565 |   |
| acquisitions, including    | 2010                                                   |   |                   | 2,059,001  |   |                  |   | --      |      |   |   | --         |   |   |   | 2,059,001 |   |
| oil and gas properties     |                                                   |   |                   |       |   |                  |   |    |      |   |   |       |   |   |   |   |   |

| Total assets, net of intercompany accounts: |   |   |       |   |   |   |    |   |   |   |
|---------------------------------------------|--------|--------|------------|--------|--------|--------|---------|--------|--------|--------|
| March 31, 2011                              |   | $      | 60,279,373 |   |   | $      | 294,071 |   |   | $      | -- |   |   | $ | 60,573,444 |   |
| December 31, 2010                           |   | $      | 40,530,099 |   |   | $      | 357,479 |   |   | $      | -- |   |   | $ | 40,887,578 |   |

----

|                                | Three Months Ended |
|-------------------------------------|--------------------|
|                                | March 31,          |
|                                |  2011         |   |  2010 |
| Total revenues                 |  100%         |   |  100% |
| Total costs and expenses       |  (125%)       |   |  (164%) |
| Gain (loss) on sale of assets  |  789%         |   |  0% |
| Income (loss) from operations  |  764%         |   |  (64%) |
| Other expenses                 |  (25%)        |   |  (45%) |
| Income taxes                   |  (16%)        |   | 0% |
| Net income (loss)              |  723%         |   |  (109%) |

----

----

----

| ·   | the sufficiency of existing capital resources and our ability to raise additional capital to fund cash requirements for future operations; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | uncertainties involved in the rate of growth of our business and acceptance of any products or services; |
|--------------------|----------------------------------------------------------------------------------------------------------|

| ·   | success of our drilling activities; |
|--------------------|-------------------------------------|

| ·   | volatility of the stock market, particularly within the energy sector; and |
|--------------------|----------------------------------------------------------------------------|

| ·   | general economic conditions. |
|--------------------|------------------------------|

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|   |  Exhibit 31.1 |  Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                               |   |
|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |               |                                                                                                                                                    |   |
|   |  Exhibit 31.2 |  Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                          |   |
|   |               |                                                                                                                                                    |   |
|   |  Exhibit 32.1 |  Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |   |
|   |               |                                                                                                                                                    |   |
|   |  Exhibit 32.2 |  Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |   |
|   |               |                                                                                                                                                    |   |

|                            |  TRANS ENERGY, INC.                   |   |   |
|---------------------------------|--------------------------------------------|--------|--------|
|                            |                                       |   |   |
|                            |                                       |   |   |
| Date:  June 17, 2011       |  By: /s/ John G. Corp                 |   |   |
|                            |  John G. Corp                         |   |   |
|                            |  Chief Executive Officer and Director |   |   |
|                            |                                       |   |   |
|                            |                                       |   |   |
|  Date:  June 17, 2011 |  By: /s/ John S. Tumis                |   |   |
|                            |  John S. Tumis                        |   |   |
|                            |  Chief Financial Officer              |   |   |
|                            |                                       |   |   |

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