UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   -----------

[X]      QUARTERLY  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934

                      For the Quarter Ended March 31, 2003

                                                        OR

[ ]      TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934

                       For the transition period from to

                         Commission File Number 0-23530

                               TRANS ENERGY, INC.
        -----------------------------------------------------------------
        (Exact name of small business issuer 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

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
                                               Yes [X]   No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.

           Class                              Outstanding as of May 15, 2003
------------------------------                ------------------------------
 Common Stock, $.001 par value                         241,019,127


                                      -1-
<PAGE>


<TABLE>
<CAPTION>

                                                 TABLE OF CONTENTS

Heading                                                                                                   Page
-------                                                                                                   ----
                                          PART I.  FINANCIAL INFORMATION

<S>          <C>                                                                                           <C>
Item 1.      Financial Statements....................................................................       3

                  Consolidated Balance Sheets - March 31, 2003 (Unaudited) and
                    December 31, 2002................................................................       4

                  Consolidated Statements of Operations - three months ended
                    March 31, 2003 and 2002 (Unaudited)..............................................       6

                  Consolidated Statements of Stockholders' Equity (Deficit)..........................       7

                  Consolidated Statements of Cash Flows - three months ended
                    March 31, 2003 and 2002 (Unaudited)..............................................       8

                  Notes to Consolidated Financial Statements ........................................      10

Item 2.      Management's Discussion and Analysis and Results of Operations..........................      17

Item 3.      Controls and Procedures.................................................................      19

                                            PART II. OTHER INFORMATION

Item 1.      Legal Proceedings.......................................................................      19

Item 2.      Changes In Securities and Use of Proceeds...............................................      21

Item 3.      Defaults Upon Senior Securities.........................................................      21

Item 4.      Submission of Matters to a Vote of Securities Holders...................................      21

Item 5.      Other Information.......................................................................      21

Item 6.      Exhibits and Reports on Form 8-K........................................................      22

             Signatures..............................................................................      23

             Certifications..........................................................................      24
</TABLE>


                                      -2-
<PAGE>




                                     PART I

Item 1.           Financial Statements

         The accompanying balance sheets of Trans Energy, Inc. at March 31, 2003
and December 31, 2002,  related statements of operations,  stockholders'  equity
(deficit)  and cash flows for the three  months  ended  March 31, 2003 and 2002,
have been prepared by our management in conformity  with  accounting  principles
generally  accepted  in the United  States.  In the opinion of  management,  all
adjustments  considered  necessary  for a fair  presentation  of the  results of
operations  and financial  position have been included and all such  adjustments
are of a normal recurring nature.  Operating results for the quarter ended March
31, 2003, are not necessarily indicative of the results that can be expected for
the fiscal year ending December 31, 2003.









                               TRANS ENERGY, INC.

                        CONSOLIDATED FINANCIAL STATEMENTS

                      March 31, 2003 and December 31, 2002

















                                      -3-
<PAGE>



                       TRANS ENERGY, INC. AND SUBSIDIARIES
                           Consolidated Balance Sheets


                                     ASSETS
                                     ------

                                                March 31,      December 31,
                                                 2003             2002
                                               -----------     ------------
                                               (Unaudited)

CURRENT ASSETS

   Cash                                         $     6,648    $    12,227
   Accounts receivable, net                         239,469        128,621
   Other receivable                                  30,000           --
   Prepaid expenses                                     990            360
                                                -----------    -----------
     Total Current Assets                           276,107        151,208

PROPERTY AND EQUIPMENT

  Vehicles                                           59,830         59,830
  Machinery and equipment                            10,092         10,092
  Pipelines                                       1,745,217      2,254,908
  Well equipment                                     49,155         49,155
  Wells                                           3,620,868      3,620,868
  Leasehold acreage                                  95,945         95,945
  Accumulated depreciation                       (3,403,574)    (3,496,460)
                                                -----------    -----------
     Total Fixed Assets                           2,177,533      2,594,338

OTHER ASSETS

  Cash surrender value - life insurance (net)         2,090          2,090

     Total Other Assets                               2,090          2,090
                                                -----------    -----------
     TOTAL ASSETS                               $ 2,455,730    $ 2,747,636
                                                ===========    ===========



    The accompanying notes are an integral part of the financial statements.



                                      -4-
<PAGE>

<TABLE>
<CAPTION>
                            TRANS ENERGY, INC. AND SU
                     Consolidated Balance Sheets (Continued)

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                 ----------------------------------------------

                                                            March 31,       December 31,
                                                              2003              2002
                                                          ------------    ------------
                                                           (Unaudited)
CURRENT LIABILITIES
<S>                                                       <C>             <C>
Accounts payable - trade                                  $    866,779    $    701,791
Notes payable - convertible                                     41,575          41,575
Accrued expenses                                               960,980         921,420
Salaries payable                                             1,041,829         969,529
Notes payable - current portion                              1,356,215       1,327,333
Judgments payable (Note 5)                                   1,140,636       1,115,094
Related party payables                                         951,748       1,075,587
Debentures payable                                             331,462         331,462
                                                          ------------    ------------

Total Current Liabilities                                    6,691,224       6,483,791
                                                          ------------    ------------
LONG-TERM LIABILITIES

Judgments payable (Note 5)                                        --             2,702
Notes payable                                                     --           199,862
                                                          ------------    ------------
Total Long-Term Liabilities                                       --           202,564

Total Liabilities                                            6,691,224       6,686,355


COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)

Preferred stock; 10,000,000 shares authorized at $0.001
  par value; -0- and 300 shares issued and
  outstanding, respectively                                       --              --
Common stock; 500,000,000 shares authorized at $0.001
  par value; 241,019,127 and 237,519,127 shares issued
  and outstanding, respectively                                241,018         237,518
Capital in excess of par value                              23,052,785      23,045,785
Accumulated deficit                                        (27,529,297)    (27,222,022)

Total Stockholders' Equity (Deficit)                        (4,235,494)     (3,938,719)
                                                          ------------    ------------

     TOTAL LIABILITIES AND STOCKHOLDERS'
     EQUITY (DEFICIT)                                     $  2,455,730    $  2,747,636
                                                          ============    ============

</TABLE>

        The accompanying notes are an integral part of these consolidated
                             financial statements.


                                      -5-
<PAGE>



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



                                               For the Three Months Ended
                                                        March 31,
                                             ------------------------------
                                                  2003             2002
                                             -------------    -------------

REVENUES                                     $     417,063    $     169,489
                                             -------------    -------------

COSTS AND EXPENSES

  Cost of oil and gas                              323,992          272,198
  Salaries and wages                                95,893           83,765
  Depreciation, depletion and amortization         253,233           53,789
  Selling, general and administrative               56,225           73,960
                                             -------------    -------------

     Total Costs and Expenses                      729,343          483,712
                                             -------------    -------------

LOSS FROM OPERATIONS                              (312,280)        (314,223)
                                             -------------    -------------

OTHER INCOME (EXPENSE)

  Gain on disposal of asset                        112,235             --
  Loss on sale of asset                             (5,807)            --
 Other income                                          773            3,329
 Interest expense                                 (102,196)        (134,640)
                                             -------------    -------------

     Total Other Income (Expense)                    5,005         (131,311)
                                             -------------    -------------

LOSS FROM OPERATIONS BEFORE INCOME TAXES
 AND MINORITY INTERESTS                           (307,275)        (445,534)
                                             -------------    -------------

INCOME TAXES                                          --               --
                                             -------------    -------------

MINORITY INTERESTS                                    --               --
                                             -------------    -------------

NET LOSS                                     $    (307,275)   $    (445,534)
                                             =============    =============

BASIC LOSS PER SHARE                         $       (0.00)   $       (0.00)
                                             =============    =============

WEIGHTED AVERAGE SHARES OUTSTANDING            239,308,016      186,784,752
                                             =============    =============



                   The accompanying notes are an integral part
                  of these consolidated financial statements.


                                      -6-
<PAGE>

<TABLE>
<CAPTION>

                       TRANS ENERGY, INC. AND SUBSIDIARIES
            Consolidated Statements of Stockholders' Equity (Deficit)


                                             Preferred Stock           Common Stock            Capital In
                                       -------------------------  --------------------------    Excess of      Accumulated
                                           Shares      Amount        Shares      Amount         Par Value       Deficit
                                       -----------  ------------  -----------   ------------   ------------   ------------

<S>                                           <C>      <C>        <C>           <C>            <C>            <C>
Balance, December 31, 2001                      300       --      176,683,189        176,682     22,769,371    (25,251,849)

Conversion of preferred stock and
 preferred dividends to common
 stock                                         (300)      --       16,835,938         16,836          6,414           --

Conversion of notes payable to
 common stock                                  --         --        5,000,000          5,000         45,000           --

Common stock issued for services               --         --       1,000,000          1,000         26,000           --

Conversion of notes payable to
 common stock                                  --         --        4,166,667          4,167         20,833           --

Common stock issued for cash                   --         --       33,333,333         33,333        166,667           --

Common stock issued for services               --         --          600,000            500          9,500           --

Net loss for the year
 ended December 31, 2002                       --         --             --             --             --       (1,946,959)
                                       -----------  ------------  -----------   ------------   ------------   ------------
Balance, December 31, 2002                     --         --      237,519,127   $    237,518   $ 23,045,785   $(27,222,022)

Common stock issued for conversion
 of debt to equity (unaudited)                 --         --        3,500,000          3,500          7,000           --

Net loss for the three months ended
 March 31, 2003 (unaudited)                    --         --             --             --             --         (307,275)
                                       -----------  ------------  -----------   ------------   ------------   ------------

Balance, March 31, 2003 (unaudited)            --   $     --      241,019,127   $    241,018   $ 23,052,785   $(27,529,297)
                                       ===========  ============  ===========   ============   ============   ============
</TABLE>
                   The accompanying notes are an integral part
                  of these consolidated financial statements.

                                       -7-

<PAGE>
<TABLE>
<CAPTION>

                                        TRANS ENERGY, INC. AND SUBSIDIARIES
                                       Consolidated Statements of Cash Flows
                                                    (Unaudited)



                                                            For the Three Months Ended
                                                                      March 31,
                                                                2003           2002
                                                           -----------    ------------

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                          <C>          <C>
   Net loss                                                  $(307,275)   $(445,534)
   Adjustments to reconcile net loss to net cash
    (used) by perating activities:
     Depreciation, depletion and amortization                  253,233       53,789
     Net gain from sale of assets                             (106,428)        --
   Changes in operating assets and liabilities:
     (Increase) in accounts receivable                        (100,849)      42,174
     (Increase) in prepaid and other current assets               (630)        --
     Increase (decrease) in accounts payable and
      current liabilities                                      315,992     (175,237)
                                                             ---------    ---------

       Net Cash Provided (Used) by Operating Activities         54,043     (524,808)
                                                             ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

   Proceeds from sale of assets                                240,000         --
   Expenditures for property and equipment                        --        (18,926)
                                                             ---------    ---------

       Net Cash Provided (Used) by Investing Activities        240,000      (18,926)
                                                             ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:

   Payments on related party payables                         (123,838)        --
   Stock subscription deposit                                     --        200,000
   Proceeds from related party notes                              --         87,196
   Proceeds from notes payable                                    --        268,714
   Principal payments on notes payable                        (176,784)        --
                                                             ---------    ---------

       Net Cash Provided (Used) by Financing Activities       (300,622)     555,910
                                                             ---------    ---------

NET INCREASE (DECREASE) IN CASH                                 (6,579)      12,176

CASH, BEGINNING OF PERIOD                                       12,227        1,491
                                                             ---------    ---------

CASH, END OF PERIOD                                          $   5,648    $  13,667
                                                             =========    =========
</TABLE>

                   The accompanying notes are an integral part
                   of these consolidated financial statements.

                                      -8-
<PAGE>



                       TRANS ENERGY, INC. AND SUBSIDIARIES
                Consolidated Statements of Cash Flows (Continued)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                        For the Three Months Ended
                                                                 March 31,
                                                        --------------------------
                                                            2003        2002
                                                        ----------   -------------

CASH PAID FOR:
<S>                                                        <C>       <C>
   Interest                                                $56,527   $76,043
   Income taxes                                            $  --     $  --

NON-CASH FINANCING ACTIVITIES:

   Common stock issued for debt                            $10,500   $  --
   Common stock issued for preferred stock and preferred
    dividends                                              $  --     $23,250
</TABLE>



                   The accompanying notes are an integral part
                  of these consolidated financial statements.


                                      -9-
<PAGE>
                       TRANS ENERGY, INC. AND SUBSIDIARIES
                 Notes to the Consolidated Financial Statements
                      March 31, 2003 and December 31, 2002



NOTE 1 -      BASIS OF FINANCIAL STATEMENT PRESENTATION

              The  accompanying   unaudited  condensed   consolidated  financial
              statements have been prepared by the Company pursuant to the rules
              and regulations of the Securities and Exchange Commission. Certain
              information  and  footnote   disclosures   normally   included  in
              financial   statements  prepared  in  accordance  with  accounting
              principles generally accepted in the United States of America have
              been  condensed  or  omitted  in  accordance  with such  rules and
              regulations.  The information  furnished in the interim  condensed
              consolidated   financial   statements   include  normal  recurring
              adjustments and reflects all adjustments, which, in the opinion of
              management,   are  necessary  for  a  fair  presentation  of  such
              financial statements. Although management believes the disclosures
              and information presented are adequate to make the information not
              misleading,   it  is  suggested   that  these  interim   condensed
              consolidated  financial statements be read in conjunction with the
              Company's  most  recent  audited  financial  statements  and notes
              thereto  included in its December  31, 2002 Annual  Report on Form
              10-KSB.  Operating  results for the three  months  ended March 31,
              2003 and 2002 are not  necessarily  indicative of the results that
              may be expected for the year ending December 31, 2003.

NOTE 2 -      GOING CONCERN

              The Company's  condensed  consolidated  financial  statements  are
              prepared using  accounting  principles  generally  accepted in the
              United  States of  America  applicable  to a going  concern  which
              contemplates   the   realization  of  assets  and  liquidation  of
              liabilities  in the normal  course of  business.  The  Company has
              incurred  cumulative  operating  losses  through March 31, 2002 of
              $27,529,297,  and has a working  capital deficit at March 31, 2002
              of  $6,415,117.  Revenues  have not been  sufficient  to cover its
              operating  costs and to allow it to continue  as a going  concern.
              The  potential  proceeds  from the  sale of  common  stock,  other
              contemplated debt and equity financing, and increases in operating
              revenues from new development would enable the Company to continue
              as a going concern. There can be no assurance that the Company can
              or will be able to complete any debt or equity financing. If these
              are  not  successful,  management  is  committed  to  meeting  the
              operational cash flow needs of the Company.

NOTE 3 -      RECLASSIFICATIONS

              Certain 2002 amounts have been reclassified to conform to the 2003
              presentations.

NOTE 4 -      MATERIAL EVENTS

              On January 31, 2003, the Company entered into an Agreement of Sale
              and Exchange with PC Pipeline, Inc. ("Purchaser") for 7.6 miles of
              Tyler  Construction's  six-inch  natural gas pipeline in Pleasants
              County,  West  Virginia in exchange for the  remaining  35% of the
              outstanding common stock of Tyler Construction  Company.  This now
              makes Tyler Construction Company a wholly-owned  subsidiary of the
              Company.

                                      -10-
<PAGE>

                       TRANS ENERGY, INC. AND SUBSIDIARIES
                 Notes to the Consolidated Financial Statements
                      March 31, 2003 and December 31, 2002


NOTE 4 -      MATERIAL EVENTS (Continued)

              On February 27, 2003,  the Company  entered into an Asset Purchase
              Agreement with Triad Energy Corporation ("Triad") and Sancho Oil &
              Gas  Corporation  ("Sancho")  whereby Tyler  Construction  Company
              ("Tyler")  sold 55,000 feet of gas  pipeline  located in Tyler and
              Pleasants County, West Virginia for $270,000. $240,000 was paid at
              the time of closing and the remaining  $30,000 was payable 60 days
              from  closing.  As  part  of the  Agreement,  Tyler  assigned  its
              right-of-ways  and its gas purchase  contract  with Sancho,  along
              with an agreement  for Traid to use Tyler's right to transport gas
              which right is not assignable.

              During  February  2003,  the  Company  filed  Form  S-8  with  the
              Securities  and  Exchange   Commission  for  the  registration  of
              3,500,000  shares of the Company's common stock to be issued to A.
              Thomas Crompton for consulting services that were performed during
              the fourth  quarter of 2002.  The  shares  were  valued at $0.003,
              which  was  the  trading   price  at  the  time  the  shares  were
              registered, for a total value of $10,500.

NOTE 5 -      JUDGMENTS PAYABLE

              Tioga Lumber Company
              --------------------

              A  foreign  judgment  has been  filed  with the  Circuit  Court in
              Pleasants County, West Virginia for a judgment against the Company
              by Tioga Lumber Company  (Tioga)  rendered by the Circuit Court in
              Pleasants  County,  West Virginia for  non-payment  of an accounts
              payable.  The judgment is for $46,375 plus prejudgment interest at
              10.00%.

              On February 28, 2002,  the Company and Tioga  reached an agreement
              wherein the Company  would pay Tioga  $10,000 by March 5, 2002 and
              $8,000  per  month  thereafter.  The  court  appointed  a  special
              commissioner to act as an arbitrator if the Company defaults.  The
              special  commissioner  would  attach a lien if  property  is found
              which does not have a lien  attached.  The first  payment has been
              made, and at March 31, 2003, the balance due including interest to
              Tioga was  $26,092 and is  included  in  judgments  payable and is
              classified as a current liability.

              Dennis L. Spencer
              -----------------

              In January 2002,  Dennis L. Spencer filed suit against the Company
              and William F.  Woodburn and Loren E. Bagley in the Circuit  Court
              of Ritchie County,  West Virginia (Civil Action No. 02-C-02).  The
              complaint  alleges that the Company  sold certain  assets that Mr.
              Spencer claims to be the  beneficial  owner.  The complaint  seeks
              $1,000,000  in  damages.  The  Company has filed its answer to the
              allegations  and feels that the Company has met its obligations in
              full to Mr. Spencer.  Management also believes the suit is without
              merit and intends to vigorously defend the action. The Company has
              not  accrued  any  amounts  for these  claims as of March 31, 2003
              because the Company  feels that based on its defenses  against the
              claims that the Company will have no additional liability.  Due to
              the early stage of litigation,  it is not possible to evaluate the
              likelihood  of an  unfavorable  outcome or estimate  the extent of
              potential loss.

                                      -11-
<PAGE>


                       TRANS ENERGY, INC. AND SUBSIDIARIES
                 Notes to the Consolidated Financial Statements
                      March 31, 2003 and December 31, 2002


NOTE 5 -      JUDGMENTS PAYABLE (Continued)

              Ross O. Forbus
              --------------

              On April 16, 2001, Ross O. Forbus obtained a judgment  against the
              Company for  $428,018  plus post  judgment  interest at 10.00% per
              annum.  The  judgment  was  obtained  to satisfy a  previous  note
              payable. The Company has made several small payments to Mr. Forbus
              and  is  currently  negotiating  with  him  toward  extending  the
              payments  until the judgment can be paid in full.  Mr.  Forbus has
              made a demand upon the Company for payment of the full obligation.
              The Company has  accrued  the  balance of  $428,018  plus  accrued
              interest.  At March 31, 2003, the total amount including  interest
              of $487,641 is included in judgments  payable and is classified as
              a current liability.

              Core Laboratories, Inc.
              -----------------------

              On July 28,  1999,  Core  Laboratories,  Inc.  (Core)  obtained  a
              judgment  against  the  Company  for  non-payment  of an  accounts
              payable.  The judgment  calls for monthly  payments of $351 and is
              bearing  interest  at 10.00% per  annum.  At March 31,  2003,  the
              Company had accrued a balance including  interest of $16,637 which
              is included in judgments payable.

              RR Donnelly
              -----------

              On July 1, 1998, RR Donnelly (RR) obtained a judgment  against the
              Company for  non-payment of accounts  payable.  The judgment calls
              for monthly  payments of $3,244 and is bearing  interest at 10.00%
              per annum.  At March 31,  2003,  the Company has accrued a balance
              including  interest  of  $69,979  which is  included  in  judgment
              payable as a current liability.

              Baker Hughes Entities
              ---------------------

              On February 7, 2001, the United States Bankruptcy Court,  Southern
              District  of Texas,  entered an Order  Granting  Motion to Dismiss
              Chapter 7 Case in the action  entitled In Re: Trans Energy,  Inc.,
              Case  No.  00-39496-H4-7.  The  Order  dismissed  the  involuntary
              bankruptcy  action  instituted  against the Company on October 16,
              2000.  The sole  petitioning  creditor  named  in the  Involuntary
              Petition was Western Atlas  International,  Inc.  ("Western").  An
              Order  for  Relief  Under  Chapter 7 was  entered  by the Court on
              November 22, 2000.

              On April 23,  2000,  the 189th  District  Court of Harris  County,
              Texas entered an Agreed Final Judgment in favor of Western against
              the Company in the amount of $600,665, together with post judgment
              interest at 10% per annum. Following the judgment, Western and the
              Company  entered  into  settlement   negotiations  concerning  the
              Company's  satisfaction  of the judgment  through  payments over a
              four to five month period  together  with the pledge of collateral
              on certain unencumbered assets.


                                      -12-
<PAGE>




                       TRANS ENERGY, INC. AND SUBSIDIARIES
                 Notes to the Consolidated Financial Statements
                      March 31, 2003 and December 31, 2002



NOTE 5 -      JUDGMENTS PAYABLE (Continued)

              Baker Hughes Entities (Continued)
              ---------------------------------

              Previously,  on or about July 9, 1998, a judgment had been entered
              in the 152nd District  Court of Harris  County,  Texas against the
              Company in favor of Baker Hughes Oilfield Operations,  Inc. d/b/a/
              Baker Hughes Inteq. Western Geophysical  ("Baker"),  a division of
              Western  Atlas  International,  Inc.,  in the  amount of  $41,142,
              together  with  interest  and  attorney  fees.  This  judgment was
              outstanding at the time of the filing of the Involuntary Petition.

              During  its  negotiations  with  Western  for  settlement  of  the
              Judgment,  the Company  made a $200,000  "good  faith  payment" to
              Western's  counsel on October 23, 2000. On December 12, 2000,  Joe
              Hill was named as the Chapter 7 Trustee.  Subsequently,  Western's
              counsel delivered the $200,000 to the Trustee.

              On January 19, 2001, the Company filed with the  Bankruptcy  Court
              the Motion to Dismiss  Chapter 7 Case.  The  reasons  cited by the
              Company in support of its Motion to Dismiss included, but were not
              limited to, (i) the Texas  Court  being an improper  venue for the
              action,  and (ii) the  Company  never  receiving  the  Involuntary
              Petition and Summons notifying it of the action.

              In anticipation of the Bankruptcy Court dismissing the Involuntary
              Petition,  on  February  2,  2001,  the  Company  entered  into  a
              Settlement Agreement with Baker Hughes Oilfield  Operations,  Inc.
              d/b/a/  Baker Hughes  Inteq.  Western  Geophysical,  a division of
              Western  Atlas  International,  Inc.  (the "Baker  Entities").  In
              entering its order on February 7, 2001 to dismiss the action,  the
              Court ordered the Trustee to retain  $17,695 for  satisfaction  of
              administrative fees and expenses,  and to pay to Western and Baker
              the sum of $182,737,  on behalf of the Company and pursuant to the
              terms of the Settlement Agreement.

              The Settlement Agreement provided that, subject to the approval of
              the  Bankruptcy  Court,  the  Company  agreed  to pay to the Baker
              Entities  $759,664,  plus  interest  at 10%.  In  addition  to the
              $200,000 payable from the escrow, the Company agreed to pay to the
              Baker Entities an initial  payment of $117,261 within fifteen days
              from the date of the Dismissal Order (due February 21, 2001).

              The Company  also agreed to make  additional  payments of $100,000
              every thirty days  following the initial  payment,  with the first
              payment due  beginning  no later than March 23,  2001,  continuing
              until the total obligation plus interest is paid in full. Further,
              the Company  pledged as collateral  certain  properties,  personal
              property  and  fixtures and two  directors  each  pledged  750,000
              shares of the Company's common stock which they personally own.


                                      -13-
<PAGE>


                       TRANS ENERGY, INC. AND SUBSIDIARIES
                 Notes to the Consolidated Financial Statements
                      March 31, 2003 and December 31, 2002

NOTE 5 -      JUDGMENTS PAYABLE (Continued)

              Baker Hughes Entities (Continued)
              ---------------------

              During 2002, the Company  assigned the income stream from the sale
              of oil from  three of its wells  (Pinon Fee #1,  Sagebrush  #1 and
              Sagebrush  #2) to the  Baker  entities  as  payments  towards  the
              amounts owed. The Company  believes that this payment will satisfy
              the Baker Entities until the Company has paid the full obligation.
              The Baker Entities  continue its  proceedings to enforce a foreign
              judgment against the Company in Pleasants  County,  West Virginia.
              At March 31, 2003, the Company has a remaining liability including
              interest of $534,287  which is included in judgments  payable as a
              current liability.

              Lario Oil & Gas Company
              -----------------------

              On January 15,  2003,  Lario Oil & Gas Company  ("Lario")  filed a
              suit against the Company in the Sixth  District  Court of Campbell
              County,  Wyoming (Civil Action No. 24575). Lario asks for $50,692,
              which it claims the Company owes for  operating  fees on the Pinon
              Fee #1, Sagebrush #1 and Sagebrush #2 wells, operated by Lario and
              in which  the  Company  has  working  interests.  The  Company  is
              preparing an answer to the  complaint and is asking for a complete
              accounting of all monies owed. Lario is retaining a portion of the
              Company's share of the monthly oil production  monies and applying
              them to the amount owed.  At December  31,  2002,  the Company has
              accrued  $50,692,  which is  included  in  accounts  payable  as a
              current liability.

              O.C. Smith
              ----------

              On February 5, 2003,  O.C. Smith  obtained a judgment  against the
              Company  for  $6,000 as ordered  by the  Circuit  Court of Ritchie
              County,  West  Virginia.  Mr.  Smith had brought  suit against the
              Company, successor of Apple Corporation,  for an accounting of all
              gas  purchased  by the Company as well as judgment for all amounts
              still owing.  The Company had acquired all of Apple  Corporation's
              interest in this gas and management  determined  that there was an
              unpaid  balance  still owing Mr.  Smith.  The $6,000 is payable in
              three  monthly  installments  beginning  on  April  25,  2003.  At
              December  31,  2002,  the Company had accrued the total  amount of
              $6,000 and has included it in judgments payable and has classified
              it as a current liability.


                                      -14-
<PAGE>

                       TRANS ENERGY, INC. AND SUBSIDIARIES
                 Notes to the Consolidated Financial Statements
                      March 31, 2003 and December 31, 2002

NOTE 6 -      OUTSTANDING STOCK OPTIONS

              The Company applies  Accounting  Principles  Board ("APB") Opinion
              25,  "Accounting  for Stock  Issued  to  Employees,"  and  related
              Interpretations  in accounting  for all stock option plans.  Under
              APB Opinion 25,  compensation cost is recognized for stock options
              granted to employees when the option price is less than the market
              price of the underlying common stock on the date of grant.

              FASB  Statement 123,  "Accounting  for  Stock-Based  Compensation"
              ("SFAS  No.  123"),  requires  the  Company  to  provide  proforma
              information  regarding  net  income and net income per share as if
              compensation  costs for the Company's stock option plans and other
              stock awards had been determined in accordance with the fair value
              based method prescribed in SFAS No. 123. The Company estimates the
              fair  value of each  stock  award at the  grant  date by using the
              Black-Scholes option pricing model.

              A summary of the status of the Company's  stock option plans as of
              March 31, 2003 and changes during the year is presented below:

                                                            Weighted
                                                            Average
                                             Shares      Exercise Price
                                            -------      --------------
Outstanding, December 31, 2002              795,057        $   0.50

                  Granted                      --           --
                  Canceled/Expired             --           --
                  Exercised                    --           --
                                            -------        --------

Outstanding, March 31, 2003                 795,057        $   0.50
                                            =======        ========

Exercisable, March 31, 2003                 795,057        $   0.50
                                            =======        ========

<TABLE>
<CAPTION>

                                            Outstanding                      Exercisable
                             ---------------------------------------  ---------------------------
                                             Weighted
                                             Average       Weighted                   Weighted
                                Number      Remaining      Average     Number         Average
                             Outstanding   Contractual     Exercise   Exercisable     Exercise
Exercise Prices              at 12/31/02      Life          Price     at 3/31/02     Price
---------------              -----------   -----------   ----------   ----------     -----------
<C>                            <C>                <C>    <C>             <C>         <C>
$ 0.50                         795,057            0.75   $     0.50      795,057     $      0.50
</TABLE>

              The 795,057  options  were issued at $0.50,  which is equal to the
              market  price on the  date of  issuance.  All  options  are  fully
              vested, have a five-year period to be exercised and will expire on
              December  31,  2003.  The options  were not issued  pursuant to an
              employee stock option plan.



                                      -15-
<PAGE>



                       TRANS ENERGY, INC. AND SUBSIDIARIES
                 Notes to the Consolidated Financial Statements
                      March 31, 2003 and December 31, 2002



NOTE 7 -      BUSINESS SEGMENTS

              The Company adopted SFAS No. 131, "Disclosure about Segments of an
              Enterprise  and Related  Information."  Prior period  amounts have
              been restated to conform to the  requirements  of this  statement.
              The Company  conducts its  operations  principally  as oil and gas
              sales with Trans  Energy and Prima Oil and  pipeline  transmission
              with Ritchie County and Tyler Construction.

              Certain financial information  concerning the Company's operations
              in different industries is as follows:
<TABLE>
<CAPTION>

                                        For the
                                      Three Months
                                          Ended          Oil and Gas              Pipeline            Corporate
                                        March 31,           Sales               Transmission         Unallocated
                                      ------------       -----------            ------------         ------------

<S>                                       <C>            <C>                    <C>                    <C>
Oil and gas revenue                       2003           $   154,689            $   262,374            $    --
                                          2002                92,609                 76,880                 --

Operating loss applicable to
 industry segment                         2003              (272,457)               (39,823)                --
                                          2002              (282,936)               (31,287)                --

General corporate expenses
 not allocated to industry
 segments                                 2003                  --                     --                   --
                                          2002                  --                     --                   --

Interest expense                          2003               (88,471)               (13,725)                --
                                          2002              (116,022)               (18,618)                --

Other income (expenses)                   2003                   773                   --                   --
                                          2002              (112,693)               (18,618)                --

Assets
 (net of intercompany accounts)           2003                  --                     --
                                          2002             3,164,031                437,520                 --

Depreciation and amortization             2003               227,145                 26,088                 --
                                                                2002                 26,604               27,185

Property and equipment
 Acquisitions (Deletions)                 2003              (240,000)                  --                   --
                                          2002                18,926                   --                   --

</TABLE>




                                      -16-
<PAGE>



Item 2.  Management's Discussion and Analysis or Plan of Operations

         The following  table sets forth the  percentage  relationship  to total
revenues of principal  items  contained in the our  consolidated  statements  of
operations  for the three month periods ended March 31, 2003 and 2002. It should
be noted that  percentages  discussed  throughout this analysis are stated on an
approximate basis.
                                                          Three Months Ended
                                                               March 31,
                                                      -------------------------
                                                        2003              2002
                                                      -------            ------
                                                                (Unaudited)
         Total revenues.............................       100%             100%
         Total costs and expenses...................     175              285
         Loss from operations.......................      75             (185)
         Other income (expense).....................       1              (78)
         Net loss...................................     (74)            (263)


         Total revenues for the three months ("first  quarter")  ended March 31,
2003 increased 146%, when compared with the first quarter of 2002, due primarily
to increased gas prices and additional  production into our pipeline system. Our
cost of oil and gas for the first  quarter of 2003  increased  19% from the 2002
period due to increased land lease and royalties expenses. Also during the first
quarter of 2003,  salaries and wages  increased  14% compared to the 2002 period
due to reclassification of compensation  previously paid as consulting fees into
salary to officers.  Selling,  general and administrative expenses for the first
quarter of 2003  decreased 24% due to decreased  travel,  legal,  consulting and
office expenses. Depreciation, depletion and amortization increased in the first
quarter of 2003 by 371%,  attributed  to an  increased  depletion  rate due to a
reevaluation of reserves at the year-end audit.

         Our loss from  operations  for the first  quarter of 2003 was $312,280,
slightly less that the $314,223 for the first quarter of 2002. We realized total
other income of $5,005  during the first quarter of 2003 compared to total other
expenses  of  $131,311  for the  first  quarter  of 2002.  This  change  was due
primarily  to the 24%  decrease in interest  expense and the gain on disposal of
assets of $112,235 during the first quarter of 2003.

         As a percentage of total revenues,  total costs and expenses  decreased
from 285% in the first  quarter  of 2002 to 175% for the first  quarter of 2003.
Actual  total  costs and  expenses  increased  51% for the first  quarter  2003,
primarily  attributed  to the  increases  in cost of oil and gas and increase in
depreciation, depletion and amortization in the 2003 period.

         Our net loss for the first  quarter of 2003 was  $307,275  compared  to
$445,534 for the first quarter of 2002.

         For the  remainder  of fiscal year 2003,  management  expects  selling,
general and administrative  expenses to remain at approximately the same rate as
the first  quarter of 2003.  The cost of oil and gas  produced  is  expected  to
fluctuate  with  the  amount  produced  and  with  prices  of oil and  gas,  and
management anticipates that revenues are likely to increase during the remainder
of 2003.

         We have included a footnote to our financial statements for the periods
ended March 31, 2003  stating  that  because of our  continued  losses,  working
capital deficit and need for additional  funding,  there is substantial doubt as
to whether we can continue as a going  concern.  See Note 2 to the  consolidated
financial statements.


                                      -17-
<PAGE>

Liquidity and Capital Resources

         Historically,   we  have  satisfied  our  working  capital  needs  with
operating  revenues and from borrowed funds. At March 31, 2003, we had a working
capital  deficit of  $6,415,117  compared to a deficit of $6,332,582 at December
31,  2002.  This  nominal 1% increase in working  capital  deficit is  primarily
attributed to use of cash from the sale of property to reduce loan balances.

         During the first  quarter of 2003,  operating  activities  provided net
cash of $54,043  compared to net cash used of  $524,808 in the first  quarter of
2002.  These results are primarily  attributed to our decreased net loss for the
period,  increased  depreciation,  depletion and  amortization  expenses and the
increase in  accounts  payable and  current  liabilities.  Net cash  provided by
investing activities in the first quarter of 2003 was $249,000,  compared to net
cash used by investing activities of $18,926 in the 2002 period. The increase is
due to proceeds  realized from the sale of assets in th 2003 period.  During the
first  quarter of 2003,we  used net cash of  $300,662  by  financing  activities
compared to net cash realized of $555,910 in the first  quarter of 2002.  During
2002,  net cash was realized  primarily  from proceeds  from stock  subscription
deposits and from notes payable. During the 2003 period, cash was used primarily
as payments on related party payables and principal payments on notes payable.

         We anticipate meeting our working capital needs during the remainder of
the current  fiscal year with revenues from  operations,  particularly  from our
Powder River Basin interests in Wyoming and New Benson gas wells drilled in West
Virginia.  In the event revenues are not sufficient to meet our working  capital
needs,  we will explore the  possibility  of additional  funding from either the
sale of debt or equity  securities.  There can be no assurance such funding will
be  available  to us or, if  available,  it will be on  acceptable  or favorable
terms.

         As of March 31,  2003,  we had total  assets  of  $2,455,730  and total
stockholders' deficit of $4,235,494,  compared to total assets of $2,747,636 and
total stockholders' deficit of $3,938,719 at December 31, 2002.

         In 1998,  we issued  $4,625,400  face value of 8%  secured  convertible
debentures  due  September  30,  1999.  A portion of the  proceeds  were used to
acquire the oil and gas properties and interest in Wyoming. During 2000, all but
one of the remaining  outstanding  debentures were converted into commons stock.
At March 31, 2003, we owed $346,462 in connection with the debentures consisting
of $50,000 for one debenture  holder that we have been unable to contact and the
balance in penalties and interest.

Inflation

         In the  opinion  of our  management,  inflation  has not had a material
effect on our operations.

Forward-looking and Cautionary Statements

         This report includes "forward-looking statements" within the meaning of
Section 27A of the  Securities  Act of 1933,  and Section 21E of the  Securities
Exchange  Act of 1934.  These  forward-looking  statements  may  relate  to such
matters as  anticipated  financial  performance,  future  revenues or  earnings,
business prospects,  projected ventures, new products and services,  anticipated
market  performance and similar  matters.  Words such as "may," "will," expect,"
anticipate," "continue," "estimate," "project," "intend" and similar expressions
are intended as predictions regarding events,  conditions,  and financial trends
that may affect our future plans of  operations,  business  strategy,  operating
results, and financial position.


                                      -18-
<PAGE>

         We caution  readers  that a variety of factors  could  cause our actual
results to differ  materially  from the  anticipated  results  or other  matters
expressed in forward-looking statements. These risks and uncertainties,  many of
which are beyond our control, include:

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

         o    uncertainties  involved in the rate of growth of our  business and
              acceptance of our products and services;

         o    volatility  of the stock  market,  particularly  within the energy
              sector; and

         o    general economic conditions.

         Although   we  believe   that  the   expectations   reflected   in  the
forward-looking  statements are reasonable,  we cannot guarantee future results,
levels of activity, performance or achievements.


Item 3.           Controls and Procedures

         Evaluation  of  Disclosure  Controls  and  Procedures.  Based  on their
evaluation,  as of a date within 90 days prior to the date of the filing of this
Form 10-QSB,  of the  effectiveness  of the  Company's  disclosure  controls and
procedures,  as defined  in Rules  13a-14(c)  and  15d-14(c)  of the  Securities
Exchange  Act of  1934,  the  principal  executive  officer  and  the  principal
financial  officer  of the  Company  have each  concluded  that such  disclosure
controls and procedures are effective and sufficient to ensure that  information
required to be  disclosed by the Company in the reports that it files or submits
under the Exchange Act is recorded,  processed,  summarized and reported  within
the time periods specified by the SEC's rules and forms.

         Changes  in  Internal  Controls.   Subsequent  to  the  date  of  their
evaluation,  there  have not  been  any  significant  changes  in the  Company's
internal  controls or in other  factors  that could  significantly  affect these
controls,   including  any   corrective   action  with  regard  to   significant
deficiencies and material weaknesses.

                                     PART II

Item 1.           Legal Proceedings

         Certain material  pending legal  proceedings to which we are a party or
to which any of our property is subject is set forth below.

         (a) On February 7, 2001, the United States Bankruptcy  Court,  Southern
         District of Texas,  entered an Order Granting Motion to Dismiss Chapter
         7 Case in the action  entitled  In Re:  Trans  Energy,  Inc.,  Case No.
         00-39496-H4-7.  The Order dismissed the involuntary  bankruptcy  action
         instituted  against  us on  October  16,  2000.  The  sole  petitioning
         creditor   named  in  the   Involuntary   Petition  was  Western  Atlas
         International,  Inc. An Order for Relief Under Chapter 7 was entered by
         the Court on November 22, 2000.

         On April 23, 2000, the 189th  District  Court of Harris  County,  Texas
         entered an Agreed Final Judgment in favor of Western  against us in the
         amount of $600,665.36,  together with post judgment interest at 10% per
         annum. Following the judgment, we entered into settlement  negotiations
         with  Western  concerning  our  satisfaction  of the  judgment  through


                                      -19-
<PAGE>




         payments over a four to five month period,  together with the pledge of
         collateral on certain unencumbered assets. Previously, on or about July
         9, 1998,  a judgment had been  entered in the 152nd  District  Court of
         Harris  County,  Texas  against  us in favor of Baker  Hughes  Oilfield
         Operations,   Inc.  d/b/a/  Baker  Hughes  Inteq.  Western  Geophysical
         ("Baker"),  a division of Western  Atlas  International,  Inc.,  in the
         amount of $41,142.00,  together with interest and attorney  fees.  This
         judgment was  outstanding at the time of the filing of the  Involuntary
         Petition.

         During our negotiations with Western for settlement of the Judgment, we
         made a $200,000  "good faith  payment" to Western's  counsel on October
         23, 2000.  On December  12,  2000,  Joe Hill was named as the Chapter 7
         Trustee. Subsequently,  Western's counsel delivered the $200,000 to the
         Trustee.

         On January 19, 2001, we filed with the  Bankruptcy  Court the Motion to
         Dismiss  Chapter 7 Case.  The reasons cited in support of the Motion to
         Dismiss included, but were not limited to, (i) the Texas Court being an
         improper  venue  for the  action,  and  (ii)  we  never  receiving  the
         Involuntary  Petition  and  Summons  notifying  it of  the  action.  In
         anticipation  of  the  Bankruptcy   Court  dismissing  the  Involuntary
         Petition,  on February 2, 2001, we entered into a Settlement  Agreement
         with Baker Hughes Oilfield Operation,  Inc., d/b/a/ Baker Hughes Inteq.
         Western Geophysical,  a division of Western Atlas  International,  Inc.
         (the "Baker  Entities").  In entering  its order on February 7, 2001 to
         dismiss the action,  the Court ordered the Trustee to retain $17,694.80
         for  satisfaction of  administrative  fees and expenses,  and to pay to
         Western and Baker the sum of $182,736.66, on our behalf and pursuant to
         the terms of the Settlement Agreement.

         The Settlement  Agreement provided that, subject to the approval of the
         Bankruptcy  Court, we agreed to pay to the Baker Entities  $759,664.31,
         plus  interest at 10%. In addition  to the  $200,000  payable  from the
         escrow, we pledged as collateral certain properties,  personal property
         and  fixtures and two  directors  each  pledged  750,000  shares of our
         common stock which they personally own.  Subsequently,  we assigned the
         income  stream from the sale of oil in the Pinon Fee #1,  Sagebrush  #1
         and Sagebrush #2 to the Baker  Entities as payments  toward the amounts
         owed.  At March  31,  2003,  we had a  remaining  liability,  including
         interest, of $534,287. The Baker Entities continue their proceedings to
         enforce  a  foreign  judgment  against  us in  Pleasants  County,  West
         Virginia.  A hearing  with a special  commission  of the court has been
         scheduled for May 29, 2003 in Pleasant County.

         (b) On September 22, 2000,  Tioga Lumber Company obtained a judgment of
         $43,300 plus  interest in the Circuit Court of Pleasants  County,  West
         Virginia, against Tyler Construction Company for breach of contract. On
         February 28, 2002, we reached a negotiated  payment schedule with Tioga
         and made the  initial  payment.  The current  balance  owed to Tioga is
         $26,092, which we expect to pay in May 2003.

         (c) On April 16,  2001,  Ross  Forbus  obtained a judgment  of $428,018
         against us to satisfy a promissory  note  previously  entered into with
         Mr.  Forbus on April 8, 1996.  We agreed to payment terms and have made
         several  payments to Mr. Forbus.  Mr. Forbus has made a demand upon for
         payment in full. We are not currently making payments.

         (d) On December 26, 2001,  George  Hillyer  filed a suit against  Trans
         Energy and William F.  Woodburn and Loren E. Bagley  individually.  The
         action seeks $250,750 in connection with certain services performed for
         us. On September 3, 2002, we entered into a Mutual Settlement Agreement
         and Release of All Claims  whereby we  conveyed a 240-acre  lease and a
         well  located in Campbell  County  Wyoming in release of all claims and
         dismissal of the suit by Mr.  Hillyer.  The Court dismissed the case on
         September 20, 2002.


                                      -20-
<PAGE>

         (e) In January  2002,  a suit  entitled  Dennis L.  Spencer  vs.  Trans
         Energy,  Inc. and Messrs.  Woodburn and Bagley was filed in the Circuit
         Court of Ritchie County, West Virginia ( Civil Action No. 02-C-02). The
         complaint  alleges that we sold certain assets which Mr. Spencer claims
         to be the beneficial  owner. The complaint seeks $1,000,000 in damages.
         We have  filed an  answer  to the  complaint  and the  matter  is still
         pending.

         (f) On January 15,  2003,  a suit  against us entitled  Lario Oil & Gas
         Company vs. Trans Energy,  Inc.  (Civil Action No. 24575) was initiated
         in the Sixth District Court of Campbell County,  Wyoming.  Lario's suit
         asks for  $50,692.10  which it claims we owe for operating  fees on the
         Sagebrush  #1 and #2 and the Pinon Fee #1 wells,  operated by Lario and
         in which we have working  interests.  We are preparing an answer to the
         complaint and are asking for a complete  accounting of all monies owed.
         Lario is  retaining  our share of  monthly  oil  production  monies and
         applying them to the amount owed.


Item 2.           Changes In Securities and Use of Proceeds

         This Item is not applicable.


Item 3.           Defaults Upon Senior Securities

         In 1998,  we issued  $4,625,400  face value of 8%  secured  convertible
debentures due June 30, 1999.  Interest on the debentures  accrued upon the date
of issuance  until  payment in full of the  principal  sum was been made or duly
provided for.  Holders of the  debentures  have the option,  at any time,  until
maturity, to convert the principal amount of their debenture,  or any portion of
the  principal  amount  which is at least  $10,000 into shares of the our common
stock at a  conversion  price for each share  equal to the lower of (a)  seventy
percent  (70%) of the  market  price  of the our  stock  averaged  over the five
trading  days prior to the date of  conversion,  or (b) the market  price on the
issuance  date of the  debentures.  Any  accrued  and unpaid  interest  shall be
payable,  at our option,  in cash or in shares of our common stock valued at the
then  effective  conversion  price.  During 2000,  all but one of the  remaining
outstanding  debentures were converted into commons stock. At March 31, 2003, we
owed $331,462 in  connection  with the  debentures  consisting of $50,000 to one
debenture holder and $281,462 in penalties and interest.


Item 4.           Submission of Matters to a Vote of Security Holders

         This Item is not applicable.


Item 5.           Other Information

         This Item is not applicable.


                                      -21-
<PAGE>




<TABLE>
<CAPTION>

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits

<S>                                 <C>
                  Exhibit 99.1      Certification of C.E.O. Pursuant to 18 U.S.C. Section 1350, as Adopted
                                    Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

                  Exhibit 99.2      Certification of Principal Accounting Officer Pursuant to 18 U.S.C.
                                    Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                                    Act of 2002
</TABLE>
         (b) Reports on Form 8-K

                  There were no current  reports filed on Form 8-K for the three
                  month period ended March 31, 2003.




                                      -22-
<PAGE>




                                   SIGNATURES


         In accordance with the  requirements of the Securities  Exchange Act of
1934,  the  Registrant  caused  this  report to be  signed on its  behalf by the
undersigned, thereunto duly authorized.

                                         TRANS ENERGY, INC.



Date:  May 15, 2003             By  /S/  ROBERT I. RICHARDS
                                   ---------------------------------------------
                                         ROBERT I. RICHARDS, President,
                                         Chief Executive Officer and Director




Date:  May 15, 2003             By  /S/  WILLIAM F. WOODBURN
                                   ---------------------------------------------
                                         WILLIAM F. WOODBURN
                                         Secretary / Treasurer
                                         (Principal Accounting Officer)




                                      -23-
<PAGE>




                                 Certifications

                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I, Robert I.  Richards,  Chief  Executive  Officer of the Trans Energy,
Inc. (the "registrant"), certify that:

         1. I have  reviewed  this  quarterly  report  on Form  10-QSB  of Trans
         Energy, Inc.;

         2. Based on my knowledge,  this  quarterly  report does not contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this quarterly report;

         4. The registrant's  other certifying officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

                  a) designed such disclosure  controls and procedures to ensure
         that material  information  relating to the  registrant,  including its
         consolidated  subsidiaries,  is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

                  b) evaluated the effectiveness of the registrant's  disclosure
         controls and procedures as of a date within 90 days prior to the filing
         date of this quarterly report (the "Evaluation Date"); and

                  c) presented in this quarterly  report our  conclusions  about
         the  effectiveness  of the disclosure  controls and procedures based on
         our evaluation as of the Evaluation Date;

         5. The  registrant's  other  certifying  officer and I have  disclosed,
         based on our most recent evaluation,  to the registrant's  auditors and
         the audit  committee of  registrant's  board of  directors  (or persons
         performing the equivalent function):

                  a) all significant  deficiencies in the design or operation of
         internal controls which could adversely affect the registrant's ability
         to  record,  process,  summarize  and  report  financial  data and have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and

                  b)  any  fraud,   whether  or  not  material,   that  involves
         management  or  other  employees  who  have a  significant  role in the
         registrant's internal controls; and

                  6.  The  registrant's  other  certifying  officer  and I  have
         indicated  in  this   quarterly   report  whether  or  not  there  were
         significant changes in internal controls or in other factors that could
         significantly  affect internal  controls  subsequent to the date of our
         most recent evaluation, including any corrective actions with regard to
         significant deficiencies and material weaknesses.


Date:  May 15, 2003


/s/   ROBERT I. RICHARDS
-------------------------------
      Robert I. Richards
      Chief Executive Officer


                                      -24-
<PAGE>




                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I,  William  F.  Woodburn,  Principal  Accounting  Officer of the Trans
Energy, Inc. (the "registrant"), certify that:

         1. I have  reviewed  this  quarterly  report  on Form  10-QSB  of Trans
         Energy, Inc.;

         2. Based on my knowledge,  this  quarterly  report does not contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this quarterly report;

         4. The registrant's  other certifying officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

                  a) designed such disclosure  controls and procedures to ensure
         that material  information  relating to the  registrant,  including its
         consolidated  subsidiaries,  is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

                  b) evaluated the effectiveness of the registrant's  disclosure
         controls and procedures as of a date within 90 days prior to the filing
         date of this quarterly report (the "Evaluation Date"); and

                  c) presented in this quarterly  report our  conclusions  about
         the  effectiveness  of the disclosure  controls and procedures based on
         our evaluation as of the Evaluation Date;

         5. The  registrant's  other  certifying  officer and I have  disclosed,
         based on our most recent evaluation,  to the registrant's  auditors and
         the audit  committee of  registrant's  board of  directors  (or persons
         performing the equivalent function):

                  a) all significant  deficiencies in the design or operation of
         internal controls which could adversely affect the registrant's ability
         to  record,  process,  summarize  and  report  financial  data and have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and

                  b)  any  fraud,   whether  or  not  material,   that  involves
         management  or  other  employees  who  have a  significant  role in the
         registrant's internal controls; and

         6. The registrant's  other  certifying  officer and I have indicated in
         this quarterly report whether or not there were significant  changes in
         internal controls or in other factors that could  significantly  affect
         internal controls subsequent to the date of our most recent evaluation,
         including   any   corrective   actions   with  regard  to   significant
         deficiencies and material weaknesses.


Date:  May 15, 2003


/s/ WILLIAM F. WOODBURN
---------------------------------
    William F. Woodburn
    Principal Accounting Officer


                                      -25-