UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):    June 22, 2007

                               TRANS ENERGY, INC.
                               ------------------
             (Exact name of registrant as specified in its charter)

          NEVADA                         0-23530               93-0997412
----------------------------           -----------         ------------------
(State or other jurisdiction           (Commission           (IRS Employer
     of incorporation)                 File Number)        Identification No.)

        210 Second Street, P.O. Box 393, St. Mary's, West Virginia 26170
                    (Address of principal executive offices)

Registrant's telephone number, including area code: (304) 684-7053

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]      Written  communications  pursuant to Rule 425 under the  Securities Act
         (17 CFR 230.425)
[ ]      Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)
[ ]      Pre-commencement  communications  pursuant to Rule  14d-2(b)  under the
         Exchange Act (17 CFR 240.14d-2(b))
[ ]      Pre-commencement  communications  pursuant to Rule  13e-4(c)  under the
         Exchange Act (17 CFR 240.13e-4(c))





                                    FORM 8-K

Section 1 - Registrant's Business and Operations

Item 1.01     Entry into a Material Definitive Agreement.

     On June 22, 2007,  Trans  Energy,  Inc.  announced  that it had finalized a
financing  agreement with CIT Capital USA Inc. Under the terms of the agreement,
CIT will fully  underwrite  $18.0  million in financing  for Trans Energy in the
form of a senior secured revolving credit facility  ("Revolving Credit Facility"
or  "Revolver").  Trans Energy will also have the ability to increase the credit
facility to $30.0 million in the future with increases in its reserves.

     Funds realized from the financing  agreement will be used to facilitate the
company's 2007 drilling program. Trans Energy has begun drilling the first of up
to 30 wells the  company  plans to drill  during 2007 and has  contracted  for a
drilling  rig to be used for the  balance of the year,  with an option to extend
through 2008.

     As compensation  for CIT's  services,  Trans Energy agrees to (i) pay CIT a
closing  fee in the  amount of  $200,000,  and (ii)  grant CIT a 2% net  profits
interest in and to all of Trans Energy's oil and gas properties  currently owned
and any additional oil and gas property  acquired.  Also,  Trans Energy will pay
CIT an additional fee equal to 1.25% on any increases in the borrowing base over
the initial amount of $18.0 million.  Further,  Trans Energy agrees to reimburse
CIT for all  reasonable  out-of-pocket  fees and expenses such as legal counsel,
consultants,  appraisers,  travel and accommodations incurred in connection with
the transaction.

     The term of the financing agreement is three years.  Throughout the life of
the agreement,  Trans Energy may borrow, repay and reborrow funds so long as the
sum of the aggregate  loans  outstanding  at any time,  plus the aggregate  face
amount of any  letters of credit,  does not  exceed  the  initial  base of $18.0
million,  which can be increased to $30.0 million. Trans Energy will also pledge
as collateral  for the loans certain oil and gas  properties  and related assets
and interests.

Section 9 - Financial Statements and Exhibits

Item 9.01     Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No.      Description

         10.1     Credit Agreement with CIT Capital USA Inc.
         99.1     Press Release dated June 22, 2007
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Notes about Forward-looking Statements

     Statements  contained in this current report that are not historical facts,
including  all  statements  regarding the  consummation  of the  acquisition  of
assets,  may  be  considered  "forward-looking  statements"  under  the  Private
Securities Litigation Reform Act of 1995.  Forward-looking  statements are based
on current  expectations  and the current  economic  environment.  Trans  Energy
cautions the reader that such  forward-looking  statements are not guarantees of
future   performance.   Unknown  risks  and   uncertainties  as  well  as  other
uncontrollable  or unknown  factors  could cause  actual  results to  materially
differ from the results,  performance  or  expectations  expressed or implied by
such forward-looking statements.

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                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                            TRANS ENERGY, INC.



Date:   June 22, 2007                       By         /S/ JIM ABCOUWER
                                               ---------------------------------
                                                    Jim Abcouwer
                                                    President

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