HOUSTON, June 16, 2004 (PRIMEZONE) -- Transmeridian Exploration, Inc. (OTCBB:TMXN) today announced a drilling update.
Drilling Operations Update
In the first quarter of 2004, the Company continued with its infield drilling operations with two new wells, the, SA-5 and the SA-17. These two wells are being drilled on locations that currently have proved undeveloped reserves. As of June 14, 2004, the SA-17 is at 7,251 feet and running intermediate casing after encountering the top of the KT1 carbonates. The SA-5 was at a depth of about 11,500 feet drilling within the KT-2 reservoir interval. Both wells are planned to be drilled to a total depth of approximately 13,000 feet and are targeted to encounter the same zones as the previous 3 wells drilled in the field.
In Well SA-5, 190 feet of well bore cores through the major reservoir intervals of the KT1 and KT2 sections have been obtained. The core samples taken through the potential reservoir intervals showed oil bearing rock which we believe confirms the presence of high quality reservoir intervals in this well. The current drilling program includes 2 more wells to be cored in this manner to facilitate reservoir evaluation and the planning for field development.
"At present, we believe that the pace of the current drilling program should give us 4 new wells this year to bring the total well count to 7 wells which would satisfy our forecast for this year," commented Lorrie Olivier, Chairman and CEO. "And we would like to escalate this current drilling pace next year with the additional sales capacity provided by our pipeline connection."
About Transmeridian Exploration, Inc.
Transmeridian Exploration, Inc. (TMXN) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMXN primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan.
For more information please contact the following:
Transmeridian Exploration, Inc. 397 N. Sam Houston Pkwy E., Suite 300 Houston, Texas 77060 Lorrie T. Olivier, CEO Phone: (281) 999-9091 Fax: (281) 999-9094 Website: www.tmei.com
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2003. Although Transmeridian Exploration, Inc. believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
TMEI discloses in its filings with the Securities and Exchange Commision proved reserves that comply with the Securities and Exchange Commission's (SEC) definitions. Note that the Company's use of terms such as "probable oil resources", "probable reserves", "possible oil resources", "ultimate potential", "resources" and "recoverable reserves" include quantities of oil that are not yet classified as proved and which SEC guidelines do not allow us to include in filings with the SEC.