HOUSTON, July 1, 2004 (PRIMEZONE) -- Transmeridian Exploration, Inc. (OTCBB:TMXN) today announced the appointment of Earl W. McNiel as Vice President and Chief Financial Officer of Transmeridian. Mr. McNiel brings extensive financial experience to the Company, having served as Vice President and Chief Financial Officer of Pride International, Inc., a NYSE-listed oilfield service company from 1997 through 2003 and most recently as its Vice President of Planning and Corporate Development. He joined Pride in 1994 as its Chief Accounting Officer, and was promoted to CFO in 1997. Mr. McNiel has 24 years of experience with public companies, primarily in the energy industry, and has broad experience with financing and SEC matters. Before joining Pride, Mr. McNiel served as Chief Financial Officer of several publicly owned waste management companies and as Manager, Finance with ENSCO International, Inc. He began his career in public accounting and graduated with a BBA degree from Baylor University.
Mr. McNiel replaces Randall D. Keys in the position. Mr. Keys, a partner with Tatum CFO Partners, joined the Company as a financial consultant in December 2002 and has served as CFO since September 2003. Mr. Keys will continue as a consultant with the Company through the end of August 2004 to ensure a smooth transition. He will remain a partner with Tatum, where he specializes in small-cap public companies and turnaround situations.
Commenting on the appointment, Lorrie T. Olivier, Chairman and CEO of TMXN said, "We are very fortunate to have a veteran financial leader like Earl join Transmeridian. We see a very exciting future ahead of the Company and Earl's vision and experience will be a significant asset to us and our shareholders. We appreciate the service of Randy Keys, who joined the Company at a challenging point in its history and played a key role in improving our financial position. We wish him well in his future endeavors."
Mr. McNiel added, "This is an exciting opportunity for me to join a young company with a quality asset base and tremendous growth opportunities. The experience of the management team in Kazakhstan and the Caspian Sea region provides a solid foundation for new projects. I also look forward to continuing on the path toward listing on a national stock exchange."
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. or ROI Investor Relations, LLC 397 N. Sam Houston Pkwy E. Suite 300 39 Broadway, Suite 2410 Houston, TX 77060 New York, NY 10006 Lorrie T. Olivier, CEO Robert Giordano Tel: (281) 999-9091 Tel: (212) 495-0200 x15 Fax: (281) 999-9094 Fax: (212) 495-0746 E-mail: tmei@tmei.com E-mail: rgiordano@roiny.com 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.