HOUSTON, Dec. 15, 2004 (PRIMEZONE) -- TransMeridian Exploration, Inc. (OTCBB:TMXN) today announced that it has entered into a new contract for sales of crude oil from its South Alibek field in Kazakhstan. The new arrangement provides for deliveries to take place at the field and a net sales price of approximately $20 per barrel. While the agreement is short-term in nature, it may be extended by mutual agreement of the parties.
"Our ultimate goal is to sell our production into the regional pipeline system and realize world market prices for our oil," commented Lorrie T. Olivier, President and Chief Executive Officer, "which we hope to accomplish by mid-year next year. In the meantime, we will realize a price under this new arrangement that is approximately 67% higher than we have been receiving in the local market."
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 and it is currently pursuing additional projects in Azerbaijan.
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 x 10 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.
TMEI discloses 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.