HOUSTON, Aug. 8, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY) reported a net loss of $13.3 million, or $0.15 per share, on revenues of $5.2 million for the three months ended June 30, 2006, as compared to a net loss of $1.9 million, or $0.02 per share, on revenues of $2.0 million for the three months ended June 30, 2005. For the six months ended June 30, 2006, the net loss was $26.3 million, or $0.29 per share, on revenues of $8.0 million, as compared to a net loss of $4.1 million, or $0.05 per share, on revenues of $3.2 million for the six months ended June 30, 2005.
For the three months ended June 30, 2006, the Company produced 132,346 barrels ("Bbls") of crude oil, or an average of 1,454 Bbls per day (Bopd), as compared to 117,661 Bbls, or an average of 1,293 Bopd, for the three months ended June 30, 2005. For the six months ended June 30, 2006, 236,194 Bbls, or 1,305 Bopd, were produced as compared to 191,764 Bbls, or 1,059 Bopd, for the six months ended June 30, 2005. For the three months ended June 30, 2006, the Company sold (by physical delivery to the purchaser) 131,333 Bbls of crude oil at an average price of $41.34 per Bbl, as compared to 100,651 Bbls of crude oil at an average price of $20.67 per Bbl, for the three months ended June 30, 2005. For the six months ended June 30, 2006, the Company sold 230,824 Bbls of crude oil at an average price of $36.47 per Bbl, as compared to 169,176 Bbls of crude oil at an average price of $19.29 per Bbl, for the six months ended June 30, 2005.
"We have made substantial progress toward accelerating development of the South Alibek field and improving our crude oil sales prices," commented Lorrie T. Olivier, President and Chief Executive Officer. "Although that progress is not entirely visible in our operating results to date, we remain confident that the Company is positioned for significant improvement in production capacity and operating results in the second half of this year and beyond."
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI 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 the Caspian Sea region.
For more information please contact the following:
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
Phone: (281) 999-9091
Fax: (281) 999-9094
E-mail: tmei@tmei.com
Website: www.tmei.com
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities 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 TMEI's Annual Report on Form 10-K for the year ended December 31, 2005, as amended, and other filings with the Securities and Exchange Commission. Although TMEI 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 TMEI or any other person that the objectives and plans of TMEI will be achieved.
Transmeridian Exploration, Inc.
Selected Financial and Operating Data
Three Months Six Months
Ended June 30, Ended June 30,
2006 2005 2006 2005
-------- -------- -------- --------
(Amounts in thousands, except per share,
sales price and production information)
(Unaudited)
OPERATING RESULTS:
Oil revenues $ 5,151 $ 2,032 $ 7,993 $ 3,186
Loss from operations (4,267) (254) (8,475) (1,960)
Net loss (13,075) (1,649) (25,822) (3,502)
Net loss attributable to
common stockholders (13,301) (1,930) (26,291) (4,060)
Basic and diluted net loss
per share (0.15) (0.02) (0.29) (0.05)
Average sales price per
barrel $ 41.34 $ 20.67 $ 36.47 $ 19.29
Oil production (barrels) 132,346 117,661 236,194 191,764
Average daily production
(barrels) 1,454 1,293 1,305 1,059
June 30, December 31,
2006 2005
-------- --------
(In thousands)
(Unaudited)
BALANCE SHEET DATA:
Total current assets $ 64,282 $ 74,705
Total property and equipment,
net of accumulated
depreciation 252,147 226,815
Total assets 330,270 313,993
Total current liabilities 14,029 33,697
Long term debt, net
of discount 264,911 223,407
Stockholders' equity 51,144 56,703
CASH FLOW DATA:
Net cash used in operating
activities $ (28,344) $ (3,669)
Net cash used in investing
activities (30,652) (7,981)
Net cash provided by
financing activities 62,239 1,081