HOUSTON, Sept. 1, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY) today announced that it had achieved daily production of approximately 3,100 barrels of oil from its South Alibek field in Western Kazakhstan following the acid stimulation of two previously drilled wells. The two wells are part of an ongoing workover program using high-volume/high-velocity acid stimulations of previously completed wells to increase production rates from those wells. At least two additional wells are scheduled for acid stimulation in September 2006.
"We are very pleased with the results from the first two wells in the workover program," commented Lorrie T. Olivier, President and Chief Executive Officer. "Although our production rate will fluctuate somewhat as wells are taken offline for stimulation, we expect a similar increase in production from the next two workovers. Together with the four wells currently being drilled, which are scheduled for completion in late September and early October, and with at least five more wells to be completed within the next six months, we are well on the way to achieving our target production rate of more than 10,000 bopd from the South Alibek field within that time period."
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.