HOUSTON, Nov. 7, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY) reported a net loss of $14.3 million, or $0.15 per share, on net revenues of $7.8 million for the three months ended September 30, 2006, as compared to a net loss of $2.8 million, or $0.03 per share, on net revenues of $3.9 million for the three months ended September 30, 2005. For the nine months ended September 30, 2006, the net loss was $40.6 million, or $0.44 per share, on net revenues of $15.7 million, as compared to a net loss of $6.9 million, or $0.09 per share, on net revenues of $7.0 million for the nine months ended September 30, 2005.
For the three months ended September 30, 2006, the Company sold (by physical delivery to the purchaser) 236,255 barrels ("Bbls") of crude oil, or an average of 2,568 Bbls per day ("Bopd") at an average price of $34.54 per Bbl, as compared to 106,550 Bbls, or an average of 1,158 Bopd, at an average price of $36.12 per Bbl, for the three months ended September 30, 2005. For the nine months ended September 30, 2006, the Company sold 467,079 Bbls, or an average of 1,711 Bopd, at an average price of $35.49 per Bbl, as compared to 275,826 Bbls, or an average of 1,010 Bopd, at an average price of $25.80 per Bbl, for the nine months ended September 30, 2005. For the three months ended September 30, 2006, the Company produced 206,767 Bbls of crude oil, or an average of 2,247 Bopd, as compared to 98,057 Bbls, or an average of 1,066 Bopd, for the three months ended September 30, 2005. For the nine months ended September 30, 2006, 442,961 Bbls, or 1,623 Bopd, were produced as compared to 289,821 Bbls, or 1,062 Bopd, for the nine months ended September 30, 2005.
Transmeridian will host a conference call at 10:00 a.m. Central Standard Time on Wednesday, November 8, 2006 to discuss third quarter 2006 results and the outlook for the remainder of 2006. Individuals who wish to participate in the conference call may do so by dialing 1-800-625-6164 in the United States or +1-706-645-0400 outside of the United States. The conference identification number is 9955515. A replay of the conference call will be available by dialing 1-800-642-1687 in the United States or +1-706-645-9291 outside of the United States, using identification number 9955515. The replay will be available through November 11, 2006.
The Company intends to issue a further press release in advance of the conference call to provide an update on production and other operational information.
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. The company primarily targets fields with proved or probable reserves and significant upside reserve potential. Transmeridian Exploration currently has projects in Kazakhstan and southern Russia and is pursuing additional projects in the Caspian Sea region.
Transmeridian Exploration Incorporated
Selected Financial and Operating Data
Three Months Ended Nine Months Ended
September 30, September 30,
---------- ---------- ---------- ----------
2006 2005 2006 2005
---------- ---------- ---------- ----------
(Amounts in thousands, except per share, sales
price and production information)
(Unaudited)
OPERATING RESULTS:
Oil revenues $ 7,755 $ 3,852 $ 15,748 $ 7,038
Income (loss) from
operations (4,948) 581 (13,423) (1,378)
Net loss (14,235) (2,523) (40,057) (6,025)
Net loss attributable
to common
stockholders (14,282) (2,802) (40,573) (6,862)
Basic and diluted net
loss per share (0.15) (0.03) (0.44) (0.09)
Oil sales (barrels) 236,255 106,550 467,079 275,826
Average daily sales
(barrels) 2,568 1,158 1,711 1,010
Average sales price
per barrel $ 34.54 $ 36.12 $ 35.49 $ 25.80
Oil production
(barrels) 206,767 98,057 442,961 289,821
Average daily production
(barrels) 2,247 1,066 1,623 1,062
Sept. 30, Dec. 31,
2006 2005
---------- ----------
(Unaudited)
(In thousands)
BALANCE SHEET DATA:
Total current assets $ 21,025 $ 74,705
Total property and
equipment, net of
accumulated depreciation 281,969 226,815
Total assets 315,681 313,993
Total current liabilities 10,819 33,697
Long-term debt, net of
discount 266,318 223,407
Stockholders' equity 38,358 56,703
Nine Months Ended
September 30,
----------------------
2006 2005
---------- ----------
(Unaudited)
(In thousands)
CASH FLOW DATA:
Net cash used in operating
activities $ (37,773) $ (3,196)
Net cash used in investing
activities (64,570) (12,454)
Net cash provided by
financing activities 70,650 21,145