HOUSTON, May 10, 2007 (PRIME NEWSWIRE) -- Transmeridian Exploration Incorporated (AMEX:TMY) reported a net loss of $15.5 million, or $0.17 per share, on net revenues of $7.1 million for the three months ended March 31, 2007, as compared to a net loss of $12.7 million, or $0.15 per share, on net revenues of $2.8 million for the three months ended March 31, 2006.
For the three months ended March 31, 2007, the company produced 316,164 barrels ("Bbls") of crude oil, or an average of 3,513 Bbls per day ("Bopd"), as compared to 103,848 Bbls, or an average of 1,154 Bopd, for the three months ended March 31, 2006. For the three months ended March 31, 2007, the company sold (by physical delivery to the purchaser) 266,437 Bbls of crude oil at an average price of $28.19 per Bbl, as compared to 99,491 Bbls of crude oil, at an average price of $30.05 per Bbl, for the three months ended March 31, 2006.
Transmeridian will host a conference call at 10:00 a.m. Central Standard Time on Tuesday, May 15, 2007 to discuss first quarter 2007 results and the outlook for the remainder of 2007. 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 leader will be Lorrie T. Olivier, President and Chief Executive Officer of Transmeridian, and the conference identification number is 8916809. A replay of the conference call will be available until Tuesday May 22, 2007 by dialing 1-800-642-1687 in the United States or +1-706-645-9291 outside of the United States.
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, Inc.
Selected Financial and Operating Data
Three Months Ended
March 31,
--------------------
2007 2006
-------- --------
(Amounts in thousands,
except per share,
sales price and
production information)
(Unaudited)
OPERATING RESULTS:
Oil revenues $ 7,138 $ 2,842
Loss from operations (6,563) (4,208)
Net loss (15,455) (12,747)
Basic and diluted net
loss per share (0.17) (0.15)
Average sales price
per barrel $ 28.19 $ 30.05
Oil production (barrels) 316,164 103,848
Average daily production
(barrels) 3,513 1,154
Three Months Ended
March 31,
--------------------
2007 2006
-------- --------
CASH FLOW DATA:
Net cash provided by (used)
in operating activities $ 23,875 $(19,480)
Net cash used in investing
activities (44,823) (12,984)
Net cash provided by financing
activities 18,373 9,476
March 31, December 31,
2007 2006
-------- --------
(In thousands)
(Unaudited)
BALANCE SHEET DATA:
Total current assets $ 18,409 $ 23,866
Total property and equipment,
net of accumulated depreciation 359,418 320,806
Total assets 389,068 356,636
Total current liabilities 56,921 18,064
Long term debt, net of discount 269,131 267,724
Stockholders' equity 17,953 25,997