HOUSTON, Jan. 31, 2008 (PRIME NEWSWIRE) -- Transmeridian Exploration Incorporated (AMEX:TMY) today announced that it has granted a time extension for satisfaction of the financing condition contained in its agreement to be acquired by Trans Meridian International, Inc. ("TMI"), a British Virgin Islands company formed by the company's Chairman and Chief Executive Officer, Lorrie T. Olivier. Pursuant to the extension, the company will have the right to terminate the merger agreement without liability to TMI at any time after February 15, 2008, if the financing condition is not satisfied.
As permitted by the terms of the definitive agreement with TMI, the company remains in communication with other interested parties. The merger agreement permits the company to solicit competing offers for the acquisition of the company until the financing condition to TMI's obligation to commence the tender offer contemplated by the merger agreement is satisfied.
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.