HOUSTON, Sept. 2, 2008 (GLOBE NEWSWIRE) -- The Meridian Resource Corporation (NYSE:TMR) reported today that it has taken precautions to protect its people, production facilities and rigs from the impact of Hurricane Gustav. Crews operating the drilling rigs and various production facilities in the Company's operating areas of south Louisiana were safely evacuated prior to the arrival of the hurricane. The rigs utilized by the Company in the Weeks Island area of south-central Louisiana were either laid down or mobilized to safe areas out of the anticipated path of the hurricane for the duration of the storm. Each rig will be placed back into operation pending potential damage assessment of each, and its associated equipment.
All production facilities in the area of the storm, including those at Weeks Island, Ramos and Turtle Bayou filed areas were safely shut-in effective Saturday, August 30th.
The Company has adequate insurance to cover all damage, in excess of its industry standard deductibles, done to production facilities and other related equipment if any has been affected by the hurricane. Production will be restored at every facility that the Company's personnel are allowed to re-enter the fields. Initial visits of Weeks Island and East Texas field operations do not indicate any damage to the Company's operated production which is currently being restored. As soon as authorities allow access to other areas of operation, surveys will be conducted and production restored.
Future updates will be provided as additional information is obtained.
The Meridian Resource Corporation is an independent oil and natural gas company engaged in the exploration, exploitation, acquisition and development of oil and natural gas in Louisiana, Texas, and the Gulf of Mexico. Meridian has access to an extensive inventory of seismic data and, among independent producers, is a leader in using 3-D seismic and other technologies to analyze prospects, define risk, target and complete high-potential wells for exploration and development. Meridian is headquartered in Houston, Texas, and has a field office in Weeks Island, Louisiana. Meridian stock is traded on the New York Stock Exchange under the symbol "TMR".
Safe Harbor Statement and Disclaimer
Statements identified by the words "expects," "projects," "plans," and certain of the other foregoing statements may be deemed "forward-looking statements." Although Meridian believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices. These and other risks are described in the Company's documents and reports, available from the U.S. Securities and Exchange Commission, including the report filed on Form 10-K for the year ended December 31, 2007.
The Meridian Resource Corporation Website: www.tmrc.com
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