HOUSTON, Jan. 9, 2009 (GLOBE NEWSWIRE) -- The Board of Directors of Meridian Resource Corporation (NYSE:TMR) announced recently that Mr. Paul Ching, current Chairman of the Board, will now also serve as the Company's interim CEO until a successor has been named.
Paul Ching stated, "The Board and I would like to sincerely thank the founders of this company, Joe Reeves and Mike Mayell, for their many years of successful leadership and wish them the very best in their future endeavors." Mr. Ching continued, "Joe and Mike have agreed to stay on as advisors for the next several months to ensure a smooth transition of responsibilities. They will continue to serve as members of the Board of Directors, and I look forward to working with them."
Mr. Ching further added, "I welcome the challenge of tackling the issues that face this Company in the short term. In light of the recent turmoil in the financial markets and reduced commodity price environment, my near term focus is to reduce the Company's cost structure, strictly manage our cash flow, prioritize our portfolio of development and exploration projects, and conduct a thorough asset review with the goal of increasing production and optimizing our reserve base. Our objectives will be to continue to maximize value for Meridian's shareholders."
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.
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