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nice action recently.
however took a swift drop today i think to profit taking, support around .50 it seems
in at .54 and sold some yesterday at .66 and held the rest for fun.
thoughts short and mid term?
European oil and gas companies reaping fruits of investments
By Benoit Faucon
Last update: 7:38 a.m. EDT April 30, 2008
LONDON (MarketWatch) -- First-quarter reports show that large European oil and gas companies are finally capturing higher crude prices as past investments begin to bear fruit on their production.
Anglo-Dutch major Royal Dutch Shell PLC (RDSB.LN) and U.K. oil giant BP PLC said Thursday that first-quarter net profit rose 28%, lifted by high crude oil prices and stronger hydrocarbon output.
And BG Group PLC (BG.LN) is expected to post a 59% rise in quarterly profits Wednesday, taking the figure to GBP685 million.
Overall, the European oil and gas sector was expected to record a 21% rise in earnings per share, Deutsche Bank said.
The significant profits are a break from a recent trend that has seen oil and gas companies struggling to capitalize on a rise in oil prices.
According to Citigroup, the U.K. North Sea Brent crude contract was up 66% on average in the quarter and U.K. natural gas contracts were up 128.6%. Also, U.S. oil prices peaked close to $120 a barrel Monday.
On paper, higher oil and gas should automatically boost profits. But in recent years, rocketing hydrocarbon prices have triggered negative side effects such as cost inflation and pressure to distribute more revenue to host countries.
According to BP and Shell, a rush to build new projects to satisfy the world's energy demand has triggered an annual industrywide cost inflation of 20%. But both majors say they are now better able to negotiate and rein in the rise to 10% a year.
But other factors also contribute to reduce output, potentially hurting corporate profits every time prices rise. Under production-sharing agreements, which represent 80% of production at Shell, governments are entitled to a greater portion of the oil pumped when prices are higher. As a result, international oil companies get fewer barrels.
In addition, soaring oil prices have led governments to demand a greater share of revenue. That's particularly the case in countries to which European oil majors are strongly exposed, such as Kazakhstan, Nigeria, Russia and Venezuela.
And it's not just the governments that want more. The newfound oil wealth has led local populations to demand a larger share of revenue, triggering attacks on and shutdowns of oil facilities operated by Shell and ENI in Nigeria.
As a result, Eni's average daily hydrocarbon production dropped by 1.9% for the full year 2007, BP's by 3% and Shell's by 6%. BP is not present in Nigeria but faced a series of delayed projects after operational mishaps.
But for the first quarter of 2008, both BP and Shell reported no change in oil and gas output, while Eni's production was up 3.6% from the first quarter of last year.
The rise or stabilization of oil and gas production - the sale of which provides the bulk of their earnings - now enables the companies to translate higher oil prices into profits. The improved output performance itself stems largely from a diversification into new projects or businesses or acquisitions, not legacy assets.
Eni's profit rise come after an acquisition spree in 2007 - in which it spent more than EUR9 billion - allowed it to bag assets in Russia, Congo and the Gulf of Mexico, among other places.
Shell, despite being hurt by unrest in Nigeria, benefited from a decision a few years ago to invest in liquefied natural gas, or LNG, for which quarterly volumes increased by 6% year-on-year. Similarly, BG is also expected to get a boosted from the ramp-up of an Equatorial Guinea LNG supply contract, according to Dresdner Kleinwort.
Citigroup said that a key profit factor for BP in the first quarter was the startup of large oil projects in the fourth-quarter, which included Greater Putonio in Angola and Atlantis in the U.S. Gulf of Mexico.
StatoilHydro ASA (STO), which reports on May 13, is also expected to benefit strongly from improved production thanks to the startup of new projects, according to Deutsche Bank.
-Contact: 201-938-5400 End of Story
http://www.marketwatch.com/news/story/european-oil-gas-companies-reaping/story.aspx?guid=%7B5D9AC3F0-4810-4F0E-85B9-ABA23836DAE6%7D&dist=msr_1
California Public Employees Retirement System..CALPERS
http://www.mffais.com/tmy.html
CALPERS bought 677,900 shares of TMY on 28 APR 2008.
http://www.mffais.com/institutions/126021/
C.A.T. oil AG: Strong and successful expansion in 2007
• Revenues up 15.0% YoY to EUR 222.6 million • Massive increase in operative capacity • Geographic expansion to European Russia • New businesses launched
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ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
the content of this announcement.
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April 30, 2008 - C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), one of the leading
providers of oil and gasfield services in Russia and Kazakhstan, today announced
the annual results for the financial year 2007. The reporting period was marked
by an impressive progress in the transformation of C.A.T. oil AG from a West
Siberian fracturing niche player into a diversified oilfield service company.
The Company successfully expanded into new high-growth, high-margin businesses
and new regions within and outside of Russia. The Company invested record EUR
89.1 million in new capacity additions and thus managed to significantly
increase its operating capacity both, in its core and new businesses.
Revenues up 15,0%
In 2007, C.A.T. oil´s revenues reached a new peak of EUR 222.6 million, up 15%
YoY. The key revenue drivers were a 5.9% YoY increase in the Company´s total job
count to 2,473 jobs (2006: 2,335 jobs) and an 8.5% YoY gain in an average
revenue per job to thou. EUR 90 (2006: thou. EUR 83). With more and more new
capacity becoming operational during the year, the Company´s 2007 quarterly job
count demonstrated strong YoY growth in the course of the year. Concurrently,
new capacity additions to the hydraulic fracturing business were more difficult
to market and deploy in the middle of the year without discount as the
fracturing market competition intensified. Additionally, demand for gas
fracturing jobs was lower than a year ago due to a mild winter in the northern
hemisphere. As a result, C.A.T. oil realized a slightly lower revenue growth
than originally expected for 2007. The Company´s EBITDA increased 8.8% YoY to
EUR 49.7 million compared to EUR 45.7 million in 2006. EBITDA-margin decreased
to 22.3% (2006: 23.6%). Earnings before interest and corporate tax (EBIT) were
essentially flat YoY at EUR 37.2 million (2006: 36.9 million), driving the EBIT
margin contraction to 16.7% in 2007 from 19.1% in 2006. C.A.T. oil´s net income
decreased 9.4% YoY to EUR 22.7 million (2006: EUR 25.0 million) as an unrealized
foreign exchange loss on intercompany loans surged to EUR 4.7 million in 2007
compared to thou. EUR 745 in 2006 on the back of the accelerated ruble
devaluation against Euro in the third and fourth quarter of 2007. As a
consequence, earnings per share amounted to EUR 0.46 compared to EUR 0.54 in
financial year 2006.
2007: year of investments and business expansion
Manfred Kastner, CEO of C.A.T. oil AG commented: "2007 was a very important year
for the development of our company. With our extensive investment program we
managed to enhance our regional and service coverage and our customer base. This
strategy of aggressive expansion combined with our technical expertise, our
highly qualified staff and the financial strengths of our Company, paves the way
for sustainable growth in 2008 and beyond."
In 2007, C.A.T. oil invested EUR 89.1 million in the operating capacity
additions. By the end of the year, C.A.T. oil extended the number of operating
hydraulic fracturing fleets 67% YoY to a total of 15 fleets. The Company´s
sidetrack drilling capacity rose 400% YoY to a total of 10 rigs. This
substantial expansion in the sidetrack drilling capacity facilitated a 153% YoY
increase in a total sidetrack job count in 2007. The performance in this
business was supported by rising job complexity and a greater share of higher
added value horizontal sidetracks at expense of less sophisticated inclined
sidetracks. Additionally, C.A.T. oil expanded its capacity for coiled tubing and
nitrogen services 50% YoY. These substantial capacity additions demonstrate the
Company´s commitment to defend its ample market share in the Russia and Kazakh
fracturing markets and meet the rising demand for its second core business,
sidetrack drilling, in a growing and booming market environment.
In 2007, C.A.T. oil benefitted both from intensifying and broadening customer
relationships. Long standing and successful cooperation over a number of years
led to an increased trend towards multiple-year strategic partnerships and order
contracts comprising a broader scope of services. In March 2007, C.A.T. oil´s
operating subsidiary CATKoneft was awarded a three-year-contract with Rosneft,
the largest oil producer in Russia. In November 2007, Rosneft charged the
operating subsidiaries of C.A.T. oil with another 385 fracturing jobs for the
challenging oil fields in the Yugansk area. In the fourth quarter of 2007 C.A.T.
oil´s subsidiary CATBOBNEFT was named winner in two major tenders by TNK-BP for
three-year-contracts for sidetrack drilling and workover services at the
Samotlor field, one of the largest oil fields in the world. Another positive
development in late 2007 was the deployment of two sidetrack drilling rigs in
Noyabrsk area for Gazprom´s oil subsidiary Gazprom Neft, which the Company
concluded a strategic partnership with back in 2006. C.A.T. oil also won a
tender to deploy two additional sidetrack drilling rigs for Gazprom Neft in
2008.
Another important step for C.A.T. oil was the expansion of its business to
European Russia. In April 2007, the Company acquired a 100% stake in the
oilfield services company FilOrAm from TNK-BP. The Company is located in
Orenburg region in the European part of Russia and provides C.A.T. oil with
strategic access to Russia´s Volga-Urals oil and gas basin, as well as a highly
competitive base towards northwestern Kazakhstan.
In 2007, C.A.T. oil not only expanded regionally, but also further advanced in
the diversification of its service portfolio. In July C.A.T. oil entered the
fast growing segment of geotechnical services, including 2D/3D seismic and
reservoir engineering by forming the new subsidiary CAToil-Geodata and hiring a
team of approximately 90 industry professionals. After more than a decade of
under-exploration in Russia, seismic is another booming business in the Russian
oil field service sector.
Record capital expenditures for future diversification and growth
In 2007, C.A.T. oil generated a cash flow from operating activities of EUR 21.1
million compared to EUR 23.4 million in the previous year. The decline is mainly
due to higher investments in working capital to pursue growth and
diversification strategies resulting in a build up of inventories for new
businesses and materially higher VAT prepayments for equipment.
The financial year was earmarked by the comprehensive investment program leading
to record investments in property, plant and equipment of EUR 89.1 million, up
34% YoY from EUR 66.5 million in 2006. C.A.T. oil´s cash flow from financing
activities amounted to EUR 8.0 million, reflecting primarily short-term
overdraft facilities used by the Company´s operating subsidiaries. On December
31, 2007, C.A.T. oil had cash and cash equivalents of EUR 15.0 million compared
to EUR 74.5 million at the end of 2006. C.A.T. oil´s balance sheet underlines
the Company´s dynamic growth and moderate financial policy. Total assets
increased 21.5% YoY to EUR 285.3 million and equity rose 8.7% YoY to EUR 234.9
million at the end of 2007 (2006: 216.1 million). Despite a sharp increase in
current and non-current liabilities to EUR 50.6 million (2006: EUR 18.8
million), the equity ratio´s level remained high with 82.3%.
In line with C.A.T. oil´s massive investment program, the Company´s average
weighted headcount increased by 32.4% to 3,127 employees (2006: 2,362
employees).
Sidetrack drilling to drive growth in 2008
In 2008 sidetracking drilling will remain the Company´s fastest growing
business. With currently 10 operating mobile sidetrack drilling rigs, C.A.T. oil
is among the top three independent sidetrack drilling service providers in
Russia. C.A.T. oil will benefit from a sustained wide gap between supply and
demand for sidetrack drilling services in the Russian oil industry resulting in
further price gains in 2008. Based on the existing back log of sidetrack
drilling jobs for 2008, C.A.T. oil is confident that it can increase its
sidetracking job count by 190%.
Despite the intensified competition in the Russian hydraulic fracturing market,
C.A.T. oil stays highly competitive on price and quality and anticipates its
fracturing job count rise 15% YoY in 2008.
Positive outcome is also expected from the growing business seismic services.
With a total of five 2D/3D crews, the Company is well positioned to benefit from
the increasing demand for this service.
In 2008, C.A.T. oil plans to expand into conventional drilling services to
benefit from a major upturn in greenfield capital expenditures. To this end,
C.A.T. oil has already ordered three new 180-ton mobile drilling rigs in 2008,
which have a significant technical advantage over Russian rigs currently
operating on the various oil fields. These mobile rigs are also efficient to
perform sidetrack drilling jobs, in particular deep ones.
Manfred Kastner, CEO of C.A.T. oil AG, outlined: "More than ever C.A.T. oil is
in an excellent position to benefit from the fast growing demand for oil and gas
services in Russia and Kazakhstan. Oil and gas producers show a fast increasing
interest in the employment of reliable independent service companies with
advanced and sophisticated technical capabilities and technologies. With our
extensive investment program we have expanded in core and new services and
technologies which confirm our standing as a preferred partner for the majors in
the industry. Our investments will certainly pay off in the future."
www.catoilag.com
About C.A.T. oil AG:
Austria-based C.A.T. oil AG (O2C, ISIN: AT0000A00Y78) is one of the leading
providers of oil- and gasfield services in Russia and Kazakhstan. C.A.T. oil´s
core business is hydraulic fracturing, a process which helps to open up oil- and
gas-bearing rock formations in order to increase or even enable oil and gas
production. The C.A.T. oil crews use state-of-the-art methods and technologies
to generate high pressure in the oil or gas reservoirs concerned. This pressure
causes cracks to appear in the rock through which oil or gas can be produced in
larger quantities from the production well, and hence efficiently boosts
extraction, particularly in the case of deposits that are difficult to develop
or low-output wells. In addition, hydraulic fracturing can be used to revitalize
wells that have previously been idle.
The Company has its headquarters in Vienna and employed 3,388 people at the end
of 2007, most of whom are based in Russia and Kazakhstan. Customers include
leading oil and gas producers such as Gazprom, KazMunaiGaz, LUKOIL, Rosneft, and
TNK-BP. C.A.T. oil has been listed in the Prime Standard of the Frankfurt Stock
Exchange since May 4, 2006, and has been a member of the SDax since September
18, 2006.
Further inquiry note:
Press contact:
A&B Financial Dynamics
Dr. Lutz Golsch Claudia Werth
Tel.: +49 (0)69 92037-110 Tel.: +49 (0)69 92037-114
Email: l.golsch@abfd.de Email: c.werth@abfd.de
emitter: C.A.T. oil AG
Kärtner Ring 11-13
A-A-1010 Wien
phone: +43(0) 1 535 23 20 - 0
FAX: +43(0) 1 535 23 20 - 20
mail: ir@catoilag.com
WWW: http://www.catoilag.com
sector: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
indexes: SDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing: Börse Frankfurt
language: English
http://ots.euroadhoc.com/irmeldung.php?schluessel=OTA_20080430_OTA0012&ag=OTA
Transmeridian Exploration Inc (TMY) more share bought by Financial And Investment Management Group Ltd
Financial And Investment Management Group Ltd added additional 689,150 (55.26 %) shares of Transmeridian Exploration Inc (TMY), bringing their current holdings to 1,936,208 shares as shown by filings made public on 2008-04-18.
The stock is currently owned by 49 funds/institutions with a total activity score of -0.08. With 37.50 % of owning funds reported recently buying shares, 18.75 % maintaining existing share level and 43.75 % selling shares. Full details for Transmeridian Exploration Inc (TMY) available at http://www.mffais.com/tmy.html
http://www.mffais.com/newsarticles/2008-04-18/2589219-123845.html
Transmeridian Exploration to Seek Additional Capital
2:06p ET April 16, 2008 (PrimeNewswire)
Transmeridian Exploration Incorporated (AMEX:TMY) today announced that its previously disclosed efforts to seek a buyer have not produced a satisfactory transaction. As a result, while the company remains willing to entertain unsolicited proposals from qualified persons for an acquisition of the company, it is now seeking to raise additional capital with which to further develop its primary asset, the South Alibek field in western Kazakhstan. As part of this effort, the company is in preliminary discussions with interested parties regarding a substantial investment of equity capital into the company.
Based on current field production levels of approximately 2,200 barrels of oil per day ("bopd"), management believes that the company can continue to generate sufficient cash flow to fund its ongoing operating costs, overhead and cash interest requirements. The company continues to have a working capital deficit and does not generate sufficient excess cash to re-activate a multi-rig drilling and workover program in order to increase field production. The company experienced production levels in excess of 4,000 bopd prior to field curtailments in 2007. If the company is successful in raising additional capital, management believes that by investing the net proceeds in an effort to restore field production to levels previously experienced, and to further develop the field, the company will be better positioned to maintain and expand its reserve base in South Alibek or complete a strategic transaction.
Significant obstacles to raising additional capital include, among other factors, the company's high debt level relative to cash flow and potential dilution from existing convertible preferred securities, and there can be no assurance that current discussions will result in any agreement or transaction.
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.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in Transmeridian Exploration Incorporated's Annual Report on Form 10-K for the year ended December 31, 2007, as amended, and other filings with the Securities and Exchange Commission (SEC). Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Transmeridian Exploration, Inc.
Transmeridian Exploration Incorporated Lorrie T. Olivier, CEO Earl W. McNiel, CFO (713) 458-1100 Fax: (713) 781-6593 tmei@tmei.com www.tmei.com 5847 San Felipe, Suite 4300 Houston, Texas 77057
lol Thanks!
If you're in it, good luck. I was fortunate to only have like a 10% loss in it.
good call......lol
Monday's our day! Time for a double to triple!
$2.40 - $2.85 per share.
Paul Lynde what a kick!
RSI is way oversold...maybe a bounce from here. Not much support right now imo...GL
Another reply to get some posting here.
Buyout soon? Not then, maybe now.
I'm hearing news is supposed to be coming within a couple weeks?
Heck..I don't know??? but it must not have been good enough for some? Thinking of playing it for a QUICK bounce here anyway...GLTU
I'm in this at 1.50, didnt get chance to hear con. call, what was results if you dont mind filling me in???
PPS spike friday...looking better...GLTA
Transmeridian Exploration Provides Fourth Quarter Production and Sales Figures; Announces Investor Conference Call
Thursday January 10, 5:13 pm ET
HOUSTON, Jan. 10, 2008 (PRIME NEWSWIRE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today provided preliminary fourth quarter production and sales figures. For the three months ended December 31, 2007, the company reported revenues of approximately $11.2 million, as compared to revenues of $8.9 million for the three months ended December 31, 2006.
ADVERTISEMENT
For the three months ended December 31, 2007, the company produced, from its South Alibek field in western Kazakhstan, approximately 223,100 barrels (``Bbls'') of crude oil, or an average of 2,425 Bbls per day (``Bopd''), as compared to 301,081 Bbls, or an average of 3,273 Bopd, for the three months ended December 31, 2006. For the three months ended December 31, 2007, the company sold (by physical delivery to purchasers) approximately 178,900 Bbls of crude oil at an average price of $65.88 per Bbl, as compared to 285,262 Bbls, at an average price of $32.98 per Bbl, for the three months ended December 31, 2006.
Transmeridian will host a conference call at 10:00 a.m. Central Standard Time on Monday, January 14, 2008, to discuss fourth quarter 2007 operating results and to discuss the merger agreement recently entered into between the company and an affiliate of the company's Chairman and Chief Executive Officer, Lorrie T. Olivier, to purchase all of the company's outstanding shares of common stock for a price of $3.00 per share. Individuals who wish to participate in the conference call may do so by dialing 1-800-625-6164 in the United States or +1-706-634-7078 outside of the United States. The conference leader will be Earl W. McNiel, Vice President and Chief Financial Officer of Transmeridian.
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.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in Transmeridian Exploration Incorporated's Annual Report on Form 10-K for the year ended December 31, 2006, as amended, and other filings with the Securities and Exchange Commission (SEC). Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
(713) 458-1100
Fax: (713) 781-65935847
tmei@tmei.com
www.tmei.com
San Felipe, Suite 4300
Houston, Texas 77057
More Than Momentum: Stocks Rising for a Reason
By Dave Mock January 9, 2008
1
Recommendation
Even on the market's worst days, buyout news or other short-term forces can send individual stocks up by 10%, 25%, even 50%. For example, when Transmeridian International offered $3 per share for public brethen Transmeridian Exploration (AMEX: TMY), the latter's stock jumped more than 40% in a single day.
But beyond one-time blips like this lie stocks with compelling reasons for their recent momentum -- provided you can find them. That's where Motley Fool CAPS comes in.
The story behind the story
CAPS is no crowd of lemmings; its best-performing investors' opinions do more to shape each company's rating than the picks of their poorer-performing peers. Let's use the collective wisdom of more than 80,000 CAPS investors to filter out the noise and find companies showing strong momentum. We'll screen for companies whose stock price is up at least 25% in the past month, with a market cap greater than $100 million and a beta of less than 3. That'll keep us clear of the wild, pump-and-dump land of penny stocks.
Here's a sampling of stocks our screen returned.
Company
CAPS Rating
(out of 5)
1-Month
Price Change
Superior Energy Services (NYSE: SPN)
*****
25.6%
Petrobras Energia Participaciones (NYSE: PZE)
*****
34.5%
Martek Biosciences
****
26.7%
Ultralife Batteries (Nasdaq: ULBI)
****
59.4%
DayStar Technologies
**
31.1%
Return data is calculated as the difference between the closing price on Dec. 7 and the closing price on Jan. 8, as per MSN Money's screen. Star ranking from CAPS. Data as of Jan. 8.
Let's sift further through this list of stocks that have thumped the market over the past month and find out why they've performed so well.
Battery backup
There's one macrotrend that has little chance of changing direction in the foreseeable future: The world is becoming more and more mobile. There's an increasing number of things that people expect to follow them as they move around, and all those things need batteries to keep them running. Ultralife Batteries develops customized batteries, along with the electronic and software smarts to power a wide range of mobile devices and applications.
Much like the Christmas present Ultralife got three years ago, a few large orders for advanced battery systems in military communication applications has shares all charged up lately. The orders promise more than $100 million in revenue to Ultralife, a significant boost to the $130.9 million in sales for the trailing 12 months at the firm. With the new business, the company now sees revenue in excess of $230 million for 2008.
With its more specialized focus on battery technology and systems, many investors believe Ultralife can stay above competition from low-cost producers such as China BAK Battery (Nasdaq: CBAK) while benefiting from some of the same macrotrends lifting both of them. Indeed, 95% of CAPS All-Stars who rated the stock see the company beating the S&P going forward.
Gas power
Another company riding the momentum of significant new business is oilfield services company Superior Energy. The firm announced a $750 million contract last week that will have the company decommission seven platforms off the Louisiana coast for BP (NYSE: BP), Chevron (NYSE: CVX), and Apache Corp., work that it believes will take three years. Considering that this is more than the company's total 2005 revenue, the new business has management and investors simply gushing.
Servicing the booming oil and gas industry, as well as having interests in petroleum properties itself, has made Superior live up to its name as an investment lately. The company has been diversifying its operations base over the last few years -- a move that has helped it continue impressive growth. And investors in CAPS largely believe the growth will continue, as 605 of the 608 investors rating the company believe it will outperform the general market in the future.
Ultimately, the only story that counts is your own. So what's yours? Whether you buy the tale of a soaring or a souring stock, your own research is more important than collective opinions. But these collective opinions make an individual's due diligence easier.
Red Flags at Transmeridian Exploration
posted on: January 06, 2008 | about stocks: TMY Print Email
After following this company like a hawk for 7 months, doing hours of initial and follow-up research, Transmeridian Exploration (TMY) has disappointed yet again.
On December 31, 2007, CEO Lorrie Oliver's Trans Meridian holding company "agreed" to buy out Transmeridian Exploration for $3/share if financing is approved. However, this deal will not be completed and Transmeridian will fall in a spiral as hope for a takeover may be permanently ended.
When I first heard about the deal, I was excited that my diligence had paid off, and that because of the "convenient" buyout date, there would be no price reset for warrants. This has led many investors to believe that this "buyout" is merely a delay for real bidding, and there are still foreign investors bidding on the real buyout price of Transmeridian for themselves.
However, these investors have become too emotionally attached to the performance of this stock, as Transmeridian (probably) could have written the deal with the same pullout clauses with the "real" buyer. Not to mention that a fake buyout is illegal (don't forget that).
This leads one to the question why Lorrie Oliver would lead a buyout of a company that has not made money, and seems to have no chance of doing so in the next few quarters, and more likely years. Assuming that the CEO knows more about his company than the public, and most likely more than an outside suitor, and because no one aims to lose money, why would he take private a company if he "knows" it is going to fail?
For Oliver, this company likely represents all his wealth, and has become over enthusiastic about either its drilling potential or its buyout potential. Perhaps he thinks that the price is much lower than it should be, and he will buy the company now cheap, sit on it, and hope more suitors come bidding higher than he paid. Another reason may be to cover his ineptness as a leader. This stock isn't even getting bought out at above its year high, when prospects have actually gotten better. Perhaps he is trying to avoid a lawsuit from shareholders who have watched their company get dumped on once again, and hopes once again a foreign suitor will bail him out.
As I wrote in my first article, Transmeridian has 67mm barrels of proven reserves and 210mm of probable reserves when calculated out, giving it a value much higher than its current value. However, these calculations were made under the assumptions that the oil would be pumped at levels that would only occur if its pumping system technology were upgraded, which would happen if it were taken over by a large oil company. Transmeridian needs to pump 4000 barrels of oil a day in order to remain profitable, supposedly, which means that they need to make $160,000 a day. They have only passes the 4000 benchmark once, two quarters ago, by pumping 5100 barrels a day. In that quarter, they were still unprofitable. This demonstration of possible profitability was simply to show potential suitors that their fields could be pumped profitably, yet no one bit. They failed to duplicate that performance the next quarter, and things look bleak. Production remains between 3300-3700 bpd, net losing money.
For Oliver and his group to complete a successful takeover, they need to convince a bank to lend them money. Assuming that they can even increase their max capacity to 6000 BPD immediately, think if you would lend to them. Here are the facts, would you lend? You are a bank suffering your biggest write-off in history due to subprime problems and now you are calling in all the loans you can. You know Transmeridian has never been profitable and is run by poor management. No outside suitor has bought it at this price, questioning if the CEO maybe has too much emotional interest for this company he has run into the ground. They will not only need to borrow the $825 million to buy the company, but will need to borrow more to upgrade to make it profitable. We will be very generous and only assume they need $100 million of improvements. So you need to make over $160,000 a day to be profitable. Now let's pretend over the next 20 years (which would be the duration of the supposed loan), oil prices stay exactly the same at $100 adjusted for inflation in this, the best oil market we have ever seen (of course this will happen right?), and we charge them for transporting $20 per barrel of oil, which is now costing them $60 per barrel. That means that they make 124mm in earnings per year. Given that they have minimal growth, their P/E is low…let's say 7. This makes the company worth $868 million total. He is paying $825 million ($925 million including upgrades), not including interest. Not only can he not pay the high interest that will accompany this risky loan, he cannot pay back the loan itself. Don't forget that this is under the most optimal conditions that I could imagine. Under more realistic conditions where oil averages $80 pb (Goldman est), same higher transport fees, P/E 7, the company looks to be worth $562 million.
This company has once again disappointed investors by failing to sell out to a foreign company. I give Oliver's takeover bid a 10% chance of succeeding. The only nice outcome for this troubled company is if a foreign company swoops in and buys it up after the stock drops when Oliver cannot get financing. Considering that there were supposedly other seriously interested companies, this could happen. However, considering that most international oil companies are sitting on mounds of cash right now, an extra 75 million to buy this company, were they really interested, should not have been enough to have turned them away. Chances of this happening are 1:3, and Transmeridian would not be bought for more than $2.5. If this company is left on its own after Oliver's pullout, watch it fall to hover around $1 until more takeover rumors start.
Given these calculations, Tranmeridian is currently worth $1.69 a share (.1*3+.33*2.5+.57*1), a definite sell as it hovers around $2. However, this largely takes into account that there is a 1/3 chance of ending up being bought by a foreign company; if this is not true, then the fair value per share is $1.2 (.1*3+.9*1).
buyout soon I think>>
NEW DELHI, Jul 24, 2007 (Dow Jones Commodities News)
ONGC Videsh Ltd., a wholly-owned unit of state run Oil & Natural Gas Corp. (500312.BY), hopes to buy stakes in overseas oil and gas exploration companies, the parent company´s chairman said Tuesday.
However, ONGC Chairman R. S. Sharma declined to comment on a media report that ONGC Videsh is considering buying U.S.-based Transmeridian Exploration Inc. (TMY).
"OVL (ONGC Videsh) keeps looking at various opportunities and this (Transmeridian) could be one of them. I can neither confirm nor deny the report," Sharma, also ONGC´s managing director, told reporters on the sidelines of an industry event.
On Monday, the Press Trust of India reported that ONGC Videsh, the overseas investment arm of ONGC, was mulling a takeover of US-listed oil firm Transmeridian, which controls 211 million barrels of reserves in Kazakhstan.
The company has completed preliminary due diligence on Transmeridian and is expected to decide soon, said the PTI report, quoting industry sources.
Houston-based Transmeridian has a 100% interest in CaspiNeft, which holds the license to the South Alibek field in Kazakhstan. The field is expected to produce 1 million barrels of oil per day, the PTI report said.
Lorrie Olivier, chief executive of Transmeridian, told analysts in a conference call on May 15 that both major Western companies and Asian companies had shown an interest in acquiring Transmeridian.
"One characteristic is they´re all interested in doing business in this part of the world. They are there now and want to be involved in that part of the world," Olivier said, according to a transcript of the conference call from news content provider Voxant.
Insiders buying..100K nice
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001179110%2D07%2D015361%2Etxt&FilePath...
Nice couple of days! http://stockcharts.com/h-sc/ui?s=tmy
TMY - been buying since the bottom. Should blow past 2 by tomorrow IMO. see my post on it here from last week: http://investorshub.advfn.com/boards/read_msg.asp?Message_id=21289924&txt2find=tmy
takeover of TMY on way?
see here:
http://www.business-standard.com/common/storypage_c_online.php?leftnm=11&bKeyFlag=IN&autono=...
Thursday's Early Winners & Losers
http://www.thestreet.com/_yahoo/newsanalysis/winners/10331881.html?cm_ven=YAHOO&cm_cat=FREE&...
Transmeridian Exploration Announces Signing of 25-Year Production Contract for South Alibek
Wednesday January 10, 3:58 pm ET
HOUSTON, Jan. 10, 2007 (PRIME NEWSWIRE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that its 25-year production contract for the South Alibek field has been signed and officially registered by the governmental authorities in Kazakhstan. The contract initially covers the approved 3,500 acre commercial area within the 14,000 acre South Alibek license area. All of the Company's 72.9 million barrels of proved net reserves identified in its December 31, 2005 reserve report, as well as approximately half of the additional 108.2 million barrels of probable net resources, are located within the 3,500 acre commercial area. Under the Company's exploration contract, which extends through April 2009, the Company has the right to continue exploration activities within the license area and increase the size of the commercial area subject to the long-term production contract.
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``Finalization of our long-term production contract has been expected for some time,'' commented Lorrie T. Olivier, President and Chief Executive Officer. ``Now that it has been received, we can continue to move forward with our full scale development plans to exploit the resources contained in the South Alibek license area.''
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.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in Transmeridian Exploration Incorporated's Annual Report on Form 10-K for the year ended December 31, 2005, as amended, and other filings with the Securities and Exchange Commission (SEC). Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. The Company discloses proved reserves in its annual filings that comply with SEC definitions. The use of the terms ``reserves'' or ``resources'' in this press release may include quantities of oil that are not yet classified as proved according to SEC definitions and which SEC guidelines may not allow us to include in filings with the SEC.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
(281) 999-9091
Fax: (281) 999-9094
tmei@tmei.com
www.tmei.com
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
Transmeridian Exploration Provides Update on Production and Operations in South Alibek Field
Wednesday November 8, 9:27 am ET
HOUSTON, Nov. 8, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) is providing the following update in connection with its third quarter earnings release and earnings conference call.
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Field Production
The South Alibek field is currently producing at a flow rate of 4,100 bopd from eight wells. This flow rate includes the recently completed SA-16, which received an acid stimulation over the weekend and has been placed on production. The well is still cleaning up and, based on similar wells in the field, we expect the SA-16 oil flow rate to increase following cleanup and then decline somewhat to a stabilized flow rate. The effects of this decline should be more than offset by the recently completed SA-13 and SA-21, which as previously announced in our October 27 press release, are scheduled to be acid stimulated and commence production within the next two weeks. The currently producing well count excludes the SA-5 and SA-12, which are shut-in and anticipated to be recompleted in December as further discussed below.
Drilling/Development Program
As detailed in our Annual Report on Form 10-K, the reservoir rock in the KT1 and KT2 formations is composed of fractured carbonates. Through analysis and study of the data gathered from our drilling program and production to date, we have determined that the nature of these reservoirs in our license area is characterized by a vertical fracture system and that the hydrocarbons in place flow much more freely through the fracture system than through the reservoir rock itself. We believe that our most productive wells are those in which connections have been made between the well bore and the fracture system, either by drilling directly into a fracture or by creating a path with acid stimulation. In order to maximize the productivity of each well bore and increase the probability of intersecting the fractures, some current wells will be recompleted as laterals by drilling horizontally several hundred feet through the target formations. Subject to equipment availability, most future wells will be drilled as high-angle deviated wells in order to purposely intersect the vertical fracture system.
The SA-5, which had been producing from the KT2 formation at a low rate with an electric submersible pump, will be recompleted in the KT2 as a lateral well. The SA-12, which shows good development by log analysis in the KT1, will be recompleted laterally in that formation. These recompletions are expected to occur in December, subject to our success in sourcing the necessary directional drilling equipment.
In addition, as previously reported, we determined to continue drilling the SA-K1 well, which was originally planned as a KT1 completion, to the KT2 formation. Logs indicate the presence of the expected oil-bearing zones in the KT1 reservoir. However, as an operational strategy, it is desirable to have the flexibility to complete in either the KT1 or KT2 reservoirs. In addition, information from well SA-16 in this southern area of the field indicates that the KT2 should be quite attractive in this location. The well is expected to be completed as a vertical well bore and placed on production in early December. The SA-K2 well, which is currently drilling at approximately 6,900 feet with a programmed depth of 9,800 feet, is expected to be completed in the KT1 formation and placed on production in December.
``To date, we have been guided to a large extent by the development program followed by our next door neighbors in Alibekmola using vertical completions and acid stimulations, and are seeing comparable results,'' stated Lorrie T. Olivier, President and Chief Executive Officer. ``We have some wells that produce over 1,000 bopd and others that produce 200 bopd. However, with all the work we have done, we have gained a much greater understanding of our reservoirs,'' Olivier continued. ``We believe we can more efficiently extract the oil and maximize return to our shareholders through the use of lateral completions and high-angle deviated wells. This is a commonly used technique in carbonates and other highly fractured formations throughout the world, including the Austin Chalk, Williston Basin, North Sea and the Middle East.''
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.
AOOR: Apollo Drilling Deploys First Rig
Tuesday October 10, 12:47 pm ET
DALLAS--(BUSINESS WIRE)--Siam Imports, Inc., dba Apollo Drilling. Inc. (OTCBB:SIMP - News), today announced that it has deployed its first drilling rig to the Brockman 37-7 well site on the Brockman Ranch lease in Sutton County, TX, approximately 35 miles north of Rocks Springs, TX.
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The rig is under contract with Mex Tex Operating Company and is scheduled to drill 12 natural gas wells on the location of the Brockman Ranch lease. The contract depths of each well will vary from 3,600 to 4,400 feet per well, and the parties estimate that each well will take between 6 to 10 days to complete.
Apollo Drilling, Inc. is a public company focused on providing contract land drilling services to upstream oil and gas exploration, development, and production companies. The Company is a majority owned subsidiary of Apollo Resources International, Inc. (OTCBB:AOOR - News)
Contact:
Apollo Resources International, Inc., Dallas
Investor Contact
Doug Jones, 214-522-0915
--------------------------------------------------------------------------------
Source: Apollo Resources International, Inc.
TMY: Transmeridian Exploration Receives Two-Year Extension of South Alibek Exploration Contract
Tuesday October 10, 3:54 pm ET
HOUSTON, Oct. 10, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that it has received a two-year extension of its exploration contract for the South Alibek Field in Kazakhstan. The contract, which would have expired in April 2007, has now been extended to April 29, 2009. As a result of the extension, the Company will have two additional years to conduct exploration activities within its 14,000 acre South Alibek license area and increase the 3,500 acres currently approved as the commercial area for the South Alibek Field. The minimum work program under the extension is approximately $28 million, which includes the drilling of four additional wells.
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``This extension is an important step in our continuing exploration and development of the South Alibek Field,'' commented Lorrie T. Olivier, President and Chief Executive Officer. ``We now have until April 29, 2009 to add reserves to the approved commercial area, which could significantly increase the overall net present value of the Field to the Company. The program to drill exploratory wells will be integrated with the previously announced expansion of our development drilling program, which is currently utilizing five drilling rigs.''
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.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
(281) 999-9091
Fax: (281) 999-9094
tmei@tmei.com
www.tmei.com
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
--------------------------------------------------------------------------------
TMY: Transmeridian Exploration Acquires Interest in Russian Oilfield
Monday September 11, 1:58 pm ET
HOUSTON, Sept. 11, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that it has acquired a 50% interest in the Gasha field from a private Russian investor group. The field is located onshore in the Republic of Dagestan, an autonomous region within Russia along the northwestern Caspian Sea shoreline. The Company paid $2.5 million to acquire 50% of the share capital of a privately held Russian company (DNK LLC) that owns the license to the field and entered into a joint operations agreement with the other shareholder for all future petroleum operations within Dagestan. In addition, the Company advanced the venture $1.0 million to retire existing indebtedness and agreed to fund one hundred percent of the costs up to $4.0 million of drilling an extended-reach well and conducting a 3-D seismic survey. These advances will be recovered on a preferential basis from the cash surpluses generated by operations. Remaining cash needs will be funded on a joint basis.
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Russian government data indicates reserves for the Gasha field of approximately 11.0 million barrels of oil. The Company is also working with the same investor group to include the nearby Selli field in the venture, with reserves based on Russian government data of approximately 14.6 million barrels of oil. Both of the fields, which are not currently producing, were active during the Soviet era and are located close to existing oil and gas pipeline infrastructure and transportation networks.
``The acquisition of these two fields is consistent with our strategy of acquiring fields with proved or probable reserves, low entry costs and significant upside potential,'' commented Lorrie T. Olivier, President and Chief Executive Officer. ``Based on data we have reviewed and technology now available, we believe the total recoverable resources in both fields may be substantially greater than existing government estimates. We plan to re-establish production over the coming year and to increase reserves and production capacity through a program of workovers, re-completions into previously unexploited intervals and new drilling, applying improved oilfield techniques and equipment. As part of this effort, Gasha well No. 28 was recently re-entered and productive levels of hydrocarbons were encountered in the Foraminiferal interval, a zone that had not previously been evaluated or considered in resource potential estimates. In addition, through our investment in DNK, we believe we are well-positioned to take advantage of additional opportunities in Dagestan as they come available.''
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.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in Transmeridian Exploration Incorporated's Annual Report on Form 10-K for the year ended December 31, 2005, as amended, and other filings with the Securities and Exchange Commission (SEC). Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. The Company discloses proved reserves in its annual filings that comply with SEC definitions. The use of the terms ``reserves'' or ``resources'' in this press release may include quantities of oil that are not yet classified as proved according to SEC definitions and which SEC guidelines may not allow us to include in filings with the SEC.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
(281) 999-9091
Fax: (281) 999-9094
tmei@tmei.com
www.tmei.com
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
This is huge for TMY and I am adding...3,100 bpd now and in 6 months they will be at 10,000bpd...That is huge IMO...GLTA
Transmeridian Exploration Achieves Production Milestone
Friday September 1, 12:40 pm ET
HOUSTON, Sept. 1, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that it had achieved daily production of approximately 3,100 barrels of oil from its South Alibek field in Western Kazakhstan following the acid stimulation of two previously drilled wells. The two wells are part of an ongoing workover program using high-volume/high-velocity acid stimulations of previously completed wells to increase production rates from those wells. At least two additional wells are scheduled for acid stimulation in September 2006.
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``We are very pleased with the results from the first two wells in the workover program,'' commented Lorrie T. Olivier, President and Chief Executive Officer. ``Although our production rate will fluctuate somewhat as wells are taken offline for stimulation, we expect a similar increase in production from the next two workovers. Together with the four wells currently being drilled, which are scheduled for completion in late September and early October, and with at least five more wells to be completed within the next six months, we are well on the way to achieving our target production rate of more than 10,000 bopd from the South Alibek field within that time period.''
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea region.
For more information please contact the following:
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
Phone: (281) 999-9091
Fax: (281) 999-9094
E-mail: tmei@tmei.com
Website: http://www.tmei.com
Transmeridian Announces Extension of Exchange Offer for Senior Secured Notes Due 2010
Tuesday July 18, 8:02 pm ET
HOUSTON, July 18, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that Transmeridian Exploration Inc., the Company's wholly owned British Virgin Islands subsidiary (``TEI''), has extended to 5:00 p.m., New York City time, on July 21, 2006 (unless further extended) its exchange offer of $290 million aggregate principal amount of its Senior Secured Notes due 2010 registered under the Securities Act of 1933 for all $290 million aggregate principal amount of its outstanding Senior Secured Notes due 2010 sold in December 2005 and May 2006 pursuant to Regulation D under the Securities Act of 1933. TEI does not currently intend to extend the expiration date for the exchange offer beyond such date.
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The exchange offer had been scheduled to expire at 5:00 p.m., New York City time, on July 18, 2006. As of 5:00 p.m., New York City time, on July 18, 2006, approximately $279 million aggregate principal amount of notes (out of $290 million aggregate principal amount outstanding) had been tendered in the exchange offer.
Holders of notes who do not tender before 5:00 p.m., New York City time, on July 21, 2006, will continue to hold unregistered securities and will have no right to compel the registration of their notes under the Securities Act of 1933.
This announcement is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase any securities. The exchange offer is being made solely by TEI's prospectus, dated June 12, 2006, with respect to the exchange offer and the related letter of transmittal. Copies of the prospectus and letter of transmittal may be obtained from The Bank of New York, the exchange agent for the exchange offer, Reorganization Section, 101 Barclay Street, New York, New York 10286, Attn: David A. Mauer, (212) 815-3687. This announcement amends and supplements the prospectus and letter of transmittal with respect to the matters described above. All other terms and conditions of the exchange offer as set forth in the prospectus and letter of transmittal remain in full force and effect.
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea region.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in TMEI's Annual Report on Form 10-K for the year ended December 31, 2005, as amended, and other filings with the Securities and Exchange Commission. Although TMEI believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by TMEI or any other person that the objectives and plans of TMEI will be achieved.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
(281) 999-9091
Fax: (281) 999-9094
tmei@tmei.com
www.tmei.com
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
Coverage initiated on Transmeridian Exploration by Jefferies & Co
Transmeridian Provides Update On Operations in South Alibek Field; Signs Gas Utilization Contract
Monday June 19, 3:52 pm ET
HOUSTON, June 19, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that well SA-11 has commenced production at a flowrate of approximately 1,400 bopd. Combined production from the seven wells currently producing including the SA-11 is approximately 2,600 bopd. The Company expects to commence production from well SA-12 later this month following perforation and acid stimulation using the dedicated workover rig. Completion of the SA-12, together with results from the ongoing recompletion and restimulation program, is expected to bring total field production to in excess of 3,000 bopd. The drilling rigs used on SA-11 and SA-12 have been mobilized to locations for SA-16 and SA-13, and drilling has begun. Additionally, drilling is expected to start on wells SA-21 and SA-K1, the first planned KT1 well, in the next week using two newly arrived rigs.
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Drilling Program
The pace of drilling activity increased significantly in June, with the arrival of the Sun No. 5 and No. 7 drilling rigs, which were contracted in April as previously announced. These are the third and fourth drilling rigs operating in South Alibek, joining the Great Wall No. 18 and No. 24. The fifth drilling rig is expected to be mobilized to the field in mid-third quarter 2006 and will be used to drill KT2 development wells. In addition, the Company is attempting to source a sixth rig later this year, which together with the Sun No. 5 will be dedicated to drilling KT1 development wells.
SA-11 reached its total depth of 12,400 feet on April 23 after 84 days of drilling, a field record time. The well was completed as a KT2 producer by perforating and acid stimulating approximately 137 feet in the KT2. SA-11 is located approximately 1,700 feet southwest of SA-5.
SA-12 reached its total depth of 12,800 feet on May 6 after 95 days of drilling. This well is being completed as a KT2 producer by initially perforating and acid stimulating approximately 57 feet in the KT2. SA-12 is located on the western flank of the field, 1,870 feet southwest of SA-11 and approximately 2,000 feet northwest of SA-14.
SA-16 and SA-13 were spudded on May 29 and June 13, respectively, both with a programmed total depth of 12,500 feet. The SA-16 is a development location on the southwestern flank of the field, approximately 2,000 feet southwest of SA-3. The SA-13 is a development well location on the western flank of the field, approximately 1,500 feet northwest of SA-11. If successful, both wells are expected to provide additional proved reserves in the KT1 and KT2.
The drilling of the first KT1 development well, SA-K1, is planned to commence by in the next few days using the Sun No. 5 rig, with a programmed total depth of 9,800 feet. The SA-K1 is a development well located approximately 1,000 feet midway between SA-3 and SA-17.
The fourth drilling rig in the field, Sun No. 7, has been mobilized to the SA-21 development well location. The well has a programmed depth of 12,500 feet and is expected to spud within the next five days. The SA-21 is in a crestal position in the field and is located 1,500 feet south of SA-1.
Workovers
The newly contracted workover/completion rig (Sun No. 11) commenced operations in May with a recompletion of well SA-3 to reset the packer and perform a large-scale, high-concentration acid stimulation treatment. The program called for a high-pressure, high-velocity injection of 24% acid into the opened zones, but the contractor could not provide the high pressure required for the optimum acid stimulation due to a seal leak at the wellhead. We continue to work with our contractors to ensure optimal results in future wells.
The workover rig then moved to SA-11 followed by the SA-12 for the perforation and acid stimulation of these new wells in the KT2. Following SA-12, the wells next in line for acid stimulation are the SA-15, which was completed in February 2006 but has not yet been acid stimulated, and previously completed wells SA-14 and SA-17. The SA-2 is shut-in awaiting replacement of its submersible pump, while the SA-5 will undergo a test evaluation with a submersible pump. All the previously drilled wells are under a rigorous review to maximize production output.
Production Facilities and Pipeline Interconnection
Work has recommenced on the Central Production Facility (CPF). The local contractor is working with an internationally recognized engineering and project management group to expedite the completion. Additionally, a major contract has been awarded for the installation of fifteen sets of flow lines for the new well locations, which will expedite the placing on production of the wells completed later this year. A separate contract has been awarded for the fabrication of the metering and pumping facilities to make the interconnection to the KazTransOil pipeline, which is located approximately 1,500 meters from the CPF. It is intended that the CPF be operational in the fourth quarter 2006, allowing direct oil export by pipeline.
Gas Utilization Contract
The Company has entered into an agreement for the sale of produced gas from the South Alibek field. The contractor will construct and own the gas gathering and handling facilities and is required to have the facilities operational within 18 months from the receipt of certain design criteria. With the execution of this contract, the Company will meet the Kazakhstan government's requirement to submit a gas utilization plan for approval before July 1, 2006.
``We have made significant personnel and management changes at the field level and in Houston to focus our efforts on meeting previously stated production targets,'' stated Lorrie T. Olivier, President and Chief Executive Officer. ``In addition to the appointment of a new Chief Operating Officer, we have hired experienced marketing, drilling and completions specialists and we have procured the equipment-three additional drilling rigs and a dedicated completion rig-to increase our drilling and completion rate to 4-5 wells per quarter. Finally, we have mobilized several construction teams to build gathering facilities over the field area and complete the production and pipeline delivery systems by the fourth quarter to accommodate our expected ramp up in production.''
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea region.
For more information please contact the following:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
Phone: (281) 999-9091
Fax: (281) 999-9094
E-mail: tmei@tmei.com
Website: http://www.tmei.com
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in TMEI's Annual Report on Form 10-K for the year ended December 31, 2005, as amended, and other filings with the Securities and Exchange Commission. Although TMEI believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by TMEI or any other person that the objectives and plans of TMEI will be achieved.
Contact:
Transmeridian Exploration Incorporated
(281) 999-9091
EnerCom, Inc. Announces Presenting Companies for The Oil & Gas Conference(R) August 13 - 17, 2006
Tuesday June 20, 12:01 pm ET
DENVER, June 20 /PRNewswire/ -- EnerCom, Inc. announced today the lineup for The Eleventh Oil & Gas Conference(TM), www.theoilandgasconference.com. The Conference, held in Denver Aug. 13-17, 2006, is the largest energy investment conference hosted in Denver, showcasing more than 90 companies with a combined enterprise value of more than $300 billion. This premier forum offers institutional investors, energy research analysts, retail brokers, investment bankers, energy industry professionals and high-net-worth individual investors a unique opportunity to meet and discuss important topics concerning the global oil and gas industry over five days. Participating industry leaders and key management from micro-cap to billion-dollar-plus companies in the global energy exploration, production and service sectors will discuss their future plans, opportunities and industry trends.
EnerCom, Inc. founded The Oil & Gas Conference® in 1996. Co-hosts for this year's events include: the American Stock Exchange®; Calyon Corporate Investment Bank; Netherland Sewell & Associates; Natexis Bleichroeder Inc.; Rivington Capital Advisors, LLC; Fortis Capital Corp.; First Albany Capital Inc.; Hein & Associates LLP; and Petrie Parkman & Co. This year's line-up for The Eleventh Oil & Gas Conference(TM):
Sunday, August 13, 2006
Golf at Arrowhead Golf Club
Monday, August 14, 2006
Apache Corporation (NYSE: APA - News)
Bill Barrett Corporation (NYSE: BBG - News)
Cheniere Energy (Amex: LNG - News)
Chesapeake Energy (NYSE: CHK - News)
Cimarex Energy (NYSE: XEC - News)
Core Laboratories (NYSE: CLB - News)
Endeavour International (Amex: END - News)
EnerCom, Inc.
Hercules Offshore (Nasdaq: HERO - News)
MarkWest Energy Partners (Amex: MWE - News)
NATCO Group Inc. (NYSE: NTG - News)
Natexis Bleichroeder
NGP Capital Resources (Nasdaq: NGPC - News)
Petrie Parkman & Co.
PetroFalcon Corporation (TSX: PFC - News)
Petroleum Development Corporation (Nasdaq: PETD - News)
PetroQuest Energy (Nasdaq: PQUE - News)
Quest Resource (Nasdaq: QRCP - News)
St. Mary Land & Exploration (NYSE: SM - News)
Storm Cat Energy (Amex: SCU - News)
Westside Energy (Amex: WHT - News)
Whiting Petroleum (NYSE: WLL - News)
Tuesday, August 15, 2006
American Stock Exchange
Calyon Securities (USA), Inc.
Canadian Natural Resources (NYSE: CNQ and TSX: CNQ)
Canadian Superior Energy (Amex: SNG and TSX: SNG)
Carrizo Oil & Gas (Nasdaq: CRZO - News)
Flotek Industries (Amex: FTK - News)
Gasco Energy (Amex: GSX - News)
Helmerich & Payne (NYSE: HP - News)
Houston Exploration (NYSE: THX - News)
Kodiak Oil & Gas (TSX.V: KOG and OTCPK: KOGGF)
Lone Star Technologies (NYSE: LSS - News)
Michael Baker Corp. (Amex: BKR - News)
Newpark Resources (NYSE: NR - News)
Nexen Inc. (NYSE: NXY and TSX: NXY)
Parallel Petroleum (Nasdaq: PLLL - News)
Petsec Energy (ASX: PSA and OTCPK: PSJEY.PK)
Questar Corp. (NYSE: STR - News)
Range Resources (NYSE: RRC - News)
Swift Energy (NYSE : SFY - News)
The Exploration Company (Nasdaq: TXCO - News)
Ultra Petroleum (Amex: UPL - News)
Universal Compression (NYSE: UCO - News)
Venoco Inc.
Wednesday, August 16, 2006
Company-hosted breakfast tables
ATP Oil & Gas (Nasdaq: ATPG - News)
Berry Petroleum (NYSE: BRY - News)
Cabot Oil & Gas (NYSE: COG - News)
Compton Petroleum Corporation (NYSE: CMZ and TSX: CMT)
Contango Oil & Gas (Amex: MCF - News)
Delta Petroleum (Nasdaq: DPTR - News)
Denbury Resources (NYSE: DNR - News)
Infinity Energy Resources (Nasdaq: IFNY - News)
GEOCAN Energy (TSX: GCA - News)
Goodrich Petroleum (NYSE: GDP - News)
Petrohawk Energy (Nasdaq: HAWK - News)
Netherland Sewell & Associates, Inc.
RPC, Inc. (NYSE: RES - News)
Syntroleum Corp. (Nasdaq: SYNM - News)
Talisman Energy (NYSE: TLM and TSX: TLM)
Teton Energy (Amex: TEC - News)
Transmeridian Exploration (Amex: TMY - News)
Unit Corporation (NYSE: UNT - News)
XTO Energy (NYSE: XTO - News)
Thursday, August 17, 2006
BPZ Energy (OTC BB: BPZI - News)
CanArgo Energy (Amex: CNR - News)
EnCana Corporation (NYSE: ECA and TSX: ECA)
Gastar Exploration (Amex: GST - News)
Grey Wolf (Amex: GW - News)
Nabors Industries (Amex: NBR - News)
Newfield Exploration (NYSE: NFX - News)
NGAS Resources (Nasdaq: NGAS - News)
Rosetta Resources (Nasdaq: ROSE - News)
Southwestern Energy (NYSE: SWN - News)
Superior Energy Services (NYSE: SPN - News)
TrueStar Petroleum (TSX.V: TPC)
VAALCO Energy (Amex: EGY - News)
Western Gas Resources (NYSE: WGR - News)
About EnerCom, Inc.
EnerCom, Inc. is a nationally recognized leader of specialized corporate communications consulting including investor relations, media relations, graphic design, financial advertising, and business development and analysis. Founded in 1994, EnerCom uses the team concept for its wide range of services to emerging companies, and small to large public companies engaged in the global exploration and production, oilservice, and associated advanced- technology industries. Headquartered in Denver, with an office in Houston, EnerCom works successfully with its clients throughout the world increasing their shareholder value.
For more information about EnerCom and its services, please call:
Gregory B. Barnett, President
303-296-8834 or visit www.enercominc.com
About the American Stock Exchange
The American Stock Exchange® (Amex®) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex® is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex® lists 166 ETFs to date. The Amex® is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.
To learn more, call John McGonegal, Senior Vice President, Equities, at 212-306-1652, or visit www.Amex.com.
About Calyon Corporate & Investment Bank
Calyon is the corporate and investment banking subsidiary of the Credit Agricole Group, France's largest bank and one of the world's largest with its approximately $1 trillion in assets. Calyon is AA-/Aa2 rated, and came into existence in April 2004 with the consolidation of Credit Agricole Indosuez and the corporate and investment banking division of Credit Lyonnais. Calyon ranks among the top ten foreign banks in the U.S., and has offices in New York, Chicago, Los Angeles, Dallas, and Houston. In addition, Calyon has another North American presence in Montreal, Canada, and a Latin American presence in Mexico, Brazil, Chile, and Argentina.
Calyon is headquartered in Paris, France and has offices in 55 countries. It has assets of approximately $380 billion and is a global leader in structured financing, interest rate and credit derivatives, U.S., European and Asian equities, futures and foreign exchange, as well as syndicated lending and fixed income.
In the Americas, Calyon provides the latest in financial products and services for its corporate and institutional clients, including OTC commodity derivatives, loan syndication, project financing, global equity research and trading, debt capital markets, and conduit securitization.
Specializing in this sector for over 100 years, Energy represents the single largest concentration of industry exposure at Calyon. Calyon focuses on all segments of the business and covers it on a truly global basis. The Bank's Energy practice for the U.S. is located in Houston, Texas.
Calyon Securities (USA) Inc., an indirect subsidiary of Calyon, is a global full service institutional and self-clearing broker-dealer. It is a member of NYSE, NASD, and ISE as well as all major global clearing organizations.
For more information contact:
Dennis Petito, Managing Director, Energy Power and Pipelines, Calyon Securities (USA) Inc.
713-890-8601
Carin Dehne Kiley, CFA, Vice President & Senior Analyst, Calyon Securities (USA) Inc.
212-408-5872
About Netherland, Sewell & Associates, Inc.
Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. NSAI has conducted reserve certifications, technical studies, economic evaluations, and advisory work for fields throughout the world. An NSAI report honors the data and industry reserve definitions to give a full and fair inventory of reserves and cash flow. Each report is based on sound judgment, broad experience, technical expertise, and accepted practices. We have integrated teams of engineering, geologic, geophysical, petrophysical and operational experts in our Dallas and Houston, Texas offices. Our clients get the NSAI name and our team of experts. We believe they get the very best. To learn more about Netherland Sewell & Associates, please visit www.netherlandsewell.com.
For more information call:
Frederic D. Sewell, Chairman, Netherland, Sewell, & Associates, Inc.
214-969-5401
C. Scott Rees, President, Netherland, Sewell, & Associates, Inc.
214-969-5401
About Natexis Bleichroeder Inc.
Natexis Bleichroeder provides its institutional clients with brokerage services, order execution, share lending-borrowing, electronic order transmission and corporate finance. It also plays a significant role in the primary market.
Natexis Bleichroeder boasts a stand-out position in an ever changing financial environment. Its operational bases in Paris, New York and London spur international distribution and transatlantic research, further buttressed by a joint agreement with DZBank in Frankfurt (Germany) signed in 2003 to distribute its research.
In all its dealings, Natexis Bleichroeder strives first and foremost to provide its customers with quality global service.
For more information, contact:
Geoff Collier, 212-698-3050, or visit www.natexisblr.us
About Rivington Capital Advisors, LLC
Rivington Capital Advisors, LLC ("RCA") is an independent advisory firm providing services to small and medium-sized energy companies ("issuers") and the financial institutions investing in these sectors ("investors"). Advisory services include arrangement and execution of all forms of private debt and equity placements, merger, acquisition, divestiture and financial due diligence assistance, derivative and hedging assistance, reorganization, recapitalization and corporate valuation work. RCA principals have extensive experience in sourcing, structuring, negotiating and closing transactions for issuers and investors.
For additional information, contact:
Scott A. Logan, Co-founder, Rivington Capital Advisors, LLC
303-225-0880 or visit www.rivingtoncap.com
About Fortis Capital Corp. and Fortis Securities LLC
Fortis Capital Corp. and Fortis Securities LLC are the U.S. subsidiaries of the Fortis Group's Merchant Banking activities. Within specialized industry sectors, Fortis' objective is to meet the strategic financial needs of its clients both in the U.S. and worldwide. Fortis provides a full range of financial products and services for its corporate and institutional clients including corporate lending, loan syndication, capital markets and advisory, financial and energy derivative products and securitization. In addition to a long-standing commitment to the oil & gas and offshore & oilfield services markets, Fortis maintains industry specialties in shipping, power & utilities, intermodal, commodities, aerospace, media & telecom, food & beverage, paper & packaging, and retail. Fortis Capital Corp. has offices in New York, Chicago, San Francisco, and Dallas.
The Fortis Group, which is headquartered in Brussels, Belgium, is a global financial organization that has leading practices in all facets of banking and insurance. As of December 31, 2005, the Fortis Group had total assets of 729 billion Euros and more than 54,000 employees. In Fortune Magazine's July 2005 rankings, the Fortis Group was ranked 2nd among the world's largest financial institutions based on total revenues. The Fortis Group's banking subsidiaries carry AA- / Aa3 ratings by S&P and Moody's, respectively.
For more information contact:
Deirdre Sanborn, Senior Vice President, Global Oil & Gas
214-953-9304
Joe Maxwell, Senior Vice President, Offshore & Oilfield Services
212-340-5377
About First Albany Capital Inc.
First Albany Capital Inc., an independent, institutional investment banking, sales and trading boutique, serves the growing corporate middle market, major government agencies and public institutions by providing clients with focused expertise and strategic, research-based, innovative investment opportunities. First Albany's focus is identifying investments with the ability for sustained growth and significant upside, and in providing value- added advice and superior execution to fulfill client needs.
For more information, contact:
James A. Hansen, Managing Director, Head of Energy Investment Banking, First Albany Capital
713-513-6149
www.fac.com
About Hein & Associates LLP
Hein & Associates LLP is one of the few full-service accounting and business advisory firms in the nation with a primary market niche in the oil and gas industry. For more than 25 years, we have provided a comprehensive array of professional services for public and private companies of all sizes, including:
* Financial Statement Audit & Review
* SEC Reporting
* Sarbanes-Oxley Compliance
* Tax Planning & Consulting
* Litigation/Valuation Advisory Services
Our professionals serve as resources for the business community both nationally and internationally from our office locations in Denver, Houston, Dallas, and Southern California. We regularly conduct seminars and roundtables, as well as publish articles on a variety of topics affecting the industry.
Hein & Associates LLP partners communicate regularly with public company policy-makers as members of the (1) Executive Committee of the Center for Public Company Audit Firms, and (2) Financial Accounting Standards Advisory Council. These groups provide access to the PCAOB, the SEC, FASB and other regulators for public companies. We remain on the cutting edge of important changes affecting public companies and can provide a forum for clients' questions and concerns.
For more information, contact:
Larry Unruh, Managing Partner
(303) 298-9600
www.heincpa.com
About Petrie Parkman & Co.
Founded in 1989, Petrie Parkman's business purpose is to provide competitively superior advisory and transaction services. Priorities of the firm are to emphasize execution skills through the application of experience and judgment, and to provide continuity of interface to facilitate long-term relationships. By maintaining these priorities, Petrie Parkman has established a position as the most effective advisor for the implementation of strategic alternatives, execution of transactions and pursuit of investment objectives. Petrie Parkman's 52 professionals operate from offices in Houston, Denver and London.
For more information about Petrie Parkman & Co., please contact:
Thomas A. Petrie, Founder and Chief Executive Officer or Steven R. Enger, Director of Research at (303) 292-3877 or visit www.petrieparkman.com
Transmeridian Well Begins Production
Monday June 19, 4:21 pm ET
Transmeridian Exploration Begins Production at Seventh Well in Kazakhstan
HOUSTON (AP) -- Transmeridian Exploration Inc., which develops oil reserves in the Caspian Sea region, said Monday it has begun production at its SA-11 well in Kazakhstan, with output of about 1,400 barrels of oil daily.
The company said the combined production of its seven wells in the South Alibek field is now about 2,600 barrels of oil daily. Transmeridian expects to begin production at another well later this month, to bring total production over 3,000 barrels of oil per day.
The company also said it has struck an agreement for the sale of produced gas from the South Alibek field, allowing it to meet a July 1 deadline from the Kazakhstan government to submit a gas utilization plan. Under the agreement, an undisclosed contractor will build and own the gas gathering and handling facilities.
Terms of the agreement undisclosed.
Shares of Transmeridian Exploration fell 5 cents to $4.71 on the American Stock Exchange.
Transmeridian Announces Commencement of Exchange Offer for Senior Secured Notes due 2010
Thursday June 15, 1:20 pm ET
HOUSTON, June 15, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that Transmeridian Exploration Inc., the Company's wholly owned British Virgin Islands subsidiary (``TEI''), has commenced its exchange offer of $290 million aggregate principal amount of its Senior Secured Notes due 2010 registered under the Securities Act of 1933 for all $290 million aggregate principal amount of its outstanding Senior Secured Notes due 2010 sold in December 2005 and May 2006 pursuant to Regulation D under the Securities Act of 1933.
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The exchange offer will expire at 5:00 p.m., New York City time, on July 18, 2006, unless extended. This announcement is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase any securities. The exchange offer is being made solely by TEI's prospectus, dated June 12, 2006, with respect to the exchange offer and the related letter of transmittal. Copies of the prospectus and letter of transmittal may be obtained from The Bank of New York, the exchange agent for the exchange offer, Reorganization Section, 101 Barclay Street, New York, New York 10286, Attn: David A. Mauer, (212) 815-3687.
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea region.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in TMEI's Annual Report on Form 10-K for the year ended December 31, 2005, as amended, and other filings with the Securities and Exchange Commission. Although TMEI believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by TMEI or any other person that the objectives and plans of TMEI will be achieved.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
(281) 999-9091
Fax: (281) 999-9094
tmei@tmei.com
www.tmei.com
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
Transmeridian Exploration Names COO
Friday June 9, 4:44 pm ET
Transmeridian Exploration Names Alan Halsey Chief Operating Officer
HOUSTON (AP) -- Transmeridian Exploration Inc., which develops oil reserves in the Caspian Sea region, on Friday said it appointed Alan Halsey, 56, as its chief operating officer and vice president on Monday, June 5.
In the newly created role of chief operating officer, Halsey will lead the company's drilling campaign in Kazakhstan and hold responsibility for production, operations, technical services, geology and marketing worldwide.
Most recently, Halsey managed private investments and worked with a family owned construction materials business.
Transmeridian Exploration shares closed down 25 cents, or 4.6 percent, at $5.20 on the American Stock Exchange. The stock has ranged between $1.76 and $7.25 over the past 52 weeks.
Transmeridian Exploration Investor Presentation Frankfurt, Germany
Tuesday June 6, 12:50 pm ET
HOUSTON, June 6, 2006 (PRIMEZONE) -- Transmeridian Exploration, Inc. (AMEX:TMY - News) announced today that the company will be hosting an investor presentation in Frankfurt, Germany on Thursday, June 8th. The presentation will be held 3:00 pm - 6:00 pm at the Frankfurter Gesellschaft fur Handel, Industrie und Wiessenschaft e.V. located in Villa Bonn, Siesmayerstrasse 12, Frankfurt 60323 Germany.
About Transmeridian Exploration, Inc.
Transmeridian Exploration, Inc. 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 medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in Kazakhstan as well as Azerbaijan.
Contact:
Transmeridian Exploration, Inc.
Lorrie T. Olivier, CEO
(281) 999-9091
Fax: (281) 999-9094
tmei@tmei.com
www.tmei.com
397 N. Sam Houston Pkwy E.
Suite 300
Houston, TX 77060
TMY: Transmeridian Completes Private Offering
Tuesday May 30, 7:07 pm ET
HOUSTON, May 30, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that it has completed its previously announced private offering of $40 million aggregate principal amount of additional Senior Secured Notes due 2010 (the ``Additional Notes'') of Transmeridian Exploration Inc., a wholly owned British Virgin Islands subsidiary of the Company (``TMEI''), and 1,818,182 shares (approximately $10 million) of the Company's common stock.
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The Company received net proceeds from the offering of approximately $47.9 million after payment of placement agent fees and transaction expenses. The Company used $3.6 million of the net proceeds of the offering to pre-fund the first three quarterly interest payments due on the Additional Notes and intends to use the remaining net proceeds of the offering to contract two additional drilling rigs to accelerate the development of its South Alibek Field in Kazakhstan and for working capital and general corporate purposes.
As a result of the completion of the offering, the supplemental indenture entered into in connection with the previously announced completion of TMEI's consent solicitation with respect to its $250 million of existing Senior Secured Notes due 2010 (the ``Existing Notes''), and the proposed amendments to the indenture provided for therein, are now effective. Pursuant to the consent solicitation, TMEI solicited consents to amend the indenture to permit (i) the issuance of the Additional Notes and (ii) the payment of accrued dividends on the Company's outstanding Series A cumulative convertible preferred stock in an amount not to exceed $1 million.
The offer and sale of the Additional Notes by TMEI and the common stock by the Company were not registered under the Securities Act of 1933 or the securities laws of any other jurisdiction, and the Additional Notes and the common stock may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any securities.
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea and surrounding regions.
For more information please contact the following:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
Phone: (281) 999-9091
Fax: (281) 999-9094
E-mail: tmei@tmei.com
Website: http://www.tmei.com
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in TMEI's Annual Report on Form 10-K for the year ended December 31, 2005, as amended, and other filings with the Securities and Exchange Commission. Although TMEI believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by TMEI or any other person that the objectives and plans of TMEI will be achieved.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
(281) 999-9091
(281) 999-9094, Fax
tmei@tmei.com
www.tmei.com
Cramer Interviews Transmeridian CEO - Video
http://www.thestreet.com/video/cramerinterviews/10288809.html
Transmeridian Completes Consent Solicitation
Tuesday May 23, 6:02 pm ET
HOUSTON, May 23, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) announced today the completion by Transmeridian Exploration Inc., the Company's wholly-owned British Virgin Islands subsidiary (``TMEI''), of TMEI's previously-disclosed consent solicitation with respect to TMEI's $250 million of outstanding Senior Secured Notes due 2010 (the ``Notes''). Pursuant to the consent solicitation, TMEI solicited consents to certain proposed amendments to the indenture pursuant to which the Notes were issued, including amendments to permit (i) the issuance under the indenture of additional Senior Secured Notes due 2010 in an aggregate principal amount of up to $40 million and (ii) the payment of accrued dividends on the Company's outstanding Series A cumulative convertible preferred stock in an amount not to exceed $1 million. Adoption of the proposed amendments requires consents from the holders of at least a majority in aggregate principal amount of the Notes.
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As of 5:00 p.m., New York City time, on May 22, 2006, the expiration time of the consent solicitation, TMEI had received consents from the holders of a majority in aggregate principal amount of the Notes. Accordingly, the requisite consents to adopt the proposed amendments to the indenture pursuant to which the Notes were issued have been received and a supplemental indenture setting forth the proposed amendments will be executed on or about May 24, 2006. The supplemental indenture and the proposed amendments provided for therein will become effective only upon the consummation of the Company's previously-disclosed private offering of additional Senior Secured Notes due 2010 of TMEI and shares of the Company's common stock, which is expected to occur on or about May 26, 2006. This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any securities.
Transmeridian Determines Issue Prices for Private Offering of Debt and Equity
Tuesday May 23, 6:06 pm ET
HOUSTON, May 23, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) announced today that it has determined the issue prices for its previously disclosed private offering of (i) $40 million aggregate principal amount of additional Senior Secured Notes due 2010 of Transmeridian Exploration Inc., the Company's wholly owned British Virgin Islands subsidiary (``TMEI''), and (ii) approximately $10 million of the Company's common stock. The notes will be issued and sold for an issue price of 97% of the principal amount thereof plus accrued interest from March 15, 2006, and the Company will issue 1,818,182 shares of its common stock at an issue price of $5.50 per share. The offering is expected to close on or about May 26, 2006.
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The Company expects to receive aggregate gross proceeds from the offering of approximately $49 million before payment of placement agent fees and transaction expenses. The Company intends to use the net proceeds of the offering to contract two additional drilling rigs in order to accelerate the development of its South Alibek Field in Kazakhstan, to pre-fund the first three quarterly interest payments due on the additional notes sold and for working capital and general corporate purposes.
The offer and sale of the notes by TMEI and the common stock by the Company has not and will not be registered under the Securities Act of 1933 or the securities laws of any other jurisdiction, and the notes and the common stock may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any securities.
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea and surrounding regions.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in TMEI's Annual Report on Form 10-K for the year ended December 31, 2005 and other filings with the Securities and Exchange Commission. Although TMEI believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by TMEI or any other person that the objectives and plans of TMEI will be achieved.
Contact:
Transmeridian Exploration Incorporated
(281) 999-9091
Fax: (281) 999-9094
Transmeridian Reports Year End 2005 Results and Proved Reserves; Announces Officer Appointment
Monday March 20, 6:06 pm ET
HOUSTON, March 20, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) reported a net loss of $21.6 million, or $0.26 per share, on revenues of $8.4 million for the year ended December 31, 2005, as compared to a net loss of $4.0 million, or $0.05 per share, on $3.9 million revenues for the year ended December 31, 2004.
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For the year ended December 31, 2005, the Company produced 400,425 barrels (``Bbls'') of crude oil, or an average of 1,097 Bbls per day (Bopd), as compared to 313,305 Bbls, or an average of 858 Bopd, for the year ended December 31, 2004. For the year ended December 31, 2005, the Company sold (by physical delivery to the purchaser) 324,355 Bbls of crude oil at an average price of $27.62 per Bbl, as compared to 336,440 Bbls of crude oil at an average price of $11.87 per Bbl, for the year ended December 31, 2004.
Transmeridian also announced an increase in estimated proved reserves in its South Alibek Field in Kazakhstan. The Company's net share of estimated proved reserves at December 31, 2005 was 72.9 MMbls, an increase of 172% over year-end 2004 proved reserves of 26.8 MMbls. The pre-tax net present value of future net cash flows from proved reserves, discounted at 10%, utilizing the net sales price the Company was receiving at year-end of $40.21 per barrel, and as calculated in accordance with SEC guidelines, was approximately $1 billion, an increase of 361% over the year earlier amount of approximately $220 million. The increase in proved reserves was a primarily a result of the acquisition by the Company in December 2005 of the interests in the Field owned by Bramex Management, Inc. and Kornerstone Investment Group, Ltd., as well as the drilling of two additional development wells during the year. The pre-tax net present value of future net cash flows from proved reserves also benefited from an increase of more than 100% in the price the Company was receiving for sales of crude oil at year-end 2005 over year-end 2004. The Company's oil and gas reserve report was prepared by Ryder Scott Company, one of the world's leading independent reservoir engineering firms. The field is in the early stages of development, with significant future drilling planned.
Officer Appointment
Separately, Transmeridian announced that its Board of Directors had appointed Nicolas J. Evanoff as Vice President, General Counsel and Secretary, effective as of January 1, 2006. Prior to joining the Company, Mr. Evanoff was engaged in the private practice of law with Phillips & Reiter PLLC, during which time he served as outside general counsel to the company since May 2005. From 2002 to 2004, Mr. Evanoff was employed by Pride International Inc., an oilfield services provider and drilling contractor, as Vice President - Corporate and Governmental Affairs. Previously, he served as Associate General Counsel and then as General Counsel, Asia & Middle East, of Transocean Inc., an international offshore drilling contractor, from 1997 to 2002. Mr. Evanoff began his legal career with Baker Botts L.L.P. in Houston, Texas, where he practiced corporate and securities law from 1992 to 1997.
American Stock Exchange Notice
Transmeridian also reported that it is now in compliance with the continuing listing standards of the American Stock Exchange. The Company had previously reported that, on February 13, 2006, it received a ``warning letter'' from the Exchange with respect to a minor violation of the Exchange's requirements regarding the listing of additional securities. The Company subsequently submitted the required application for the listing of such additional securities, and that listing has now been approved.
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea region.
Transmeridian Exploration to Hold Conference Call on 2005 Results
Friday March 17, 5:15 pm ET
HOUSTON, March 17, 2006 (PRIMEZONE) -- Transmeridian Exploration Incorporated (AMEX:TMY - News) today announced that it will host a conference call at 9:00 a.m. Central Standard Time on Tuesday, March 21, 2006 to discuss 2005 results, current operations and management's outlook. 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 6880210. A replay of the conference call will be available on the Company's corporate web site.
About Transmeridian Exploration Incorporated
Transmeridian Exploration Incorporated (TMEI) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMEI primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan and it is currently pursuing additional projects in the Caspian Sea region and surrounding basins.
Contact:
Transmeridian Exploration Incorporated
Lorrie T. Olivier, CEO
Earl W. McNiel, CFO
397 N. Sam Houston Pkwy E., Suite 300
Houston, Texas 77060
(281) 999-9091
Fax: (281) 999-9094
tmei@tmei.com
www.tmei.com
Shares Outstanding: 85.73M
Float: 56.09M
% Held by Insiders4: 51.01%
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