Transmeridian Exploration, Inc (fka TMYEQ)

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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.

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SOURCE: Transmeridian Exploration, Inc.

Transmeridian Exploration Incorporated Lorrie T. Olivier, CEO Earl W. McNiel, CFO [phone] Fax: [phone] [e-mail] www.tmei.com 5847 San Felipe, Suite 4300 Houston, Texas 77057