HOUSTON, March 31, 2008 (PRIME NEWSWIRE) -- Transmeridian Exploration Incorporated (AMEX:TMY) reported a net loss of $74.1 million, or $0.67 per share, on revenues of $34.0 million for the year ended December 31, 2007, as compared to a net loss of $54.3 million, or $0.58 per share, on $24.7 million revenues for the year ended December 31, 2006.
For the year ended December 31, 2007, the Company produced 776,024 barrels ("Bbls") of crude oil, or an average of 2,126 Bbls per day (Bopd), as compared to 744,042 Bbls, or an average of 2,038 Bopd, for the year ended December 31, 2006. For the year ended December 31, 2007, the Company sold 746,190 Bbls of crude oil at an average price of $47.93 per Bbl, as compared to 752,342 Bbls of crude oil at an average price of $34.54 per Bbl, for the year ended December 31, 2006.
Transmeridian Exploration also reported estimated proved reserves for its South Alibek Field in Kazakhstan. The Company's net share of estimated proved reserves at December 31, 2007 was 58.6 million barrels, as compared to 67.2 million barrels at December 31, 2006. The estimates of our proved reserves have been prepared by Ryder Scott Company, independent petroleum engineers, in accordance with U.S. Securities and Exchange Commission guidelines. The field is in the early stages of development, with significant future drilling planned.
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.
Transmeridian Exploration, Inc.
Selected Financial and Operating Data
2007 2006
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OPERATING RESULTS:
Oil revenues, net $ 34,024 $ 24,672
Loss from operations (20,534) (17,725)
Net loss (57,748) (53,247)
Net loss attributable to common stockholders (74,120) (54,313)
Basic and diluted net loss per share (0.67) (0.58)
Oil sales price per barrel 47.93 34.54
Operating cost per barrel
produced 13.07 10.02
Oil production (barrels) 776,024 744,042
BALANCE SHEET DATA:
Total current assets $ 6,685 $ 23,866
Total property and equipment, net of
accumulated depreciation 390,244 320,806
Total assets 406,276 356,636
Total current liabilities 57,498 18,064
Long term debt, net of current maturities 273,352 267,724
Redeemable preferred stock 86,037 40,953
Other long term liabilities 4,208 3,898
Stockholders' equity (deficit) (14,821) 25,997