Transmeridian Exploration, Inc. (NYSE:TMY)
Industry: Basic Materials
Transmeridian Exploration Incorporated, incorporated in April 2000, is an independent energy company engaged in the business of acquiring, developing and producing oil and natural gas. The Company's activities are primarily focused on the Caspian Sea region of the former Soviet Union, and its primary oil and gas property is the South Alibek Field in the Republic of Kazakhstan, covered by License 1557 and the related exploration contract with the government of Kazakhstan. Transmeridian Exploration Incorporated is pursuing additional projects in the Caspian Sea region and surrounding basins. The Company conducts its operations in Kazakhstan through its wholly owned subsidiary, JSC Caspi Neft TME (Caspi Neft). In December 2005, Transmeridian Exploration Incorporated acquired Bramex Management, Inc., which owns 50% of Caspi Neft. In December 2005, the Company acquired the 10% carried working interest in the South Alibek Field held by Kornerstone Investment Group, Ltd. As a result of these transactions, Transmeridian Exploration Incorporated's interest in both Caspi Neft and the South Alibek Field is 100%. As of December 31, 2005, the Company's estimated total proved reserves were 72,936,622 barrels of oil. All of these reserves are attributable to the South Alibek Field. Transmeridian Exploration Incorporated is in the early stages of developing the South Alibek Field. As of December 31, 2005, 3,331,580 barrels of oil, or 5%, of the South Alibek Field's estimated proved reserves, were classified as proved developed reserves. The balance of the Company's estimated proved reserves are classified as proved undeveloped. During the year ended December 31, 2005, approximately 45% of the Company's sales were into the Kazakhstan market to two different purchasers, and 55% were export sales to two different purchasers. As of December 31, 2005, Transmeridian Exploration Incorporated's oil sales revenues were derived solely from operations in Kazakhstan. In August 2005, the Company began export sales in the international markets.
As Of: 10/07 00:00 ET
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