Transmeridian Reports Loss for Third Quarter

Transmeridian Exploration Incorporated reported a net loss of $14.3 million, or $0.15 per share, on net revenues of $7.8 million for the three months ended September 30, 2006, as compared to a net loss of $2.8 million, or $0.03 per share, on net revenues of $3.9 million for the three months ended September 30, 2005. For the nine months ended September 30, 2006, the net loss was $40.6 million, or $0.44 per share, on net revenues of $15.7 million, as compared to a net loss of $6.9 million, or $0.09 per share, on net revenues of $7.0 million for the nine months ended September 30, 2005.

For the three months ended September 30, 2006, the Company sold (by physical delivery to the purchaser) 236,255 barrels ("Bbls") of crude oil, or an average of 2,568 Bbls per day ("Bopd") at an average price of $34.54 per Bbl, as compared to 106,550 Bbls, or an average of 1,158 Bopd, at an average price of $36.12 per Bbl, for the three months ended September 30, 2005. For the nine months ended September 30, 2006, the Company sold 467,079 Bbls, or an average of 1,711 Bopd, at an average price of $35.49 per Bbl, as compared to 275,826 Bbls, or an average of 1,010 Bopd, at an average price of $25.80 per Bbl, for the nine months ended September 30, 2005. For the three months ended September 30, 2006, the Company produced 206,767 Bbls of crude oil, or an average of 2,247 Bopd, as compared to 98,057 Bbls, or an average of 1,066 Bopd, for the three months ended September 30, 2005. For the nine months ended September 30, 2006, 442,961 Bbls, or 1,623 Bopd, were produced as compared to 289,821 Bbls, or 1,062 Bopd, for the nine months ended September 30, 2005.

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.

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