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.
"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."
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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