Meridian Board Reaffirms Support for Alta Mesa Offer



The Meridian Resource Corp. on Friday reported an update on events related to the announced merger proposal between itself and Alta Mesa Holding.

In the proxy statement filed by the Company on February 8, 2010, Meridian reported that on February 4, 2010, its board of directors received an unsolicited, non-binding preliminary indication of interest from a third party. The preliminary indication of interest contemplated the acquisition of all of Meridian's common stock at a purchase price of not less than $0.30 per share, subject to, among other things, confirmatory due diligence. The Company entered into a confidentiality agreement with the third party and provided extensive due diligence information to them. On March 10, 2010, the third party notified us that they were not prepared to make a binding offer that would provide greater value to Meridian and its shareholders than the value that would be provided under the Alta Mesa agreement.

On February 19, 2010, Meridian's board received another unsolicited, non-binding preliminary indication of interest from another third party. The preliminary indication of interest contemplated the acquisition of all of our common stock at a purchase price of not less than $0.31 per share, subject to, among other things, confirmatory due diligence. The Company entered into a confidentiality agreement with the third party and provided extensive due diligence information to them. At this time, the board has not received a binding offer from this particular third party. If a binding offer is submitted, the board will consider all of its alternatives consistent with its fiduciary duties under applicable law and subject to the terms and conditions of the merger agreement wit Alta Mesa Holdings.

At this time Meridian's board continues to recommend that our shareholders vote to adopt the merger agreement with Alta Mesa.

The Meridian Resource Corp. is an independent oil and natural gas company that explores for, acquires and develops oil and natural gas properties. Through its wholly owned subsidiaries, Meridian holds interests primarily in the onshore oil and natural gas regions of south Louisiana and Texas and offshore in the Gulf of Mexico.