Transmeridian Reports $54.3M Loss for 2006
Transmeridian Exploration Inc. reported a net loss of $54.3 million, or $0.58 per share, on revenues of $24.7 million for the year ended December 31, 2006, as compared to a net loss of $21.6 million, or $0.26 per share, on $8.4 million revenues for the year ended December 31, 2005.
For the year ended December 31, 2006, the Company produced 744,042 barrels (``Bbls'') of crude oil, or an average of 2,038 Bbls per day (Bopd), as compared to 400,425 Bbls, or an average of 1,097 Bopd, for the year ended December 31, 2005. For the year ended December 31, 2006, the Company sold 752,342 Bbls of crude oil at an average price of $34.54 per Bbl, as compared to 324,355 Bbls of crude oil at an average price of $27.62 per Bbl, for the year ended December 31, 2005.
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, 2006 was 67.2 million barrels, as compared to 72.9 million barrels at December 31, 2005. 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.
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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