Transmeridian Exploration Inc. Extends Exchange Offer for Senior Secured Notes Due 2010

Transmeridian Exploration Incorporated has announced that its British Virgin Islands subsidiary extends its exchange offer of 290 million USDaggregate principal amount of its Senior Secured Notes due 2010 that had been scheduled to expire on July 18, 2006 up to July 21, 2006. The company is not planning to set up one more extended expiration date for the exchange offer.

On July 18, 2006, approximately 279 million USD aggregate principal amount of notes had been tendered in the exchange offer. Holders of notes who do not tender until July 21, 2006, will hold unregistered securities and, accordingly, will have no right to require the registration of their notes.

Transmeridian Exploration Incorporated is an independent energy company that acquires and develops oil reserves in the Caspian Sea region in the former Soviet Union (nowadays Kazakhstan and Azerbaijan).

Transmeridian deals with fields of medium size with low initial entry costs, identified reserves, significant upside reserve potential and a payback period of 2-3 years.

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