Meridian Provides Update to Year-End Reserve Calculation
11 Mars 2010 - 1:46PM
The Meridian Resource Corporation (NYSE:TMR) today reported that
its updated year-end oil and gas reserves were 74.972 Bcfe with an
SEC PV-10 value of $138.9 million, PV-15 value of $122.3 million
and PV-20 value of $109.1 million. On March 2, 2010, the Company
reported preliminary reserve estimates of 74.679 Bcfe with an SEC
PV-10 value of $135.4 million. The table below reflects the minor
update to the reserve estimates.
Oil
(MBbls)
Gas
(MMcf)
Equiv.
(MMcfe)
Balance, December 31, 2008
4,903
50,896
80,314
Production
(834)
(7,549)
(12,553)
Discoveries and extensions
516
3,666
6,762
Revisions of previous estimates
(817)
5,351
449
Balance, December 31, 2009
3,768
52,364
74,972
Forward-Looking Statements
Statements identified by the words "expects," "plans," and
certain of the other foregoing statements may be deemed
"forward-looking statements." Although Meridian believes that the
expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties
regarding the transactions described that may cause actual future
activities and results to be materially different from those
suggested or described in this press release. Risks and
uncertainties regarding the proposed merger with Alta Mesa
Holdings, LP and the other transactions described include, but are
not limited to, the possibility that the closing of the merger does
not occur, either due to the failure of closing conditions,
including the approval of the shareholders of Meridian, rights of
the parties to terminate the merger agreement, or other reasons,
risks that the merger disrupts current plans and operations and the
potential difficulties in employee retention as a result of the
merger, the outcome of legal proceedings that have been, or may be,
initiated against Meridian related to the merger and the amount of
the costs, fees, expenses and charges related to the merger. Other
risks relating to Meridian are described in Meridian's documents
and reports, available from the U.S. Securities and Exchange
Commission, including the report filed on Form 10-K, as amended,
for the year ended December 31, 2008 and any updates to those
factors set forth in our subsequent Quarterly Reports on Form 10-Q,
including risks associated with our default under our credit
facility and other lending arrangements.
About Meridian
The Meridian Resource Corporation 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.
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CONTACT: The Meridian Resource Corporation
Lance L. Weaver
(281) 597-7125
lweaver@tmrx.com
www.tmrc.com
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