Transmeridian Exploration dives on lower oil production
Transmeridian Exploration Inc. (AMEX: TMY) are dipping downward after the oil and gas producer reported in a regulatory filing that the amount of crude oil produced during the fourth quarter in its western Kazakhstan field decreased compared to a year earlier.
For the three months ended Dec. 31, Transmeridian’s western Kazakhstan field produced about 223,100 barrels of crude oil, down 26% from 301,081 barrels during the same period of 2006.
In a Securities and Exchange Commission filing, the Houston-based company said its preliminary fourth-quarter sales totaled $11.2 million, up 26% from $8.9 million in the prior-year period.
Transmeridian acquires and develops oil reserves in the Caspian Sea region.
In afternoon trading, TMY shares are down 12.64%, or $0.22, at $1.52. Over the last 52 weeks, shares have ranged from $1.04 to $4.25.
