Transmeridian Exploration says it is negotiating a sale

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Transmeridian Exploration Inc. said it has received "final, non-binding bids for the acquisition of the company" and is actively negotiating with prospective buyers as part of its ongoing strategic review process.

There can be no assurance that current negotiations will result in any agreement or transaction, a Transmeridian news release stated. No further information about the negotiations or sales process will be disclosed unless and until the board of directors has decided on a specific course of action.

It was previously reported on Aug. 9 that interested parties were reviewing confidential information and that a proposal for the acquisition of the company was expected by Transmeridian in early September.

In June, Transmeridian said it received "multiple expressions of interest" from potential acquirers and entered into confidentiality agreements with selected parties.

On April 17, the Houston-based independent energy company announced it had retained a financial adviser to assist in the review of strategic alternatives for its South Alibek field in western Kazakhstan.

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