Tag - Tmy

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.

A Russian environmental agency plans to withdraw a license from U.S. energy company Transmeridian Exploration Inc. (AMEX: TMY) originally allowing development of a Russian hydrocarbon field, Reuters reported this morning.

After investigating Transmeridian’s progress in Russia’s Gasha field, the Russian agency reportedly says the licensing agreement had been seriously violated.

Shares of Transmeridian plunged 14.95%, or $0.29 to $1.65 in pre-market trading.