Transmeridian Exploration Incorporated is an independent energy company engaged in the business of acquiring, developing and producing oil and natural gas. The Company's activities are primarily focused on the Caspian Sea region of the former Soviet Union. It has projects in Kazakhstan and southern Russia. Transmeridian Exploration's primary oil and gas property is the South Alibek Field (the Field) in the Republic of Kazakhstan. The Company conducts operations in Kazakhstan through its wholly owned subsidiary, JSC Caspi Neft TME. At December 31, 2007, Transmeridian Exploration's estimated total net proved reserves were 58,571,296 barrels of oil, all of which are attributable to the Field. During the year ended December 31, 2007, the Field produced 776,024 barrels of oil. On December 31, 2007, the Company entered into a definitive agreement to be acquired by Trans Meridian International, Inc. (TMI).