This excerpt taken from the TMY 8-K filed Jun 19, 2007.
Transmeridian Exploration Updates Status of Strategic Sales Process
Houston, Texas (PRIMENEWSWIRE) June 18, 2007 Transmeridian Exploration Incorporated (AMEX: TMY) today announced that it is continuing with its previously announced plan to obtain proposals for the acquisition of the Company or its South Alibek field. The Company has received multiple expressions of interest from potential acquirors and entered into confidentiality agreements with selected parties. The Company has completed its technical evaluation, including a detailed reservoir simulation model undertaken by Computer Modeling Group Limited, and this confidential data, along with other information about the Company, will be provided to these selected parties in late June. In connection with this process, the Companys Board of Directors has formed a Special Committee composed of Messrs. Carter, Haasbeek and Rupf to review acquisition proposals with the Companys financial advisor and ultimately, if appropriate, make a recommendation with respect to a transaction to the full Board. However, the Company cannot predict whether this effort will lead to completion of a transaction or if so, the approximate time it would take for an acquisition to be closed. The Company does not currently intend to disclose further developments with respect to the strategic sales process unless and until its Board of Directors has made a decision regarding a specific course of action.