Transmeridian Exploration Incorporated and Transmeridian Exploration Inc. Extend Consent Payment Deadline and Expiration Time

Monday, August 18th 2008

Transmeridian Exploration Incorporated and its wholly-owned subsidiary Transmeridian Exploration Inc. announced that they have extended the consent payment deadline and expiration time with respect to their exchange offer and concurrent solicitation of consents to amend the indenture governing TMEI’s 12% Senior Secured Notes due 2010 (the “Existing Notes”) (CUSIP Nos.: 89376NAC2, 89376NAA6, 89376NAB4, U87289AB7) and related security documents. The consent payment deadline, which was 5:00 p.m., New York City time, on August 15, 2008, will be extended to 5:00 p.m., New York City time, on August 22, 2008, unless further extended. The expiration time for the exchange offer, which was 12:00 midnight, New York City time, on August 21, 2008, will be extended to 12:00 midnight, New York City time, on September 8, 2008, unless further extended.

All other material terms of the consent solicitation and the related exchange offer remain unchanged. Holders who have already properly tendered their Existing Notes and delivered their consents do not need to retender or deliver new consents. Consents (whether previously or hereafter delivered) may only be revoked in the manner described in the Offering Memorandum and Consent Solicitation Statement, dated July 23, 2008.

Transmeridian and TMEI also announced that as of 5:00 p.m. (EDT), August 15, 2008, holders of an aggregate $34,917,000 principal amount of the Existing Notes have tendered their Existing Notes and delivered their consents to the proposed amendments to the indenture governing the Existing Notes.

This press release is not a solicitation of consents, and is not an offer to sell any new notes (the “New Notes”) to be issued by TMEI in the related exchange offer for Existing Notes or an offer to exchange New Notes for Existing Notes, and is not a solicitation of an offer to sell Existing Notes or to exchange Existing Notes for New Notes. The consent solicitation and related exchange offer are being made solely by the Offering Memorandum and Consent Solicitation Statement, dated July 23, 2008, and related documents, which set forth the complete terms of the consent solicitation and the related exchange offer. Only holders of Existing Notes who have completed and returned a certification are authorized to receive or review the Offering Memorandum and Consent Solicitation Statement or to participate in the consent solicitation and related exchange offer. The New Notes will not be offered pursuant to an effective registration statement. Therefore, the New Notes may not be offered or sold in the United States absent an exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws.

Transmeridian is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. Transmeridian primarily targets fields with proved or probable reserves and significant upside reserve potential. Transmeridian currently has projects in Kazakhstan and southern Russia; its main asset is a 100% interest in the South Alibek field in western Kazakhstan.