TMR Meridian Resource (The)

The Meridian Resource Corporation (NYSE:TMR) announced today that it has postponed its special meeting of shareholders regarding its proposed merger with Alta Mesa Holdings, LP to Tuesday, April 6, 2010, 10:00 a.m., Central Time. The meeting is being postponed in order to allow Meridian shareholders additional time to evaluate the proposed merger in light of additional information being released herein. The postponed meeting will be held at the offices of Fulbright & Jaworski L.L.P., Fulbright Tower, 1301 McKinney, Houston, Texas. The record date for shareholders entitled to vote at the meeting remains February 8, 2010.

Additional Information

Meridian also announced today that it has been provided preliminary information regarding an Eagle Ford well drilled by a third party on acreage in Karnes County, Texas in which Meridian owns a 2% over-riding royalty interest. This information indicates that the well, which was first tested on March 10, 2010, has been testing continuously since March 14, 2010 on a 14/64th inch choke at a rate between 1,300 and 1,550 barrels of oil per day and about 1.2 million cubic feet of natural gas per day with initial flowing casing pressure of 5,250 pounds declining to 4,270 pounds as of March 26th. The oil has a gravity measured in the field between 46 and 49 API. The well was drilled to a measured depth of approximately 17,340 feet (about 11,900 feet TVD at end of lateral) with a horizontal lateral of about 5,000 feet in the Eagle Ford. The well was completed with a 15 stage fracture treatment. It is possible that, if this well is a successful discovery, subsequent development may occur in Meridian's Karnes County acreage. Based on the information received to date, Meridian cannot give any assurance regarding the significance of the well, its anticipated decline rate and associated future production, or what impact it may have on our future reserve values.   

Meridian owns a 17% leasehold interest in this area (could be up to 25% depending on elections by other parties) in 12,695 undeveloped gross acres or 2,158 undeveloped net acres (could be up to 3,174 undeveloped net acres depending on elections by other parties). Meridian's 17% Working Interest in the acreage has a Net Revenue Interest ("NRI") of approximately 15.1% before payout (or up to 21.5% NRI depending on elections by other parties) and approximately 11.1% NRI after payout (or up to 17.5% NRI depending on elections by other parties). There can be no assurances that there will be any future development of Meridian's acreage or that Meridian will have sufficient liquidity to drill or participate in future wells in this area.

Meridian's Board of Directors continues its recommendation that shareholders vote "for" the proposed merger with Alta Mesa. 

Forward-Looking Statements

Statements identified by the words "expects," "plans," and certain of the other foregoing statements may be deemed "forward-looking statements." Although Meridian believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties regarding the transactions described that may cause actual future activities and results to be materially different from those suggested or described in this press release. Risks and uncertainties regarding the proposed merger with Alta Mesa Holdings, LP and the other transactions described include, but are not limited to, the possibility that the closing of the merger does not occur, either due to the failure of closing conditions, including the approval of the shareholders of Meridian, rights of the parties to terminate the merger agreement, or other reasons; risks that the merger disrupts current plans and operations and the potential difficulties in employee retention as a result of the merger; the outcome of legal proceedings that have been, or may be, initiated against Meridian related to the merger and the amount of the costs, fees, expenses and charges related to the merger.  Other risks include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline which could cause the Meridian or third parties to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices.  Other risks relating to Meridian are described in Meridian's documents and reports, available from the U.S. Securities and Exchange Commission, including the report filed on Form 10-K, as amended, for the year ended December 31, 2008 and any updates to those factors set forth in our subsequent Quarterly Reports on Form 10-Q, including risks associated with our default under our credit facility and other lending arrangements.

About Meridian

The Meridian Resource Corporation is an independent oil and natural gas company that explores for, acquires and develops oil and natural gas properties. Through its wholly owned subsidiaries, Meridian holds interests primarily in the onshore oil and natural gas regions of south Louisiana and Texas and offshore in the Gulf of Mexico.

Click here to join our email alert list: http://www.b2i.us/irpass.asp?BzID=1440&to=ea&s=0

CONTACT: The Meridian Resource Corporation

Lance L. Weaver

(281) 597-7125

lweaver@tmrx.com

www.tmrc.com