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by Freddie Mooche - Senior Financial ColumnistMeridian Resource Corporation (NYSE: TMR) paid $26.5 million of its debt in late August that removed its "going concern" statement with shares rising in anticipation of earnings news.

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Online Brokerage September 19, 2003 (AXcess News) - Houston - Meridian Resource Corporation (NYSE: TMR), an independent oil and natural gas company engaged in the exploration for and development of oil and natural gas, came out of the grave yard of "going concern" companies after having completed a $33.7 million dollar private placement in late August. The funds were slated to repay debt.Meridian had sold 8,830,000 shares at an 8% discount to their closing price of $4.21 on August 19th. The strike price was $3.87 a share, which was a premium price considering TMR had been trading at $1.50 on March 7th when Axcess News first covered the company (see, "Meridian Resource Comes Clean on NYSE Delisting"). At that time Meridian was teetering dangerously close to being delisted from the News York Stock Exchange, but managed to pull itself up from the boots straps, rising over 200% over the last six months. (See chart below)Much of its success can be attributed to stable natural gas prices through the summer period when markets are usually suppressed. Conflicts in the Middle East also buoyed foreign oil prices which kept demand high for domestic resources during that same period.But Meridian's credits can also be found in its Biloxi Marshlands project, which is comprised of 200,000 acres of options and leases. TMR plans to continue shooting 3-D seismic surveys in the area covering all of its acreage plus 200,000 additional acres of state water bottoms for a total area of up to 500 square miles.While Meridian focused on searching for new reserves in south Louisiana and the south Texas Gulf Coast region, its lenders were focused on its debt, squeezing the company to pay.

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Real Estate Broker In late July, TMRs lenders gave it 45 days to rectify a borrowing base deficiency forbidden by its revolving credit line. The deficiency amounted to $26.5 million as of April 30.

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Agency Brokerage Spark The lenders said the deficiency could be remedied by additions to proved reserves or repayment within 90 days. Axcess News suspects that the lenders were more inclined to hope for an inability to repay with a view towards its Biloxi Marshlands properties landing in their hands.

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Business Broker Since the domestic oil and gas industry's resurgence, many would-be lenders have acted more like entrepreneurs than lenders, looking to capitalize on the misfortunes of their customers. But in Meridian Resource's case, its properties were already moving to deliver gas after installing pipeline capable of managing the wells.Following its bout with delisting in March, Meridian once again fallowed its row with shares going near the delisting mark (See, "Meridian Shares Drift Dangerously Low"), closing at $1.00 on April 11th as an unsure market watched to see what TMR would do next. But management stayed its course.

Brokerage Account On March 31st the Company received notice from its senior lenders that effective April 30, 2003 the borrowing base would be established at $138.5 million. That reduction in credit combined with Meridian's overall poor performance most likely contributed to the continued decline in its stock in early April.Meridian had scheduled 6 wells for the Biloxi Marshlands property for the year, betting heavily against its 3-d seismic results. By June the bet began to pay off, announcing that its latest wells were coming in above expectations as its shares shot up over $0.68, bringing it near its 52-week high of $3.72, to close at $3.44 on June 2nd (See, "Meridian Resource, back from the grave").The company now has approximately 53 million shares outstanding and expects to continue reducing debt another $25 million this year and $60 million in 2004. And the lenders? They were paid down and are content for now, and most likely will remain that way if NYSE: TMR can fulfill its promise to its shareholders to reduce its debt. So far management has kept its promise and Axcess News believes they have a better than average chance. Everyone's glued to earnings and the next report due in a matter of weeks.

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