Date: Wed, 19 Nov 1997 23:49:47 GMT Server: NCSA/1.5.2 Last-modified: Wed, 19 Nov 1997 16:51:49 GMT Content-type: text/html Content-length: 8657 Meridian Resource News

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Nov 17, 1997

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The Meridian Resource Corporation
Announces Third Quarter 1997 Results

Houston, Texas - November 17, 1997 - The Meridian Resource Corporation (NYSE: TMR) today announced operating and financial results for the Third Quarter 1997 and the nine month period ending September 30, 1997. Oil and gas production volumes for the current quarter were essentially flat with the year earlier period, while the nine month production figures continued to show strong growth with a 20% increase over the prior period. For the quarter, the Company reported Operating Cash Flow of $3,335,000 ($.21/share) compared to the prior period Operating Cash Flow of $5,198,000 ($.33/share). Current quarterly earnings of $412,000 ($.03/share) compare with earnings of $1,771,000 ($.11/share) for the 1996 period. For the first nine months of 1997, the Company reported Operating Cash Flow of $14,053,000 ($.89/share) and earnings of $3,747,000 ($.24/share) compared to Operating Cash Flow of $13,143,000 ($.84/share) and earning of $4,677,000 ($.30/share) for the prior period. Results for 1997 were impacted by a substantial production decline at the Company's properties in the Southwest Holmwood Field in Louisiana, a 7% decrease in the average price per MCFEq for the quarter, and equipment delays associated with drilling and completion activities.

On November 5, 1997 the Company completed its merger with Cairn Energy USA, Inc., issuing approximately 19.0 million shares of common stock and the reservation of an additional .8 million shares for outstanding options. The acquisition substantially boosts the Company's reserve base, production rates and expected cash flow. In addition, exploratory wells which are currently drilling or scheduled for the next twelve months could materially increase these values from current levels. Reserves have already been added at two recent wells which were not reflected as "Proved" on TMR's earlier evaluation of the Cairn properties. The Company expects to issue information in the near future detailing the current operating activities and recent results of the combined companies.

The Meridian Resource Corp. is an independent oil and natural gas company engaged in the exploration for and development of oil and natural gas properties utilizing 3-D seismic technology, primarily in south Louisiana, southeast Texas and offshore Gulf of Mexico. Meridian's office is located in Houston, Texas and the stock is traded on the New York Stock Exchange under the symbol "TMR."


FOR MORE INFORMATION CONTACT:

JOSEPH A. REEVES, JR.
or
MICHAEL J. MAYELL
(281) 558-8080