Hyperdynamics Receives Payment from Dana Petroleum for Participating Interest in Guinea Oil and Gas Concession
Hyperdynamics Receives Payment from Dana Petroleum for Participating Interest in Guinea Oil and Gas Concession
PR Newswire
HOUSTON, May 20
HOUSTON, May 20 /PRNewswire-FirstCall/ --
Hyperdynamics Corporation (NYSE Amex: HDY) today announced it has received payment of $19.6 million in cash from Aberdeen-based Dana Petroleum plc (LSE: DNX) for a previously announced 23 percent participating interest in Hyperdynamics' oil and gas concession offshore the Republic of Guinea.
The payment follows the receipt of final government approvals confirming the validity and terms of Hyperdynamics Production Sharing Contract for the concession and approving Dana's entry into the project.
"With Dana's participation in the project now finalized, we look forward to getting under way with the next phase of our exploration project, which is a 3,500-square-kilometer 3-D seismic survey covering multiple prospects," said Ray Leonard, Hyperdynamics President and Chief Executive Officer. "We expect to award a contract to one of the several seismic contractors that tendered a bid for the project soon and are planning to begin shooting shortly thereafter.
"Concurrently, we continue to negotiate with additional exploration and production companies to join the project as operator, but with the cash now in hand from Dana's farm-in and with proceeds from the recent equity offering, we also have the opportunity to continue to better define our prospects through the 3-D seismic work before bringing in an additional participant," concluded Leonard.
About Hyperdynamics
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at www.hyperdynamics.com.
Forward Looking Statements
This news release and the Company's website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation's future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may result", "will result", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2009. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company's expectations with respect to these forward looking statements.
HDY-IR
Contacts:
Dennard Rupp Gray & Easterly, LLC
Ken Dennard, Managing Partner
Jack Lascar, Partner
(713) 529-6600
Anne Pearson, Sr. Vice President
(210) 408-6321
SOURCE Hyperdynamics Corporation
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