Hyperdynamics Press Release – First Year Accomplishments Achieved: Cementing Relations with Guinea Gov’t. and Getting Approval of President Konate on Project
June 10, 2010, 8:01 a.m. EDT
SUGAR LAND, Texas, Jun 10, 2010 (GlobeNewswire via COMTEX) — Geoserve Marketing LLC, a private consulting firm led by Michael E. Watts (a former adviser/consultant to and current shareholder in Hyperdynamics Corporation), announced today that according to a June 8, 2010 conference call hosted by Hyperdynamics management, Hyperdynamics Corporation /quotes/comstock/14*!hdy/quotes/nls/hdy (HDY 1.12, +0.04, +3.70%) has accomplished several goals ahead of schedule and is positioning itself for drilling in 2011.
Previously, Hyperdynamics Chief Executive Officer Ray Leonard had set four specific targeted goals for the company. These goals have now been completed, according to Leonard’s statements during the conference call. The four goals were cementing relations with the government of the Republic of Guinea and clarifying the contractual situation; adding a world-class technical team and furthering the work necessary to identify drilling prospects; improving the company’s financial situation and addressing stock exchange compliance; and finally, securing farm-out agreements.
During the June 8, 2010 conference call Leonard said, “I am pleased to say, finally at this point, 10 months later, that we have achieved each of these goals.”
Hyperdynamics completed the first goal concerning Guinea relations by signing amendments to the 2006 production sharing contract, relinquishing data to work with the Guinea government and establishing a work plan.
Leonard said, “We’ve completed all the outstanding commercial negotiations and clarifications with the government of Guinea and we have received the final approval of the president and the ministry to move forward.”
Hyperdynamics has also completed all the technical work necessary to identify drilling targets.
Leonard said, “We quickly built the technical staff, the old data was digitized and vectorized and 10,000 km of new data was acquired, processed and interpreted. This interpretation has been completed enough for us to identify the areas to conduct the 3D acquisition this summer.”
The management team has also improved the financial situation of the company by announcing that the Enable Capital convertible debt was paid off and all associated warrants that were an overhang in the market were converted and sold. The American Stock Exchange has rescinded the listing deficiency notice issued prior to Leonard taking position as CEO in July 2009. Leonard also stated that the company was under no financial pressure to get a new partner after securing a farm-out agreement with Dana Petroleum in which Hyperdynamics was paid $19.6 million for a 23 percent interest.
Michael Watts of Geoserve Marketing noted, “With the accomplishment of these goals in the first year of Hyperdynamics’ new management, I believe the company is poised for growth as they are now focused on the acquisition of 3D seismic data this summer and have identified a goal to begin drilling in the fourth quarter of 2011.”
Watts urges shareholders and any interested parties to contact Investor Awareness, a full-service investor relations firm, regarding any questions and updates from Geoserve Marketing. Investor Awareness, Inc. is not affiliated or related to Hyperdynamics Corporation and has been retained for public/investor relations efforts on behalf of Geoserve Marketing.
A full replay of the hour-long Hyperdynamics shareholder call is available at http://www.videonewswire.com/event.asp?id=69567
About Geoserve Marketing LLC:
Geoserve Marketing is a strategic business consulting and private finance firm. We assist enterprises in making the best decisions on strategy, operations, mergers & acquisitions and organization. Visit us online at www.geoservemarketing.com.
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.