Hyperdynamics Sees New Quarterly High for Production and Revenue
Hyperdynamics Corporation (AMEX:HDY) announced today that its Louisiana based oil production operations reported gross oil sales of approximately 15,592 barrels for the 4th quarter ending June 30, 2008. The Company’s revenue derived from this production is approximately $1,260,000. This sets a new production record and represents the highest quarterly revenue ever for the company.
June oil sales held steady at over 5,200 barrels. These new milestones were set even while production remained constrained by record setting floods experienced along the Mississippi River. The company reported that it received an average price over $130 per barrel for June.
Harry Briers, Hyperdynamics’ Executive Vice President, commented “We are expecting this trend to continue as we move forward. We hope to implement additional development plans on our existing leases. Working closely with our petroleum engineers, we believe we can more than triple our production on our current leases by drilling as many as seven new development wells and by accomplishing additional reworks.” He went on to say, “We are also working towards acquiring more acreage in the same geographic area in Louisiana, with similar producible reserves and operating characteristics. We believe this will enhance our economies of scale ratios, increasing our efficiencies at the same time we grow revenues.”
The Company expects to have more information on the progress of building its domestic production revenues and related reserves soon.
Hyperdynamics Corporation provides energy for the future by exploring and producing sources of energy worldwide. The company’s internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit 31,000 square miles offshore the Republic of Guinea, West Africa. HYD Resources Corporation focuses on domestic production in proven areas. To find out more about Hyperdynamics Corporation, visit our Website at http://www.hyperdynamics.com. For additional information on play types within our concession please visit the following web page: http://www.hyperdynamics.com/africa_exploration.htm
Forward Looking Statements
Statements in this news release are “forward looking” as defined by the U.S. Securities and Exchange Commission and are based on expectations, beliefs or projections that are subject to numerous risks and uncertainties. Investors are cautioned that these statements are not guarantees of future performance, and actual results could differ materially. Please refer to “Risk Factors” in the company’s Form 10-K filed with the SEC.
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