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SUGAR LAND, Texas, Feb 01, 2010 /PRNewswire via COMTEX News Network/ -- Hyperdynamics Corporation (NYSE Amex: HDY) today announced that it has extended the term of its previously announced letter of intent with Repsol YPF, S.A. (BMAD: REP and NYSE: REP) until March 11, 2010. In addition, Repsol has agreed to pay Hyperdynamics $2.7 million for its pro rata share of work performed to date on the Company's ongoing 2-D seismic program. Repsol has also agreed to pay its pro rata share of the remaining work on the seismic program, estimated to be approximately $1.0 million, upon its completion. These monies would be repaid to Repsol at its option if the Production Sharing Agreement clarification has not been ratified by September 10, 2010.
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
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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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