HOUSTON, Sept 08, 2010 /PRNewswire via COMTEX News Network/ -- Hyperdynamics Corporation (NYSE Amex: HDY) today announced the results of a resource evaluation conducted by Netherland Sewell and Associates Inc. (NSAI) of the Company's oil and gas concession offshore Republic of Guinea.
NSAI, a leading provider of reserve audits and exploration resource assessments, conducted a three-month assessment of the prospective oil resources in selected prospects in Hyperdynamics' concession offshore Guinea that resulted in a total of "Best Estimates" for all assessed prospects and leads of 2.3 billion barrels of recoverable unrisked prospective oil resources.
The NSAI evaluation focused on the area currently being evaluated by the 3,635-square-kilometer 3D survey under contract with Petroleum Geo-Services (PGS) of Norway. Further resource potential is anticipated on the remainder of the 25,000-square-kilometer concession with future work.
"We find the assessment by an independent engineering firm encouraging and a confirmation of our own analyses to date," said Hyperdynamics' President and CEO Ray Leonard. "We believe the concession has the potential of being a petroleum province in its own right that will support a multi-well exploration drilling program. We are doing the detailed 3D seismic program at present that will help us select the site for the first well, and we look forward to spudding the well by year-end 2011."
Hyperdynamics operates the concession with a 77 percent participating interest, with the remaining 23 percent held by Aberdeen-based Dana Petroleum plc.
The NSAI report is available on the Company's website, www.hyperdynamics.com.
Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in the NSAI report indicates exploration opportunities and development potential in the event a petroleum discovery is made and should not be construed as reserves or contingent resources.
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.
Cautionary Note to Investors Concerning Prospective Resources
This news release uses the term "prospective resources." Hyperdynamics advises investors that the United States Securities and Exchange Commission (SEC) does not recognize this term, and the SEC permits oil and gas companies, in their filings, to disclose only "reserves." In addition, prospective resources have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that estimates of prospective resources are economically drillable, or will ever be upgraded into reserves.
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.
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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