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Hyperdynamics Files Schedule 14F-1 with respect to Closing of Stock Sale to CLNG Limited (Hong Kong)

HOUSTON, Nov. 30, 2017 /PRNewswire/ -- Hyperdynamics Corporation (OTCQX: HDYN) ("Hyperdynamics" or the "Company") today announced that it filed a Schedule 14F-1 regarding the proposed change of a majority of the directors of the Company with the SEC on November 28, 2017, and completed mailing it to common stockholders of record on November 29, 2017.  The Company previously announced that it entered into a $6 million definitive agreement with CLNG Limited (Hong Kong) ("CLNG") to issue and sell to CLNG or its affiliate 40 million common shares of Hyperdynamics at a price of $0.15 per share.  CLNG has informed us that it intends, as majority stockholder, to expand our Board of Directors to seven members and to appoint four directors who will form a majority of our Board. Under SEC Rule 14f-1, the closing and change of a majority of our directors cannot occur until the 10th day after we filed the Schedule 14F-1 with the SEC and transmitted it to all holders of record of our common stock.

CLNG is a private investment company involved in global energy and mineral projects. 

The closing of the share sale is still subject to the completion of satisfactory due diligence by each party of the other and satisfaction of other closing conditions. 

About Hyperdynamics

Hyperdynamics is an emerging independent oil and gas exploration company that is exploring for oil and gas offshore the Republic of Guinea in Northwest Africa. To find out more, visit our website at www.hyperdynamics.com.

About CLNG

CLNG Limited (Hong Kong) has its roots in Hong Kong trading and logistics.  It has established itself as a recognized management consulting firm in strategic energy segments globally.  Geographically, CLNG has project footprints in West Africa, East Africa, the Gulf of Mexico and the US and Canada. 

CLNG's three core areas are: Traditional Energy, Green/Renewable Energy with a Carbon Footprint Reduction mission and Non-Ferrous Metal/Natural Resources.  Their holistic approach to energy includes being a leader in the development and implantation of applied PM 2.5 mass scale removal technologies.

CLNG has had no prior business relationship with the Company and, to the Company's knowledge, does not currently own any of the Company's securities.

Forward Looking Statements

This News Release contains "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "plan," "project," "anticipate," "estimate," "believe," or "think." Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

In particular, there can be no assurance that the Company's due diligence of CLNG will be acceptable to the Company, that CLNG's due diligence of the Company will be acceptable to CLNG, or that the stock purchase agreement will close.  Investors should carefully review the risk factor disclosure and other information, including the Company's financial statements and the notes thereto, set forth in the reports and other documents the Company files with the SEC available at www.sec.gov.

We assume no duty to update or revise our forward-looking statements based on changes in plans or expectations or otherwise.

Contacts:

Ray Leonard
President and Chief Executive Officer
713-353-9445

Anne Pearson / Jack Lascar
Dennard-Lascar Associates
713-529-6600

 

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SOURCE Hyperdynamics

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