Hyperdynamics' HYD Resources Completes 10th Oil Well and Finds Natural Gas in Louisiana
Tuesday May 10, 8:00 am ET
HOUSTON--(BUSINESS WIRE)--May 10, 2005--Hyperdynamics Corp. (AMEX: HDY - News) announced today that its wholly owned subsidiary, HYD Resources Corp. (HYDR), has completed its 10th oil well in LaSalle Parish, La. Based on an independent geological study, as previously reported, this particular horizon is calculated to have approximately 1 million barrels of oil in place. The wells have been drilled and completed over the last few months as part of HYDR's plans to ramp up its expected oil production. In the process, there was a nice surprise to discover substantial natural gas, in addition to oil. The company immediately had the gas tested and it was reported to be of high quality.
HYDR is now working with a natural gas pipeline company to provide the engineering requirements necessary to start selling its gas simultaneously, along with its oil. While the company has been completing the first 10 wells of 14 that are planned for the property, it has also been installing and renovating the production facilities to allow for optimum flow rates. This work is all expected to be completed shortly.
HYD Resources' plans are to develop and produce additional zones on the property, and in other locations close by. Sam Spears Jr., president of HYD Resources, commented, "These wells fit our strategy perfectly. They are low-risk shallow production that we can drill, develop and operate with our own in-house crews and equipment. The more we drill, the better our efficiencies and our economies of scale become."
For more information on Hyperdynamics Corp. please visit www.hypd.com.
About Hyperdynamics
Hyperdynamics invests in companies with substantial potential for growth. Hyperdynamics' internationally active oil and gas subsidiary, SCS Corp., owns rights to explore and exploit acreage offshore West Africa. HYD Resources Corp. focuses on domestic oil field services and low-risk shallow production.
Safe Harbor Statement: Statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, detailed in the company's filings with the SEC.
Contact:
Hyperdynamics Corp., Houston
Kent Watts, 713-353-9400
kent@hypd.com
or
Stock Enterprises (Investor Relations)
Jim Stock, 702-274-5400
stockenter@aol.com
Source: Hyperdynamics Corp.
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