HOUSTON - (Business Wire) Trendsetter Production Company, a subsidiary of Hyperdynamics Corporation (AMEX:
HDY), and its operating partner, Rabb Resources LTD, announced today that they have acquired a new 318 acre lease from Harrison Properties in Lake Curry Field in Concordia Parish, Louisiana. In the deal, as part of an ongoing agreement entered into last year, Rabb Resources has agreed to assign Trendsetter an 85% working interest (WI) in the new lease.
The lease contains a vitally important salt water disposal well which is necessary to streamline and reduce the cost of production. Located on the lease there are three shut-in wells that were plugged because of poor economics in the past. With the price of oil over $130, there viability has drastically changed. Two of these wells are considered good re-entry wells that the Company plans to rework and re-establish production from. When plugged, one of the producing wells was producing over 20 barrels of oil per day. In addition to the planned reworks, the lease will be completely evaluated in the coming weeks and months for the possibility of infield drilling opportunities to again increase production and proven reserves.
When asked to comment, Kent Watts, Hyperdynamics’ Chief Executive, said, “As this month’s Offshore Magazine focuses an in-depth article on our Guinea exploration progress, obtaining this new lease is a great example of our simultaneous continued efforts to increase domestic production and proven reserves. In addition to this lease, we hope to soon add several more producing leases, continuing to build domestic downstream operations, as we intensely focus on our exploration to discover world class reserves offshore Guinea.”
About Hyperdynamics
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.
Link to the June 2008 issue of Offshore Magazine article entitled: “Guinea exploration under way in earnest”
www.qmags.com/2FE1161B167137D81115B0409131432A72FF142C47.htm
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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HDY-IR
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