Hyperdynamics Corporation announced today that the company will be submitting a plan by April 16, 2009 to regain compliance with the NYSE AMEX LLC Exchange. The plan will be submitted with two primary objectives.
The first objective will be to come into financial compliance by September 17, 2009. The actions and possible events to help the Company achieve this objective would be as follows:
1. The signing of a joint venture partner for exploration and exploitation of offshore Guinea
– Process remains very active and ongoing
2. The signing of a financial partner to explore and exploit offshore Guinea
– Process Started in 2008 and continuing
3. Operational cost reductions – Process started in November 2008 and continuing
4. The operational optimization and/or sale of some of our domestic oil properties
– Process initiated in January 2009 and ongoing
5. A sale of working interest to private investors for our domestic oil property
6. A marked rise in the price of crude oil
– The near term low for the per barrel price of crude oil hit the low $30’s and the closing price yesterday was $53.83 per barrel
7. A combination of any of the above
The second objective will be to raise either the shareholder equity or qualify for the market cap exception to the shareholder equity requirements of the exchange by September 17, 2010. Management believes that success with solving the first objective will lead to an easy solution for this second objective.
Kent P. Watts, Hyperdynamics’ Chief Executive, commented that, “The precipitous fall in the financial markets, also affecting our stock price, and related fall in crude prices created this challenge for us at this time. Regarding our objectives to regain NYSE AMEX compliance, we have already made substantial progress regarding our prospects for joint venture and/or financial partners offshore Guinea; we have significantly reduced our operating costs; and we are working to optimize our producing oil and gas assets in Louisiana, including the possible sale of some of our leases. It is worthy to note that higher oil and stock prices would help our plan objectives.”
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.
Contact:
Investor Awareness, Inc.
Investor Relations:
Tony Schor or Lindsay Kenoe, 847-945-2222
www.investorawareness.com
or
North Shore Public Relations, Inc.
PR/Media:
Renae Placinski, 847-945-4505
Renae@northshorepr.com
source: yahoo
The first objective will be to come into financial compliance by September 17, 2009. The actions and possible events to help the Company achieve this objective would be as follows:
1. The signing of a joint venture partner for exploration and exploitation of offshore Guinea
– Process remains very active and ongoing
2. The signing of a financial partner to explore and exploit offshore Guinea
– Process Started in 2008 and continuing
3. Operational cost reductions – Process started in November 2008 and continuing
4. The operational optimization and/or sale of some of our domestic oil properties
– Process initiated in January 2009 and ongoing
5. A sale of working interest to private investors for our domestic oil property
6. A marked rise in the price of crude oil
– The near term low for the per barrel price of crude oil hit the low $30’s and the closing price yesterday was $53.83 per barrel
7. A combination of any of the above
The second objective will be to raise either the shareholder equity or qualify for the market cap exception to the shareholder equity requirements of the exchange by September 17, 2010. Management believes that success with solving the first objective will lead to an easy solution for this second objective.
Kent P. Watts, Hyperdynamics’ Chief Executive, commented that, “The precipitous fall in the financial markets, also affecting our stock price, and related fall in crude prices created this challenge for us at this time. Regarding our objectives to regain NYSE AMEX compliance, we have already made substantial progress regarding our prospects for joint venture and/or financial partners offshore Guinea; we have significantly reduced our operating costs; and we are working to optimize our producing oil and gas assets in Louisiana, including the possible sale of some of our leases. It is worthy to note that higher oil and stock prices would help our plan objectives.”
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.
Contact:
Investor Awareness, Inc.
Investor Relations:
Tony Schor or Lindsay Kenoe, 847-945-2222
www.investorawareness.com
or
North Shore Public Relations, Inc.
PR/Media:
Renae Placinski, 847-945-4505
Renae@northshorepr.com
source: yahoo
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