Current 2002 Agreement To Be Replaced as Hyperdynamics' SCS Corporation Signs Protocol With The Republic of Guinea.HOUSTON -- Hyperdynamics Corporation (AMEX AMEX See: American Stock Exchange :HDY HDY Hat Yai, Thailand (Airport Code) HDY Handy (German slang for mobile phone) HDY Heavy Duty ) announced today that as a result of the most recent trip to Guinea by Kent Watts, the company's Chief Executive Officer, Mr. Ahmed Tidiane Souare, the Minister of the Mines and of the Geology of the Republic of Guinea, agreed and signed a protocol to follow through with replacing the rights currently held by Hyperdynamics pursuant to the 2002 Production and Sharing Agreement by establishing a new agreement with Hyperdynamics' wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , SCS Corporation. In a letter signed as accepted by Minister Souare the procedures agreed to in the protocol will be; to sign the recently negotiated 2006 Production and Sharing Agreement between the Republic of Guinea and SCS Corporation; to issue all drilling permits necessary for SCS to begin its drilling programs; to receive a decree signed by President Lansana Conte; and to begin and complete the process to obtain a Projet Les Loi from the national Parliament. In the protocol letter, Hyperdynamics also represented its future willingness to make advance payments to Guinea against future royalties on production revenues. About Hyperdynamics Hyperdynamics Corporation provides energy for the future by exploring and exploiting new sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corp., owns rights to explore and exploit significant acreage offshore West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . HYD Resources Corp. focuses on domestic production in proven areas. More information on Hyperdynamics Corporation can be obtained at: www.hypd.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: Statements contained herein that are not historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
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