HyperDynamics' Subsidiary Obtains the Largest Exploration, Drilling and Production Concession Off the Coast of West Africa.Business Editors HOUSTON--(BUSINESS WIRE)--April 23, 2002 Exclusive Rights Cover Over 16MM Acres Offshore Guinea HyperDynamics Corporation, www.hypd.com (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :HYPD), "enabling tomorrow, today...", through its 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, announced that it has secured the exclusive rights of exploration, drilling and production of over 16,000,000 acres (about the same size as east Texas) off the coast of Guinea, West Africa. SCS has established with its partner, USOil, Guinea Hydrocarbon Resources Corporation (GHRC GHRC Global Hydrology Resource Center (NASA) GHRC Ghana Human Rights Coalition ) to fulfill the exclusive Royalty and Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. with the government of Guinea and will serve as the operator for the entire area offshore Guinea. Under this agreement terms are laid out for exploration activities, drilling rights, and production revenue sharing revenue sharing Funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. . Robert Bearnth, Executive Vice President of SCS, said, "According to the February edition of Offshore magazine, the west coast of Africa is the hottest offshore area in the world with major international oil companies such as TotalFinaElf (NYSE NYSE See: New York Stock Exchange :TOT), Amerada Hess (NYSE:AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company ) ExxonMobil (NYSE:XOM XOM Exxon Mobil Corporation (stock symbol) XOM X/Open Object Management XOM OSI-Abstract-Data Manipulation API XOM Xml Object Model XOM X/Open Osi Abstract Data Manipulation ) and British Petroleum (NYSE:BP) working in the region. We are ecstatic to have the largest block in this play." GHRC is now actively presenting its Guinea Offshore Exploration and Production venture to qualified companies. The offer can be viewed on the company's Web site at www.guineaoffshore.com or can be obtained by calling 713-353-9400. Collectively, participants are expected to pay a minimum of $10MM to fund the exploration phases of the agreement. After the exploration phases are complete, GHRC will retain an ongoing interest in all production of the entire offshore area. Neil Moore, President of SCS, stated, "We are excited about the opportunity in Guinea, especially in light of the billion barrel oil discoveries in Senegal to the north and Trinidad to the west. Geology in Senegal and Trinidad correlates closely to offshore Guinea." Moore further stated, "It has taken over 35 years to find the oil deposits offshore Senegal and Trinidad; with the latest HYPD/SCS technology, we see our discoveries developing in months, not decades." Kent Watts, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. for HyperDynamics, stated, "Our interest in GHRC represents a significant new asset. The attainment of these development rights, together with improving revenues and cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , reflects a substantial achievement by our management, which should translate to increased shareholder value. Please continue to watch our forthcoming news for continued progress on this and other business developments." About HyperDynamics and SCS HyperDynamics provides among other services custom and vertically oriented Application Service Providing (ASP) such as the PrimeView Seismic Interpretation Application, Enhanced Colocation Services, and Hyperserve(TM) integrated servers. The Company's wholly owned subsidiary, SCS Corporation, is vertically focused on geophysical data services for the oil and gas industry including data conversion, data brokerage and remote seismic data processing. Parties interested in having direct e-mail announcements from HyperDynamics are requested to register at the Company's Web site: www.hyd.net/guest/index.htm. Additional information can be found at http://www.hypd.com. Safe Harbor Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The 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, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company filings with the Securities and Exchange Commission. |
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