Hyperdynamics' HYD Resources Completes 10th Oil Well and Finds Natural Gas in Louisiana.HOUSTON -- Hyperdynamics Corp. (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 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. , HYD Resources Corp. (HYDR HYDR Hydraulic(s) HYDR Hydrogen ), 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 Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale 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 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 oil field services and low-risk shallow production. 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 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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