Over 1.4MM Barrels in Place in Louisiana Reported by Hyperdynamics' HYD Resources; Estimates from an Independent Geologic Study.HOUSTON -- Company President comments on discovery of additional virgin reservoirs Hyperdynamics Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :HYPD) has announced 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 Corporation (HYDR HYDR Hydraulic(s) HYDR Hydrogen ) has received an independent and comprehensive geological study on producing zones associated with and surrounding its first producing lease in Louisiana. The Study supports that one particular horizon should initially contain 1,000,000 barrels; and a second horizon has an additional 470,000 barrels in place for a total estimate of 1,470,000 barrels in place. As additional cumulative production information becomes available, reasonably accurate estimations for the number of barrels that may be recovered should be possible. Two other virgin reservoirs were also studied. Insufficient core data was available to estimate the barrels of oil in place in these reservoirs since they have never been produced before. However, their size was estimated at 171-acre feet and 306-acre feet. If these reservoirs turn out to have even a 30% recovery factor, that would support a calculated estimate of an additional 1,113,307 barrels in place. When asked to comment, Mr. Sam Spears, Jr., President for HYDR, stated, "When we drilled our first well on this lease, we hit high pressure gas at an unexpected shallow location. We soon determined that we had discovered a new virgin reservoir as supported by the high gas pressure we encountered. As one result of this we are also looking into the viability of producing the natural gas in addition to oil." Spears continued, "We are thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. with in the results of our geological study. I look forward to drilling new wells and increasing production on this lease in the coming few months. As we continue to develop the lease with more wells drilled, running additional core tests and logging, and as we continue to turn up production in our existing wells, we expect to have a growing picture of our oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally and expected future production." When asked to comment, Kent Watts Watts, residential section of south central Los Angeles. Named after C. H. Watts, a Pasadena realtor, the section became part of Los Angeles in 1926. Artist Simon Rodia's celebrated Watts Towers are there. , Chief Executive Officer for Hyperdynamics, stated, "It is a nice surprise to see our oil in place estimates grow this significantly above our original expectations. This fact gives us great hope for reaching and surpassing our production forecasts in the coming months." About Hyperdynamics Hyperdynamics invests in companies with substantial potential for growth. Hyperdynamics' internationally active oil and gas subsidiary, SCS SCS, n strain/counterstrain, an approach of applying pressure to certain tender points in the muscles or joints to decrease or remove the pain sensed at the point of palpation. Corporation, 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. . SCS also develops and provides state-of-the-art seismic data management services. HYD Resources Corporation focuses on domestic oil field services and low-risk shallow production. More information on Hyperdynamics Corporation can be obtained at their website: www.hypd.com |
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