Hyperdynamics' HYD Resources Announces Initial Reserve Reports; First 10 of 580 Acres under Lease Contains over 66,000 Barrels Recoverable.
When Sam Spears, president for HYDR, was asked to comment, he said, "I am excited about the initial report on our reserves. As we continue to work over the existing wells on our initial project and drill the remaining acreage, we anticipate that the reserve numbers will be updated. I believe the updates will show substantial gains over these initial reserve numbers, especially considering that this report covers only 10 acres of approximately 580 acres we currently have under lease."
Kent Watts, chief executive officer for Hyperdynamics and HYDR, stated, "This is very positive. At even $40 per barrel, these initial reported reserves represent over $2.5MM in future gross revenues. In the coming months we look forward to updating our shareholders on HYDR's progress." He further stated, "The first phase of our plan includes a budgeted production rate of 400 barrels per day to be achieved by the end of our fiscal year ending June 30, 2005. Achieving this goal will be a significant milestone in proving out our niche strategy to produce shallow, low-volume oil fields in proven areas."
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. SCS also develops and provides state-of-the-art seismic data management services. HYD Resources Corp. focuses on domestic oil field services and low-risk shallow production.
Safe Harbor 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 from time to time in the company filings with the SEC.
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|Date:||Jan 21, 2005|
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