HYD put its first rig into operation in July and added a second in October. With the addition of this third rig and a roustabout crew the company is now performing field, workover, and drilling services for oil well owners in Louisiana. The company further reported that a fourth rig is scheduled for deployment next quarter. This will allow the company to fulfill drilling projects that are coming on at a faster rate than originally envisioned.
Sam Spears Jr., president of HYD Resources, stated, "The acquisition and refurbishment of strategic oilfield drilling equipment has given us great opportunities. A growing number of land owners have decided to lease to us, primarily because they know we have the ability to drill in-house without having to contract a third party drilling company. I am excited about the potential reserves that we can now go after on our newly acquired leases. Maintaining a steady growth in production revenue is our No. 1 goal."
Kent Watts, chairman and CEO of Hyperdynamics, stated, "By HYD combining its ability to cost-effectively obtain drilling rigs and equipment, provide viable oil field services, and at the same time, acquire oil leases in historically producing areas, we now have the basis to forecast steadily increasing revenues in the coming months."
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