International Arbitration Court Rules Against Hardy Oil in HOEC Case

Hardy Oil and Gas plc, the oil and gas exploration and production Company, with assets in India and Nigeria announces that its defense of its pre-emption rights relating to the Hindustan Oil Exploration Company Limited ("HOEC") was not upheld by the London Court of International Arbitration.

The ruling against Hardy, as a party to the Hindustan Oil Exploration Company Limited shareholder agreement, dated October 14, 1998, ("Shareholder Agreement") and Hardy's counter claim under the Shareholder Agreement against Housing Development Finance Corporation Ltd., Unocal Bharat Limited, and Infrastructure Leasing & Financial Services Ltd. was communicated to the Company after the hearing on May 30, 2006.

Hardy will continue to hold its strategic 8.5% in HOEC's issued share capital. As of the May 31, 2006, HOEC had a market capitalization of $175 million.

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