Hyperdynamics to Acquire Majority Stake in Louisiana Leases
Hyperdynamics Corp. said that its wholly owned subsidiary, Trendsetter Production Company has signed a working interest purchase agreement with Mr. Claude Rabb, an independent oil producer in Louisiana. This agreement will give the Company an 85% working interest in approximately 1,100 acres of oil and gas leases with proven reserves of 250,000 barrels of oil and total reserves in excess of one million barrels of oil. More specific information will be available in the companies' 8K filed Tuesday.
Rabb will operate the leases and direct the work programs to maximize production revenues and profits from the acquired leases. When asked to comment, Mr. Rabb said, "I am very excited about the partnership with a company such as Hyperdynamics. This partnership will allow us to efficiently enhance production and fully develop the numerous leases and prospects we currently have and are looking to acquire in the near future"
Kent Watts, the Company's Chief Executive, stated that, "For the last several months, we have been working on this acquisition and expect to achieve previously established production goals, substantially strengthening our domestic operations. This is in line with our strategy to have our domestic operations support our West African exploration efforts."
Hyperdynamics Corp. provides energy for the future by exploring and producing sources of energy worldwide. The company's internationally active oil and gas subsidiary, SCS Corporation, owns rights to explore and exploit 31,000 square miles offshore the Republic of Guinea, West Africa. HYD Resources Corporation focuses on domestic production in proven areas.
- Hyperdyamics Reveals Impasse in Plans to Drill Exploration Block Off Guinea (Jan 06)
- Hyperdynamics Says Tullow Claims Force Majeure in Offshore Guinea (Mar 12)
- Tullow Declares Force Majeure On Guinea Project After Partner Probe (Mar 12)