Hyperdynamics Corporation reported that its Louisiana-based operations reported January barrels of oil sold that represent a third straight record setting month. The rising production and strong prices have also resulted in record revenue.
The Company's Trendsetter Production Company (TPC), with combined production on leases it operates, coupled with its 85% working interest in additional leases being operated by Rabb Contracting Co., has realized a steady increase (totaling 217%) in barrels of oil sold from 1,425 barrels, in January 2007, to 4,509 barrels now sold in January 2008. Overall production rates, as of the end of January, were estimated at around 200 barrels a day in spite of weather conditions that slowed the rework and recompletion of five additional wells that were scheduled. The Company is looking to add an additional 80 to 100 barrels of daily production from this work prior to drilling any new wells on its existing leases.
Mr. Jeremy Driver, President of TPC, stated that, "We are encouraged about our rising oil sales and believe this trend will continue at least for the next few months. At the same time we are evaluating some high probability infield drilling opportunities which have the potential to leap frog our progress towards our stated goal of 500 barrels a day by June 30th. As we move forward, we will continue to look for opportunities to obtain new leases in our niche area expertise there in Northeast Louisiana."
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