Hyperdynamics Corporation announced that its Louisiana based oil production operations reported gross oil sales of approximately 15,592 barrels for the fourth quarter ending June 30, 2008. The Company’s revenue derived from this production is approximately $1,260,000. This sets a new production record and represents the highest quarterly revenue ever for the company.
June oil sales held steady at over 5,200 barrels. These new milestones were set even while production remained constrained by record setting floods experienced along the Mississippi River. The company reported that it received an average price over $130 per barrel for June.
Harry Briers, Hyperdynamics’ Executive Vice President, commented “We are expecting this trend to continue as we move forward. We hope to implement additional development plans on our existing leases. Working closely with our petroleum engineers, we believe we can more than triple our production on our current leases by drilling as many as seven new development wells and by accomplishing additional reworks.” He went on to say, “We are also working towards acquiring more acreage in the same geographic area in Louisiana, with similar producible reserves and operating characteristics. We believe this will enhance our economies of scale ratios, increasing our efficiencies at the same time we grow revenues.”
The Company expects to have more information on the progress of building its domestic production revenues and related reserves soon.
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