Hyperdynamics announced that after a few months of negotiations the company has now signed a definitive agreement with Rabb Resources Limited, to sell 100% of its 85% working interest in all its producing properties located in Northeast Louisiana.
Rabb Resources is related party to the Operator of the leases, Rabb Contracting LLC. Under the deal 100% of the company’s 85% working interest in all its Louisiana leases is to be assigned for cash consideration totaling $2,670,000, to be paid between now and November 2009.
The Company expects to promptly file form 8-K with further details.
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